Comcast (CMCSA) 10-K risk factor changes: FY2021 vs FY2020

The COVID-19 pandemic has had, and [removed: will likely] [added: may] continue to have, a material adverse effect on our businesses and results of operations.

[added: In particular,] COVID-19 [added: has] had material negative impacts on NBCUniversal and Sky results of [removed: operations during 2020.][added: operations.]

The creation and availability of our film and television programming globally [added: also] have been [removed: and will continue to be disrupted, including] [added: disrupted] as a result of [removed: the postponement] [added: COVID-19, such as postponements] or [removed: cancellation] [added: cancellations] of sporting [removed: events (such as the professional soccer, hockey, baseball and basketball leagues and the Olympics),] [added: events,] theatrical closures and [removed: the suspension] [added: suspensions] of entertainment content production.

The impact of COVID-19 on our businesses also generally depends on the extent of restrictive governmental measures taken that affect day-to-day [removed: life] [added: life, travel protocols] and the length of time that such measures remain in [removed: place to respond to COVID-19, further deterioration of the] [added: place,] global [removed: economy] [added: economic conditions, current] and [removed: the widespread availability of a vaccine.][added: new variants and vaccination rates and efficacy.]

[removed: At this point, it] [added: It] is [removed: impossible] [added: difficult] to predict [removed: such] [added: the] extent and duration and the degree to which our results of operations will continue to be affected.

| [removed: | | | 21 | | |] Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | | [added: 22 | | | | | |]

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All of our businesses operate in intensely competitive, consumer-driven, rapidly changing environments and compete with a growing number of companies that provide a broad range of communications products and services as well as entertainment, [added: sports,] news and information content to consumers.

- Cable Communications’ and Sky’s [removed: high-speed internet] [added: broadband] services compete primarily against wireline telecommunications [removed: companies with] [added: companies, including many that are increasing deployment of] fiber-based networks, wireless telecommunications companies offering internet services (such as 4G and 5G wireless broadband services), certain [added: electric cooperatives and] municipalities in the United States that own and operate their own broadband networks and DBS [added: and newer satellite broadband] providers.

Competition for Cable Communications’ video services consists primarily of [removed: DBS providers, phone companies with fiber-based networks and increasingly] DTC streaming and other OTT service [added: providers, DBS] providers and [removed: devices, each of which typically offer features, pricing and packaging for services comparable to ours, including bundled offers] [added: telecommunications companies] with [removed: high-speed internet services.][added: fiber-based networks.]

Sky faces competition for its [added: video] services from cable and telecommunications providers in its European [removed: markets, many of which offer customers bundled services, which has increased competition.][added: markets.]

- NBCUniversal and Sky face substantial and increasing competition from providers of similar types of [added: entertainment, sports, news and information] content, as well as from other forms of entertainment and recreational activities.

NBCUniversal and Sky must compete to obtain talent, [added: popular] content (including sports programming) and other resources required to [added: successfully] operate their businesses.

This competition has intensified as DTC streaming and other OTT service providers seek to develop high-quality programming [added: and acquire live sports programming] to attract viewers.

[removed: For] [added: Below is] a [added: summary of the most significant sources of competition; for a] more detailed description of the competition facing our businesses, see Item 1: Business and refer to the “Competition” discussion within that section.

Consolidation of, or cooperation between, our competitors, including suppliers and distributors of content, may increase competition in all of these areas, as may the emergence of additional competitors with significant [removed: resources and] [added: resources, greater] efficiencies of [removed: scale] [added: scale, fewer regulatory burdens and more competitive pricing and packaging,] who are competing with our businesses in all forms of content distribution and production.

For example, [added: such] consolidation or cooperation [removed: between phone companies (which are also wireless distributors) and content providers] may allow competitors to offer free or lower cost streaming services, potentially on an exclusive basis, through unlimited data-usage plans for internet or wireless phone services.

[removed: Our] [added: In addition, our] ability to compete will be negatively affected if we do not provide our customers with a satisfactory customer experience.

There can be no assurance that we will be able to compete effectively against [removed: existing or new] [added: our] competitors or that competition will not have an adverse effect on our businesses.

Changes in consumer behavior [removed: driven by online video distribution platforms for viewing content] continue to adversely affect our businesses and challenge existing business models.

As consumers increasingly turn to DTC streaming and other OTT services, the number of Cable Communications’ video customers and [removed: subscribers] [added: amount of subscriber fees paid] to NBCUniversal’s [removed: cable] [added: television] networks decrease, even as Cable Communications’ [removed: high-speed internet] [added: broadband] services [added: have] become more important to consumers.

[removed: For example, in] [added: In] Europe, [removed: as] more of Sky’s new video customers have recently subscribed, and may continue to subscribe, to [added: NOW,] Sky’s DTC streaming [removed: service] [added: service,] instead of its traditional DTH video service.

| [removed: Comcast 2020 Annual Report on Form 10-K] | | | [removed: 22] [added: 23] | | | [added: Comcast 2021 Annual Report on Form 10-K] | | |

[removed: DTC streaming] [added: Although we have attempted to adapt our video service offerings] and [removed: other OTT] [added: enhance our broadband] services for [added: changing consumer behaviors, for example, by deploying the X1 and Sky Q platforms, Flex, developing new smart televisions using] our [removed: customers,] [added: global technology platform at Sky] and [added: Cable Communications, and] by [removed: launching] [added: offering] Peacock, [removed: our DTC streaming service,] the continuing trend of content owners delivering their content directly to consumers [removed: over the internet] rather than through, or in addition to, traditional video distribution [removed: services] [added: channels] continues to disrupt traditional distribution business models.

[removed: Time-shifting] [added: The use of DTC streaming and other OTT services reduce traditional television viewership, and coupled with time-shifting] technologies, such as DVR and on demand services, [removed: reduce viewership, which has] [added: have] caused and likely will continue to cause audience ratings declines for our [added: television] programming channels.

In addition, as more programming providers offer their content directly to [removed: consumers,] [added: consumers through their own apps or platforms,] they may reduce the quantity and quality of the programming they license to NBCUniversal or Sky’s [removed: programming channels.][added: television channels or to Peacock.]

Cable Communications, NBCUniversal and Sky compete for the sale of advertising time with digital media distributors, [added: websites and search engines,] other television networks and stations, as well as with all other advertising platforms, such as radio and print.

In addition, advertisers have shifted a portion of their total expenditures to digital [removed: media and mobile offerings,] [added: media,] which can deliver targeted advertising.

Their willingness to purchase advertising from us may be adversely affected by lower audience [removed: ratings,] [added: ratings and reduced viewership,] which many of NBCUniversal’s networks and some of Sky’s television channels have experienced and likely will continue to experience, or from the level of popularity or perceived acceptance of Peacock.

We expect programming expenses for our video services to continue to be the largest single expense item for our Cable Communications segment and to [added: continue to] increase [removed: for the foreseeable future.][added: on a per subscriber basis.]

[removed: Additionally,] [added: Part of] Cable [removed: Communications pays] [added: Communications’ programming expenses include payments to] certain local broadcast television stations in exchange for their required consent for the retransmission of broadcast network programming to video services customers; we expect to continue to be subject to increasing demands for payment and other concessions from local broadcast television stations.

Moreover, as our contracts with content providers expire, there can be no assurance that they will be renewed on acceptable terms, or at all, in which case we may be unable to provide such content as part of Cable [removed: Communication’s] [added: Communications’] video services, and our businesses and results of operations could be adversely affected.

NBCUniversal and Sky create and acquire media and entertainment content, the success of which depends substantially on consumer tastes and preferences that [added: often] change in [removed: often] unpredictable ways.

| [removed: | | | 23 | | |] Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | | [added: 24 | | | | | |]

[added: The success of these businesses depends on our] ability to consistently create, acquire, market and distribute television programming, filmed entertainment, theme park attractions and other content that meet the changing preferences of the broad domestic and international consumer markets.

We have invested, and will continue to invest, substantial amounts in our content, including in the production of original content [removed: at NBCUniversal] [added: for NBCUniversal, including Peacock,] and Sky, in our films and for new theme parks and theme park attractions, before learning the extent to which they will earn consumer acceptance.

Competition for popular content, particularly for sports programming, is intense, and [added: at times,] we may [removed: have to] increase the price we are willing to pay or be outbid by our competitors for popular content.

We also may be unable to license popular third-party content for NBCUniversal’s and Sky’s [added: television] programming channels if media companies determine that licensing the content to us is not in their strategic best [removed: interests (for example, they may launch DTC streaming or other OTT services for their owned content, forgo license fees from us and only provide their content directly to consumers or they may license their content on an exclusive basis to certain of our competitors or rival DTC streaming or other OTT service providers).][added: interests.]

Entering into or renewing contracts for such programming rights or acquiring additional rights [added: has in the past and in the future] may result in significantly increased costs.

Particularly with respect to long-term contracts for sports programming rights for NBCUniversal and Sky, our results of operations and cash flows over the term of a contract depend on a number of factors, [removed: including the strength of the advertising market, audience size, the timing and amount of rights payments, and the ability of NBCUniversal to secure distribution from, impose surcharges on, or obtain carriage on multichannel video providers.]

For example, as a result of COVID-19, we have at times temporarily closed our theme parks or operated them with capacity restrictions.

Broadband-deployment funding initiatives at the federal and state level, including as part of COVID-19 relief efforts as well as federal infrastructure legislation enacted in 2021, may result in other service providers deploying new subsidized internet access networks within our footprint.

Our voice and wireless services primarily compete with wireless and wireline telecommunications providers.

Many of our competitors offer customers bundled products and services with favorable pricing, which has increased competition.

For example, Cable Communications continues to experience net video customer losses.

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In addition, there can be no assurance that Peacock will continue to grow or sustain its revenue or user base or successfully compete as a standalone DTC streaming service.

For example, content creators have launched and may continue to launch their own DTC streaming or other OTT services, forgoing license fees from us to provide their content directly to consumers, or they may license their content to our competitors on an exclusive basis.

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including the strength of the advertising market, audience size, the timing and amount of rights payments, and the ability to secure distribution from, impose surcharges on, or obtain carriage on multichannel video providers.

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For example, global supply chains in general have been, and may continue to be, disrupted as a result of COVID-19.

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could be adversely affected.

A cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation and results of operations.

These incidents include computer hackings, cyber attacks, computer viruses, worms or other destructive or disruptive software, denial of service attacks, phishing attacks, malicious social engineering, and other malicious activities.

Incidents also may be caused inadvertently by us or our third-party vendors, such as process breakdowns and vulnerabilities in security architecture or system design.

Moreover, as we also obtain certain confidential, proprietary and personal information about our customers, personnel and vendors, and in some cases provide this information to third party vendors who agree to protect it, we face the risk that this information may become compromised through a cyber attack or data breach, misappropriation, misuse, leakage, falsification or accidental release or loss of information.

We also incorporate third-party software (including extensive open-source software), applications, and data hosting and cloud-based services into many aspects of our products, services and operations, all of which expose us to cyber attacks on such third-party suppliers and service providers.

While we develop and maintain systems, and operate extensive programs that seek to prevent security incidents from occurring, these efforts are costly and must be constantly monitored and updated in the face of sophisticated and rapidly evolving attempts to overcome our security measures and protections.

The occurrence of both intentional and unintentional incidents have in the past, and could in the future, cause a variety of potential adverse business impacts.

In addition, any such events could lead to litigation or cause regulators in the United States and internationally to impose significant fines or other remedial measures, including with respect to relevant customer privacy rules, or otherwise have an adverse effect on our company.

Despite our efforts, we expect that we will continue to experience such incidents in the future, and there can be no assurance that any such incident will not have an adverse effect on our business, reputation or results of operations.

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Further, inflationary pressures in the United States and globally may also have negative impacts on our cost structure and pricing models and may impact the ability of third parties (including advertisers, customers, suppliers, wholesale distributors, retailers and content creators, among others) to satisfy their obligations to us.

Moreover, foreign enforcement of laws and contractual rights in certain countries where we do business can be inconsistent and unpredictable, which may affect our ability to enforce our rights or make investments that we believe otherwise make strategic sense.

Natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations.

Our services, products and properties are vulnerable to damage from the occurrence of certain events, including natural disasters, severe weather events such as hurricanes and wild fires, and a range of other unforeseeable events such as infectious disease outbreaks, terrorist attacks or other similar events.

Such events have in the past caused, and could in the future cause, a variety of adverse business impacts including degradation or disruption of our network, products and services, excessive call volume to call centers, a reduction in demand for our products, services and theme parks, disruption of our internal systems, products, services or satellite transmission signals, power outages, and damage to our or our customers’ or vendors’ equipment and properties.

These events also may result in lost revenue and large expenditures to repair or replace damaged properties, products and services and could lead to litigation and fines, including if we inadvertently contributed to damages suffered by others.

The amount and scope of insurance we maintain against losses resulting from these types of events likely would not be sufficient to fully cover our losses or otherwise adequately compensate us for disruptions to our business that may result.

We expect that we will continue to experience some or all of these events in the future, and there can be no assurance that any such event will not have an adverse effect on our business, reputation or results of operations.

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candidates to fill any vacancy created by the loss of any key management personnel, the loss of one or more of our key management personnel could have a negative impact on our businesses.

Legislative and regulatory activity is increasing under the Biden Administration, particularly with respect to broadband networks.

Federal agencies likewise may consider adopting new regulations for communications services, including broadband.

States and localities are also increasingly proposing new regulations impacting communications services, including broader regulation of broadband networks.

Most of NBCUniversal’s

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While our Cable Communications results were strong in 2020, they were negatively affected by the significant deterioration in domestic economic conditions and by costs associated with our support of customer connectivity as people increasingly worked and learned remotely from home.

For example, in late February we temporarily closed our theme park in Japan, and in mid-March we temporarily closed our theme parks in Orlando and Hollywood, and although our parks in Orlando and Japan reopened with limited capacity in June 2020, our park in Hollywood remains closed.

We cannot predict when the Hollywood park will reopen, if any reopened parks will remain open or estimate attendance levels at any of the parks.

We expect the results of operations at our theme parks will continue to be negatively impacted in the near to medium term.

We expect any continued deterioration of global economic conditions would result in lower advertising revenues and consumer spending across our businesses.

Some established DTC streaming and other OTT service providers have become core competitors to our video services and more continue to enter the market at a growing pace.

For example:

While we continue to seek ways to enhance the value of our businesses, such as by growing high-speed internet services and business services and by investing in Peacock as the media and entertainment landscape continues to rapidly evolve, there can be no assurance that we can execute on these and other initiatives in a manner sufficient to grow or maintain our revenue or operating margins or to compete successfully in the future.

Although we have attempted to adapt our video service offerings and enhance our high-speed internet services for changing consumer behaviors, for example, by deploying the X1 and Sky Q platforms and Flex, which more easily aggregate content from linear (i.e., traditional television channels) and

NBCUniversal’s revenue relatedly may be negatively impacted as traditional and virtual multichannel video providers, which pay NBCUniversal fees based on their respective numbers of customers, lose customers.

Consumers in many cases have multiple options for viewing the same content; for example, content may be available through traditional linear platforms, on demand services, or a DTC streaming or OTT service, which may also result in audience rating declines.

Reduced ratings may adversely affect the price and amount of advertising that advertisers are willing to purchase from us and the amount that we receive for distribution of our content.

For example, certain methods of viewing content, such as through DTC streaming or other OTT service providers or delayed viewing through DVR or on demand services, might not be fully counted in audience measurements or may generate less, if any, revenue than traditional linear television distribution methods, which could have an adverse effect on our advertising revenue.

Our programming expenses may also increase as we add programming to our video services or distribute existing programming to more of our customers or through additional delivery platforms, such as on demand or streaming services.

The success of these businesses depends on our

We also are incurring significant costs to develop Peacock, and there can be no assurance that consumers and advertisers will embrace this offering.

accesses networks owned by third-party telecommunications providers to offer its high-speed internet and phone services, in many cases, on regulated terms, including price.

discontinue subscribing to one or more of Cable Communications’ or Sky’s services.

In addition, in connection with our acquisition of Sky, we incurred and assumed a significant amount of additional debt.

If our businesses are negatively impacted by weak economic conditions, we may not be able to reduce the amount of our debt outstanding as quickly as expected.

Further, a significant increase in interest rates or disruption in the global financial markets may affect our ability to obtain financing or to refinance existing debt on acceptable terms, if at all, and could increase the cost of our borrowings.

We rely on network and information systems and other technologies, as well as key properties, and a disruption, cyber attack, failure or destruction of such networks, systems, technologies or properties may disrupt our businesses.

In addition, severe weather events such as hurricanes and wild fires have impacted our services, products and properties from time to time in the past and will in the future.

The occurrence of these events may result in large expenditures to repair or replace the damaged properties, products, services, networks or information systems to protect them from similar events in the future, and any such events could lead to litigation or otherwise have an adverse effect on our results of operations.

In addition, we obtain certain confidential, proprietary and personal information about our customers, personnel and vendors, and in some cases provide this information to third parties, in connection with our business.

While we generally obtain assurances that these third parties will protect this information, there is a risk that this information may be compromised.

Any security breaches, such as misappropriation, misuse, leakage, falsification or accidental release or loss of information maintained in our third-party’s information technology systems, including customer, personnel and vendor data, could damage our reputation and require us to expend significant capital and other resources to remedy any such security breach, could lead to litigation or could cause regulators in the United States and internationally to impose fines or other remedies for failure to comply with relevant customer privacy rules.

While we develop and maintain systems, and operate an extensive security program, seeking to prevent systems-related events and security breaches from occurring, the development, maintenance and operation of these systems and programs is costly and requires ongoing monitoring and updating as technologies change and efforts to overcome security measures become more sophisticated and evolve rapidly.

Despite our efforts to prevent these events and security breaches, we have experienced systems-related events and breaches in the past, and there can be no assurance that they will not occur in the future or will not have an adverse effect on our businesses.

Legislative and regulatory activity may increase with the change in administration following the 2020 U.S. presidential election.

With the change in administration, tax legislation could be enacted increasing the federal corporate income tax from the current rate of 21%.

[removed: -] [added: | Media Segment] Results of [removed: Operations][added: Operations | | |]

[removed: - Non-GAAP Financial Measures][added: (a)Constant currency is a non-GAAP financial measure.]

[removed: - Contractual Obligations][added: Contractual Obligations]

We present our operations [removed: for] [added: in five reportable business segments] (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in [removed: four] [added: three] reportable business segments: [removed: Cable Networks, Broadcast Television, Filmed Entertainment] [added: Media, Studios] and Theme [removed: Parks;] [added: Parks (collectively, the “NBCUniversal segments”);] and (3) Sky in one reportable business segment.

For more information about our company’s [removed: operations,] [added: operations and the risks facing our businesses,] see Item 1: [removed: Business.][added: Business and Item 1A: Risk Factors, respectively.]

[removed: Additionally, refer] [added: Refer] to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our [removed: [2019] [added: [2020] Annual Report on Form [removed: 10-K](http://www.sec.gov/ix?doc=/Archives/edgar/data/902739/000116669120000008/cmcsa-12312019x10k.htm#s4EFEBECC48AC560F95613F8C7FCC5C42)] [added: 10-K](http://www.sec.gov/ix?doc=/Archives/edgar/data/1166691/000116669121000008/cmcsa-20201231.htm)] for management’s discussion and analysis of financial condition and results of operations for the fiscal year [removed: 2019] [added: 2020] compared to fiscal year [removed: 2018.][added: 2019, with the exception of the discussion and analysis related to our NBCUniversal segments, which is included below for all periods based on the updated segment structure.]

| Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | | 34 | | | | | |

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[removed: ][added: ]

Refer to the “Non-GAAP Financial Measure” section on page [removed: 57] [added: 52] for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.

| [added: Adjusted EBITDA] | | | [added: $] | [added: (65)] | | [removed: Revenue] [added: $] | [added: 32] | | [added: $] | [added: 2] | | [removed: Adjusted EBITDA] [added: NM] | | | [added: NM | | |]

[removed:  ][added: ]

| | | | 35 | | | Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | |

The following are the more significant developments in our businesses during [removed: 2020:][added: 2021:]

[removed: While Cable Communications results were strong,] [added: COVID-19 has had material negative impacts on] NBCUniversal and Sky results [removed: experienced material negative impacts] [added: of operations primarily] due to the temporary [removed: closure of] [added: restrictions and closures at] our theme parks and the [removed: postponement] [added: impacts] of [removed: sporting events,] [added: professional sports,] respectively.

- Revenue increased [removed: 3.4%] [added: 7.1%] to [removed: $60.1] [added: $64.3] billion, reflecting increases in [removed: high-speed internet,] [added: broadband,] wireless, business [removed: services] [added: services, advertising, video] and [removed: advertising] [added: other] revenue, partially offset by [removed: declines] [added: a decline] in [removed: voice, video and other] [added: voice] revenue.

- Adjusted EBITDA increased [removed: 8.6%] [added: 20.8%] to [removed: $25.3] [added: $2.4] billion.

- Total customer relationships increased by [removed: 1.6] [added: 1.1] million, total [removed: high-speed internet] [added: broadband] customers increased [removed: 2.0] [added: by 1.3 million, total wireless lines increased by 1.2] million and total video customers decreased [removed: 1.4] [added: by 1.7] million.

- Capital expenditures [removed: decreased 4.4%] [added: increased 4.9%] to [removed: $6.6] [added: $6.9] billion, reflecting [removed: lower] [added: increased] spending on [removed: customer premise equipment] [added: scalable infrastructure] and [removed: support capital,] [added: line extensions,] partially offset by [removed: an increase in] [added: decreased] spending on [removed: scalable infrastructure.][added: customer premise equipment and support capital.]

[removed: Excluding the impact of foreign currency, Sky revenue decreased 4.2% due to decreases] [added: - Growth] in [removed: direct-to-consumer,] [added: our Sky segment driven by increased] advertising and [removed: content revenues driven] [added: direct-to-consumer revenue, partially offset] by [removed: impacts] [added: decreased content revenue, as well as the impact] of [removed: COVID-19.][added: foreign currency translation.]

COVID-19 and measures taken to prevent its spread across the globe have impacted our businesses in a number of [removed: ways.][added: ways, with the most significant effects in 2020, affecting the comparability of periods included in this report.]

| Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | | 36 | | | | | |

We expect the [removed: impacts] [added: effects] of the COVID-19 pandemic will continue to [removed: have a material adverse] [added: adversely] impact [removed: on] our consolidated results of operations over the near to medium term, although the extent of such [removed: impact will depend on restrictive governmental measures, further deterioration of the global economy and widespread availability of vaccines.]

[removed: -] The [added: capacity restrictions and] temporary [removed: closure of all] [added: closures] of our theme parks had [removed: the most] [added: a] significant impact on our revenue and Adjusted EBITDA [removed: for the year ended December 31, 2020] on a consolidated basis.

[removed: We expect the] [added: The] results of operations at our theme parks [removed: will] [added: may] continue to be negatively impacted [removed: in the near to medium term,] and we cannot predict [removed: with certainty when the Hollywood park will reopen,] if [removed: any reopened] [added: our] parks will remain open or [added: be subject to capacity restrictions, or] the level of attendance at [removed: any] [added: our] reopened parks.

| | | | 37 | | | Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | |

[removed: -] The [removed: postponement and cancellation of many sporting events and professional sports seasons caused by COVID-19] [added: delays] impacted [removed: our results] [added: the timing] of [removed: operations during 2020, since] [added: revenue and expense recognition, because] both advertising [removed: revenues] [added: revenue] and costs associated with broadcasting these programs are recognized when events are broadcast.

[removed: Certain] [added: Excluding $522 million] of [added: revenue associated with] our [removed: sports programming rights agreements] [added: broadcast of the Tokyo Olympics, distribution revenue increased due to contractual rates increases, increased distribution revenue at Peacock,] and [added: credits accrued in 2020 at some of our regional sports networks from fewer games played due to COVID-19 as certain of our] distribution agreements with multichannel video providers require contractual adjustments if a minimum number of sporting events does not occur.

In addition, the [removed: 2020] Tokyo Olympics [removed: have been] [added: were] postponed from the third quarter of 2020 to the third quarter of 2021, resulting in a corresponding delay of the associated revenue and costs.

[added: -] Our studio production operations have [removed: resumed at a limited] [added: generally returned to full] capacity.

[removed: Additionally, with the temporary closure of many movie theaters worldwide, we have] [added: We] delayed or altered the theatrical distribution strategy for certain of our films, both domestically and [removed: internationally.][added: internationally as a result of the temporary closures and limited capacity operations of many movie theaters worldwide caused by COVID-19.]

[removed: We expect results] [added: Results] of operations in our [removed: Filmed Entertainment] [added: Studios] segment [removed: to continue to] [added: may] be negatively impacted over the near to medium term as a result of COVID-19.

- Direct-to-consumer revenue has been negatively [removed: impacted as a result of lower sports subscription revenue due to the disruption of professional sports seasons] [added: impacted,] and future periods may be negatively [removed: impacted] [added: impacted,] as a result of [added: lower sports subscription revenue due to] the [removed: reopening plans] [added: closures] and [removed: the] extent of reopening of our commercial [removed: customers.][added: customers’ locations.]

[removed: Our] [added: In 2020, our] businesses implemented separate cost savings initiatives, with the most significant relating to severance at NBCUniversal in connection with the realignment of the operating structure in our television businesses as well as overall reductions in the cost base.

[removed: NBCUniversal employee-related costs savings will be realized in operating costs and expenses primarily beginning in 2021 and a] [added: A] portion of these cost savings may be reallocated to investments in content and other strategic initiatives.

| Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | | 38 | | | | | |

[removed: Although negatively impacted by the effects of COVID-19, we expect] [added: We believe] that [removed: our businesses] [added: we] will [added: be able to] continue to [removed: generate significant] [added: meet our current and long-term liquidity and capital requirements, including fixed charges, through our] cash flows from operating [removed: activities and we believe that these cash flows, together with our] [added: activities;] existing cash, cash equivalents and [removed: investments,] [added: investments;] available borrowings under our existing credit [removed: facilities] [added: facility;] and our ability to obtain future external [removed: financing, will be sufficient for us to meet our current and long-term liquidity and capital requirements.][added: financing.]

| | | | 39 | | | Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | |

| Year ended December 31 (in millions, except per share data) | | | [removed: 2020] [added: 2021] | | | [removed: 2019] [added: 2020] | | | [removed: 2018] [added: 2019] | | | % Change [removed: 2019] [added: 2020] to [removed: 2020] [added: 2021] | | | % Change [removed: 2018 to] 2019 [added: to 2020] | | |

| Revenue | | | $ | [removed: 103,564] [added: 116,385] | | $ | [removed: 108,942] [added: 103,564] | | $ | [removed: 94,507] [added: 108,942] | | [removed: (4.9)] [added: 12.4] | | % | [removed: 15.3] [added: (4.9)] | | % |

As discussed in Note 2, we changed the presentation of our segment operating results in 2021, and all amounts are presented on a consistent basis under the new segment structure.

2021 Developments

- Adjusted EBITDA increased 11.2% to $28.1 billion primarily due to increases in revenue, partially offset by increases in programming and technical and product support expenses.

- Operating margin increased from 42.1% to 43.7%.

- Total NBCUniversal revenue increased 26.1% to $34.3 billion and total NBCUniversal Adjusted EBITDA increased 6.0% to $5.7 billion.

- Media segment revenue increased 20.3% to $22.8 billion and Adjusted EBITDA decreased 18.0% to $4.6 billion, including the impact of our broadcast of the Tokyo Olympics in 2021.

Excluding $1.8 billion of revenue associated with our broadcast of the Tokyo Olympics in 2021, revenue in the Media segment increased 11.0%, primarily due to increases in distribution revenue, advertising revenue and other revenue, including the effects of COVID-19 in the prior year period.

- Media segment results include the operations of Peacock, which in 2021 generated revenue of $778 million and operating costs and expenses of $2.5 billion, compared to revenue of $118 million and operating costs and expenses of $781 million in 2020.

We continued to invest in content and grow our customer base during 2021, and in the fourth quarter of 2021, we introduced certain ad-supported Peacock programming into Sky video services, launching first in the United Kingdom and Ireland.

- Studios segment revenue increased 16.2% to $9.4 billion, due to increases in content licensing revenue, theatrical revenue and home entertainment and other revenue as our film and television production operations returned to full capacity.

Studios revenue included licenses of content to our Media and other segments, including the impact of a new licensing agreement for content that became exclusively available for streaming on Peacock in 2021, and the impacts of initial content licenses associated with the launch of Peacock in 2020, which are eliminated in consolidation.

- Theme Parks segment revenue increased 141.2% to $5.1 billion and Adjusted EBITDA increased from $(0.5) billion to $1.3 billion, reflecting the operation of our theme parks in the current year period compared to temporary closures and capacity restrictions as a result of COVID-19 in the prior year period and the opening of our theme park in Beijing, China in September 2021.

- Revenue increased 9.1% to $20.3 billion.

Excluding the impact of foreign currency, Sky revenue increased 3.1% due to increases in advertising and direct-to-consumer revenue, partially offset by a decrease in content revenue, which were affected by COVID-19 in the prior year period and reduced broadcast rights for Serie A in the current year period.

Excluding the impact of foreign currency, Sky Adjusted EBITDA increased 10.2% primarily due to increases in revenue and decreases in programming and production expenses, partially offset by increases in direct network costs and other expenses.

- Corporate and Other Adjusted EBITDA losses decreased from $1.8 billion to $1.4 billion primarily due to costs incurred in the prior year period in response to COVID-19, including severance charges related to our businesses.

- Resumed our share repurchase program in the second quarter of 2021.

We repurchased a total of 73.2 million shares of our Class A common stock for $4.0 billion in 2021.

Raised our dividend by $0.08 to $1.00 per share on an annualized basis in January 2021 and paid $4.5 billion of dividends in 2021.

- Reduced debt by $8.9 billion in 2021 and ended the year with $94.8 billion of total short-term and long-term debt and $8.7 billion of cash and cash equivalents.

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impact will depend on restrictive governmental measures, U.S. and global economic conditions, expanded availability and acceptance of vaccines and consumer behavior in response to COVID-19.

The following summary provides a discussion of current and potential future effects of the pandemic with direct impacts to our businesses.

- Our theme parks in Orlando and Hollywood operated without capacity restrictions, following periods with capacity restrictions in place in the second quarter of 2021.

Our theme park in Hollywood began requiring proof of vaccination or a negative COVID-19 test result for park entry in accordance with local requirements in the fourth quarter of 2021.

Our theme park in Japan began operating without capacity restrictions in the fourth quarter of 2021, following periods with capacity restrictions in place.

Our newest theme park, Universal Beijing Resort, opened in September 2021 with capacity restrictions.

The development of the Epic Universe theme park in Orlando resumed in 2021 after having been paused in 2020.

- Delays to the start of seasons for certain professional sports leagues, including the 2020-21 NHL and NBA seasons, resulted in the shift of additional events into the first half of 2021 compared to a normal year.

The timing of sports seasons generally returned to a normal calendar beginning in the third quarter of 2021.

In addition, delays to the start of the 2020-21 seasons for certain sports, including European football, resulted in the shift of additional events and the significant costs associated with broadcasting these programs into the first and second quarters of 2021 compared to a normal year.

The timing of sports seasons generally returned to a normal calendar beginning in the third quarter of 2021.

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Refer to the “Non-GAAP Financial Measure” section on page 52 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.

- Growth in our NBCUniversal segments driven by increased revenue in the Media, Theme Parks and Studios segments.

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- An increase in NBCUniversal expenses due to increases in our Media, Studios and Theme Parks segments.

- A decrease in Corporate and Other expenses primarily due to severance charges related to our businesses in the prior year period.

- Consolidated costs and expenses for 2020 also includes an adjustment of $177 million related to a legal settlement that was excluded from Adjusted EBITDA and our segment operating results.

| NBCUniversal | | | 2,466 | | | 2,307 | | | 2,129 | | | 6.9 | | | 8.4 | | |

| | | |

| --- | --- | --- |

| Introduction | | |

Components of management’s discussion and analysis of financial condition and results of operations include:

- Overview

- Liquidity and Capital Resources

- Off-Balance Sheet Arrangements

- Recent Accounting Pronouncements

- Critical Accounting Judgments and Estimates

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2020 Consolidated Operating Results(a) | | |

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

(a)Charts exclude the results of Corporate and Other, and eliminations.

2020 Developments

Overall

- COVID-19 materially impacted our 2020 results of operations.

- Repaid $18.8 billion and issued $18.6 billion of long-term debt in 2020 ending the year with $11.7 billion of cash on hand.

This financing activity resulted in a reduction in the weighted-average cost of debt due to the favorable interest rate environment and provides additional liquidity given the risks associated with the economic conditions caused by COVID-19.

Cable Communications

- Operating margin increased from 40.1% to 42.1%, reflecting increases in revenue from high-speed internet and business services and decreases in losses in our wireless business.

- Total NBCUniversal revenue decreased 17.3% to $28.1 billion and total NBCUniversal Adjusted EBITDA decreased 28.5% to $6.3 billion driven by the impacts of COVID-19.

- Cable Networks and Broadcast Television segments revenue decreased 5.8% to $10.8 billion and 0.2% to $10.2 billion, respectively, reflecting decreases in advertising revenue, partially offset by increases in content licensing revenue.

Distribution revenue decreased at Cable Networks and increased at Broadcast Television.

- Filmed Entertainment segment revenue decreased 18.7% to $5.3 billion, reflecting lower theatrical and other revenues as a result of theater closures due to COVID-19, partially offset by an increase in content licensing revenue.

- Theme Parks segment revenue decreased 68.9% to $1.8 billion and Adjusted EBITDA decreased from $2.5 billion to a loss of $541 million, reflecting the temporary theme parks closures due to COVID-19.

- Sky revenue decreased 3.3% to $18.6 billion.

- Sky Adjusted EBITDA decreased 37.0% to $2.0 billion.

Excluding the impact of foreign currency, Sky Adjusted EBITDA decreased 37.6% primarily due to the decreases in revenue.

Other

- Launched Peacock, our direct-to-consumer streaming service that features NBCUniversal content, which was made available to Comcast customers in April 2020 and launched nationally in July 2020.

- Corporate and Other revenue increased 9.8% to $366 million primarily due to revenue generated from Peacock.

- Corporate and Other Adjusted EBITDA losses increased from $880 million to $2.4 billion primarily due to severance charges and costs associated with Peacock.

Our Cable Communications results of operations were strong in 2020, despite having been affected by the significant deterioration in domestic economic conditions and by the costs associated with our support of customer connectivity as people worked and learned remotely from home.

COVID-19 had material negative impacts on NBCUniversal and Sky results of operations during

2020 primarily due to the temporary closure of our theme parks and disruption of professional sports seasons, respectively.

- Our distribution network performed well under the stress of increased traffic and peak usage driven by increased video streaming, gaming and videoconferencing as customers worked and learned remotely from home.

- We incurred costs in 2020 associated with compensating personnel in roles affected by COVID-19, primarily during the first half of the year.

These costs included additional compensation for frontline personnel who worked to keep our customers connected to our services and compensation for certain personnel who were unable to work due to the closing or suspension of operations.

Our interest rate derivative financial instruments, which primarily include [removed: cross currency] [added: cross-currency swaps and interest rate] swaps, represent an integral part of our interest rate risk management program.

The effect of our interest rate derivative financial instruments to our consolidated interest expense was a decrease of [removed: $9] [added: $2] million in [removed: 2020,] [added: 2021,] a decrease of [removed: $49] [added: $9] million in [removed: 2019,] [added: 2020,] and [removed: an increase] [added: a decrease] of [removed: $2] [added: $49] million in [removed: 2018.][added: 2019.]

The table below summarizes by contractual year of maturity the principal amount of our debt, [added: notional amount of our interest rate instruments,] effective rates, and fair values subject to interest rate risk maintained by us as of December 31, [removed: 2020.][added: 2021.]

| (in millions) | | | [removed: 2021 | | |] 2022 | | | 2023 | | | 2024 | | | 2025 | | | [added: 2026 | | |] Thereafter | | | Total | | | Estimated Fair Value as of December 31, [removed: 2020] [added: 2021] | | |

We estimate interest rates on variable rate debt and swaps using the relevant average implied forward rates through the year of maturity based on the yield curve in effect on December 31, [removed: 2020,] [added: 2021,] plus the applicable borrowing margin.

We entered into a series of variable-to-fixed [removed: rate] interest rate swaps on $5.2 billion of this term loan with [added: an] average pay rate [added: of 1.1%] and [added: an] average receive rate [removed: related to these interest rate swaps] of [removed: 1.12% and 0.15% as of] [added: 0.9% estimated using] December 31, [removed: 2020, respectively.][added: 2021 implied forward rates through the year of maturity.]

As of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the estimated fair value of the term loan was $5.2 billion for each period, and the estimated fair value of the related interest rate swaps was a net liability of [removed: $155] [added: $29] million and a net [removed: asset] [added: liability] of [removed: $34] [added: $155] million, respectively.

See Notes 1, 6 and [removed: 9] [added: 8] for additional information.

| Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | | [removed: 66] [added: 60] | | | | | |

[Table of [removed: Contents](#i07b1a2eeba0d4be6818f9b0e6b30ddac_7)][added: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)]

As part of our overall strategy to manage the level of exposure to the risk of foreign exchange rate fluctuations, we enter into derivative financial instruments related to a significant portion of our foreign currency exposure for transactions denominated in [added: currencies] other than the functional [removed: currency.][added: currency of the transacting entity.]

As of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] we had foreign exchange contracts on transactions other than debt with a total notional value of [removed: $8.1] [added: $8.0] billion and [removed: $6.3] [added: $8.1] billion, respectively.

As of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the aggregate estimated fair value of these foreign exchange contracts was not material.

We use cross-currency swaps as cash flow hedges for [added: certain] foreign currency denominated debt obligations [removed: when those] [added: with] obligations [removed: are] denominated in a currency other than the functional [removed: currency.][added: currency of the issuer.]

As of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] we had cross-currency swaps designated as cash flow hedges on [removed: $1.7] [added: $1.6] billion and [removed: $3.7] [added: $1.7] billion of our foreign currency denominated debt, respectively.

As of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the aggregate estimated fair [removed: values] [added: value] of cross-currency swaps designated as cash flow hedges [removed: were] [added: was] a net liability of [removed: $45] [added: $53] million and a net [removed: asset] [added: liability] of [removed: $373] [added: $45] million, respectively.

Transaction gains and losses resulting from currency movements on debt and changes in [added: the] fair value of cross-currency swaps designated as net investment hedges are recorded within the currency translation adjustments component of accumulated other comprehensive income (loss).

As of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the amount of our net investment in foreign subsidiaries hedged using foreign currency denominated debt was [removed: $10.3] [added: $8.2] billion and [removed: $9.2] [added: $10.3] billion, respectively, and the amount of our net investment in foreign subsidiaries hedged using cross-currency swaps was [removed: $4.0] [added: $3.6] billion and [removed: $4.8] [added: $4.0] billion, respectively.

As of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the aggregate estimated fair value of these cross-currency swaps was a net liability of [removed: $376] [added: $104] million and [removed: $373] [added: $376] million, respectively.

The amount of pre-tax gains (losses) related to net investment hedges recognized in the cumulative translation adjustments component of other comprehensive income (loss) were [removed: losses] [added: gains] of [removed: $686] [added: $760] million in [removed: 2020, gains] [added: 2021, losses] of [removed: $343] [added: $686] million in [removed: 2019] [added: 2020] and [removed: losses] [added: gains] of [removed: $3] [added: $343] million in [removed: 2018.][added: 2019.]

We have analyzed our foreign currency exposure related to our foreign operations as of December 31, [removed: 2020,] [added: 2021,] including our hedging contracts, to identify assets and liabilities denominated in a currency other than their functional currency.

The results of our analysis indicate that such a shift in exchange rates would not have a material impact on our [removed: 2020] [added: 2021] net income attributable to Comcast Corporation.

As of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] we were not required to post collateral under the terms of these agreements, nor did we hold any collateral under the terms of these agreements.

| | | | [removed: 67] [added: 61] | | | Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | |

| Fixed-rate debt | | | $ | 2,135 | | $ | 1,056 | | $ | 3,824 | | $ | 6,136 | | $ | 5,232 | | $ | 78,771 | | $ | 97,155 | | $ | 105,613 | |

| Average interest rate(a) | | | 6.3 | | % | 2.0 | | % | 3.0 | | % | 3.4 | | % | 2.4 | | % | 3.5 | | % | 3.5 | | % | | | |

| Variable-rate debt | | | $ | — | | $ | — | | $ | 500 | | $ | — | | $ | — | | $ | 3,148 | | $ | 3,648 | | $ | 3,654 | |

| Average interest rate | | | — | | % | — | | % | 1.7 | | % | — | | % | — | | % | 4.4 | | % | 4.0 | | % | | | |

| Fixed-to-Variable Swaps | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Notional amount(b) | | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 1,250 | | $ | 1,250 | | $ | 2,500 | | $ | (24) | |

| Average pay rate | | | — | | % | — | | % | — | | % | — | | % | 3.5 | | % | 4.1 | | % | 3.8 | | % | | | |

| Average receive rate | | | — | | % | — | | % | — | | % | — | | % | 3.3 | | % | 4.0 | | % | 3.7 | | % | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

(a)Includes the effects of our fixed-to-fixed cross-currency swaps, which are discussed further below under the heading “Foreign Exchange Risk Management.”

(b)Notional amounts are used to calculate the interest to be paid or received and do not represent our exposure to credit loss.

The estimated fair value approximates the amount of payments to be made or proceeds to be received to settle the outstanding contracts, excluding accrued interest.

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| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Comcast 2021 Annual Report on Form 10-K | | | 62 | | | | | |

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These cross-currency swaps effectively change our current fixed interest rates to different fixed interest rates.

| Fixed-rate debt | | | $ | 2,045 | | $ | 2,084 | | $ | 1,095 | | $ | 6,246 | | $ | 6,953 | | $ | 78,122 | | $ | 96,545 | | $ | 116,732 | |

| Average interest rate | | | 1.6 | | % | 6.7 | | % | 2.0 | | % | 3.1 | | % | 3.4 | | % | 3.9 | | % | 3.8 | | % | | | |

| Variable-rate debt | | | $ | 1,088 | | $ | 1,944 | | $ | 2,830 | | $ | 500 | | $ | — | | $ | 2,502 | | $ | 8,864 | | $ | 8,873 | |

| Average interest rate | | | 0.7 | | % | 0.8 | | % | 1.1 | | % | 1.5 | | % | — | | % | 4.4 | | % | 1.9 | | % | | | |

The average interest rates on our debt in the table above reflect the effects of our derivative financial instruments.

We present our operations [removed: for] [added: in five reportable business segments:] (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in [removed: four] [added: three] reportable business segments: [removed: Cable Networks, Broadcast Television, Filmed Entertainment] [added: Media, Studios] and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.

- Cable Communications: Consists of the operations of Comcast Cable, which is a leading provider of [removed: high-speed internet,] [added: broadband,] video, voice, wireless, and [removed: security and automation] [added: other] services to residential customers in the United States under the Xfinity brand; we also provide these and other services to business customers and sell advertising.

- [removed: Broadcast Television:] [added: Media:] Consists primarily of [added: NBCUniversal’s television and streaming platforms, including national, regional and international cable networks;] the NBC and Telemundo broadcast networks, [removed: our] NBC and Telemundo owned local broadcast television [removed: stations, the NBC Universo national cable network, our broadcast television studio production operations,] [added: stations;] and [removed: various digital properties.][added: Peacock]

- Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; [removed: and] Osaka, [removed: Japan.][added: Japan; and Beijing, China.]

- Sky: Consists of the operations of Sky, one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, [removed: high-speed internet,] [added: broadband,] voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks.

Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other business [removed: initiatives, such as Peacock, our new direct-to-consumer streaming service that features NBCUniversal content, which was made available to Comcast customers in April 2020 and launched across the United States in July 2020.][added: initiatives.]

For [removed: a discussion of the risks related to COVID-19, refer to Item 1A: Risk Factors, and for a discussion of the impacts of COVID-19] [added: developments in our business] and [removed: for] financial and other information about our reportable business segments, refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 2 to the consolidated financial statements included in this Annual Report on Form 10-K.

| | | | 1 | | | Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i07b1a2eeba0d4be6818f9b0e6b30ddac_7)][added: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)]

Cable Communications offers [removed: high-speed internet,] [added: broadband,] video, voice, wireless, and [removed: security and automation] [added: other] services in the United States individually and as bundled services at a discounted rate over [removed: its] [added: our] cable distribution system to residential and business customers.

[removed: As of December 31, 2020, total] [added: | Total] customer relationships penetration of homes and businesses [removed: passed was 56%.][added: passed | | | 57 | | % |]

[removed: The] [added: Customer Relationships and the] Areas We [removed: Serve][added: Serve]

The map below highlights Cable Communications’ cable distribution footprint [removed: as of December 31, 2020] and the designated market areas (“DMAs”) where we have 250,000 or more customer relationships, with [removed: the locations that are] bolded [added: locations] representing one of the top 25 U.S. television DMAs as of December 31, [removed: 2020.][added: 2021.]

[removed: ][added:  ]

| Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | | 2 | | | | | |

[removed: Throughout its footprint, Cable Communications deploys] [added: We deploy] wireless [removed: gateways] [added: hubs] to customers that combine an internet and voice modem with a Wi-Fi router to deliver reliable internet speeds and enhanced coverage through an [removed: in-and-out-of-home] [added: in-home] Wi-Fi network.

Customers with wireless gateways may also personalize and manage their Wi-Fi network and connected [removed: home] [added: home, and access advanced security technology and other features,] with [removed: the] [added: our] xFi [removed: branded] whole-home application and online [removed: portal, which includes the ability to self-install and set up their Wi-Fi environment, view and change their Wi-Fi password, identify which devices are connected to their in-home network and set parental controls and schedules, along with advanced security and other features.][added: portal.]

[removed: Customers can also choose to extend their Wi-Fi coverage with xFi Pods and] [added: Broadband customers] have access to our expanding network of secure residential, outdoor and business Wi-Fi hotspots nationwide.

[removed: For high-speed internet] [added: Broadband] customers that prefer [removed: streaming] [added: consuming] content over the internet rather than linear cable [removed: television, Cable Communications offers Flex, a] [added: television are eligible to receive our Flex] streaming device [removed: that provides access to certain online programming on their television with] [added: for no additional charge, which includes] integrated search [removed: functionality, including the use of] [added: functionality and] a voice-activated remote [removed: control and personalized recommendations.][added: control.]

Flex [removed: programming includes our Peacock service and certain other internet-based apps at no additional charge, access to pay-per-view and video on demand content, and] [added: also provides] access to and the integration of [added: streaming content from Peacock’s premium tier;] certain third-party [removed: direct-to-consumer streaming services (“DTC streaming services”)] [added: internet-based apps providing content and music] such as [removed: Amazon Prime Video, HBO Max, Hulu, Netflix, YouTube, and, beginning in 2021, Disney+.][added: DTC streaming services Disney+ and Netflix; and certain pay-per-view and video on demand content available over the internet.]

We earn commission revenue [removed: related to] [added: from] the sale of certain [added: third-party] DTC streaming services.

[removed: Video customers have access to hundreds of channels depending on the level of service, which] [added: Our video packages] typically range from [removed: limited] [added: a] basic [added: cable] service with access to between 20 and [removed: 60] [added: 65] channels to [added: a] full service with access to more than 300 channels.

We also offer [removed: video service] packages [removed: that include] [added: with] extensive amounts of foreign-language programming and other specialty tiers of programming.

We tailor our video [removed: services for] [added: packages based on] particular programming preferences, demographics and geographic areas in accordance with applicable local and federal regulatory [removed: requirements.][added: requirements, with programming generally inclusive of national broadcast networks, local broadcast stations, national and regional cable networks, government and public access programming, and premium channel subscriptions such as HBO and Showtime.]

[removed: Through the X1 platform, customers have] [added: The Sky Q platform includes] integrated search [removed: functionality, including the use of] [added: functionality and] a voice-activated remote [removed: control; personalized recommendations;] [added: control] and [added: offers integrated] access to [removed: and the integration of Peacock, which X1 customers receive for no additional charge,] certain third-party [removed: DTC streaming services and a variety of other] internet-based apps providing content and [removed: music.][added: music, such as DTC streaming services Disney+ and Netflix.]

| | | | 3 | | | Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | |

[removed: Voice][added: *Voice*]

[removed: Service options provided include] [added: We offer voice services using interconnected Voice over Internet Protocol (“VoIP”) technology that provide] either unlimited or usage-based local and domestic long-distance calling, as well as options for international calling plans, voicemail, readable voicemail, nuisance call blocking tools and various [removed: call features such as caller ID and call waiting.][added: other features.]

[removed: Wireless][added: *Wireless*]

[removed: Cable Communications offers] [added: We offer] wireless services for handsets, tablets and smart watches using mobile virtual network operator (“MVNO”) rights [removed: to provide the services] over Verizon’s wireless [removed: network] [added: network, including its 5G technology] and our existing network of [removed: in-home and] [added: secure residential,] outdoor [added: and business] Wi-Fi hotspots.

[removed: We currently only offer these] [added: Wireless] services [added: are only offered] as part of our bundled service offerings to residential customers that subscribe to [removed: high-speed internet service within] our [removed: cable distribution footprint] [added: broadband services] and to [removed: a limited group of] [added: eligible] small business [removed: high-speed internet] customers on similar terms.

Customers may [added: activate multiple lines per account and] choose to pay for services on an unlimited data plan, shared data plans, or per gigabyte of data used.

Customers [removed: have the ability to] [added: may either] bring their own device or purchase [removed: them] [added: devices] from us with the option to pay upfront or finance the purchase interest-free over 24 months.

Our service offerings for small business locations primarily include [removed: high-speed internet] [added: broadband] services, as well as voice and video services, that are similar to those provided to [added: our] residential customers, cloud-based cybersecurity services, wireless backup connectivity, advanced Wi-Fi solutions, video monitoring services and [removed: cloud-based services that provide file sharing, online backup and web conferencing, among other features.][added: cloud-]

We also offer Ethernet network [removed: services that] [added: services, which] connect multiple locations and provide higher downstream and upstream speed options to medium-sized customers and larger enterprises, [removed: as well as] [added: and] advanced voice services, [removed: along with] [added: as well as] video solutions [removed: that serve] [added: for] hotels and other large venues.

In addition, we provide cellular backhaul services to mobile network operators to help [removed: them] manage their network bandwidth.

[removed: Larger] [added: Our business services offerings for medium-sized and enterprise customers also include a software-defined networking product, and larger] enterprises may also receive support services related to Wi-Fi networks, router management, network security, business continuity risks and other services.

These [removed: service offerings] [added: services] are primarily provided to Fortune 1000 companies and other large enterprises with multiple locations both within and outside of [removed: Cable Communications’] [added: our] cable distribution footprint, where we [removed: have] [added: provide coverage outside of our service areas through] agreements with other companies to use their [removed: networks to provide coverage outside of our service areas.][added: networks.]

[removed: Advertising][added: Advertising]

[removed: As part of Cable Communications’ distribution agreements with cable networks, we] [added: We] generally receive an allocation of scheduled advertising time that [removed: is sold through] our advertising business [added: sells] to local, regional and national [removed: advertisers.][added: advertisers as part of our distribution agreements with cable networks, and we also generate revenue from selling advertising on our digital platforms.]

Beginning in the first quarter of 2021, we changed our presentation of the NBCUniversal segments to reflect a reorganized operating structure in our television and streaming businesses to a more centralized structure to optimize its content creation, distribution and monetization model.

We also now include Peacock, our direct-to-consumer streaming service (“DTC streaming service”), within the NBCUniversal segments.

NBCUniversal previously reported its operations in four reportable business segments: Broadcast Television, Cable Networks, Filmed Entertainment and Theme Parks and Peacock was previously reported in Corporate and Other.

| 2021 Consolidated Operating Results(a) | | |

| | | | | | | Revenue | | | | | | Adjusted EBITDA | | |

(a)Charts exclude the results of NBCUniversal Headquarters and Other, Corporate and Other, and eliminations.

2021 consolidated operating results were impacted by COVID-19.

- Studios: Consists primarily of NBCUniversal’s film and television studio production and distribution operations.

We aim to meet the needs of various segments of our residential customer base by offering multiple levels within each of our stand-alone and bundled services.

Our business services offerings are tailored to meet the needs of various segments of our business customer base, ranging from broadband services for small business locations to bundled services and solutions designed to meet the needs of medium-sized customers and larger enterprises.

All customer metrics included in this section are as of December 31, 2021.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| (in millions) | | | December 31, 2021 | | |

| Customer relationships | | | | | |

| Residential customer relationships | | | 31.7 | | |

| Business services customer relationships | | | 2.5 | | |

| Total customer relationships | | | 34.2 | | |

| Homes and businesses passed | | | 61 | | |


[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

Residential

*Broadband - 29.6 million customers*

We offer broadband services over our hybrid fiber-optic and coaxial cable network with downstream speeds up to over a gigabit per second across nearly our entire footprint and fiber-based speeds that range up to 3 gigabits per second, and we continue to evolve and enhance our network and plan to leverage DOCSIS 4.0 technology to begin deploying multigigabit symmetrical speeds in the future.

We also offer wireless gateways to customers that combine an internet modem with a Wi-Fi router to deliver reliable internet speeds and enhanced coverage through an in-and-out-of-home Wi-Fi network as well as xFi Pod plug-in devices that extend a customer’s in-home Wi-Fi coverage.

As part of our low-income broadband adoption program, we also offer qualifying customers our Internet Essentials service, and beginning at the end of 2021 Internet Essential Plus, which have downstream speeds of up to 50 megabits per second and 100 megabits per second, respectively.

*Video - 17.5 million customers*

We offer a broad variety of video services, primarily through our X1 platform, which provides integrated search functionality and a voice-activated remote control.

The integrated features provided by X1 operate across content in customers’ cable video services packages and content from internet-based streaming services that customers may access in a manner similar to our Flex streaming device.

Customers may view programming live, record live programming through our digital video recorder (“DVR”) service or access our video on demand services with extensive programming choices such as television series, movies and special-events programming that are available for free or to rent or own digitally.

These viewing options are also available through our mobile app and online portal.

*Voice - 9.1 million customers*

*Wireless - 4.0 million lines*

Business services customers may subscribe to a variety of products and services, including broadband services over our hybrid fiber-optic and coaxial cable network with downstream speeds up to a gigabit per second across nearly our entire footprint and fiber-based speeds that range up to 100 gigabits per second.

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

based services for file sharing, online backup and web conferencing, among other features.

Network and Technology

Leveraging DOCSIS 3.1 technology, Cable Communications currently deploys broadband services with downstream speeds for residential customers up to over a gigabit per second across nearly our entire footprint.

We continue to evolve and enhance our network and plan to leverage DOCSIS 4.0 technology to begin deploying multigigabit symmetrical speeds in the future.

Additionally, Cable Communications has been automating many core network functions in order to expand capacity and increase operating efficiency and to identify and fix network issues before they affect our customers.

- Cable Networks: Consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content; our regional sports and news networks; our international cable networks; our cable television studio production operations; and various digital properties.

- Filmed Entertainment: Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, DreamWorks Animation and Focus Features names.

In addition, we are developing a theme park in Beijing, China along with a consortium of Chinese state-owned companies, and an additional theme park in Orlando, Florida.

Each of our businesses has been impacted as a result of the novel coronavirus disease 2019 (“COVID-19”) pandemic.

| | | |

| --- | --- | --- |

| Cable Communications Segment | | |

Bundled service offerings aim to meet the needs of various segments of our customer base, ranging from high-speed internet services packaged with video services that include a limited number of channels or streaming services, to a five-product bundle, consisting of high-speed internet, video, voice, wireless, and security and automation services.

Subscription rates and related charges vary according to the services and features customers receive and the types of equipment they use, and customers are typically billed in advance on a monthly basis.

A portion of our residential customers are subject to minimum-term contracts for their cable services, which are typically 1 to 2 years in length.

Substantially all business customers are initially under minimum-term contracts, which typically range from 2 to 5 years.

Customers with minimum-term contracts may only discontinue service in accordance with the terms of their contracts.

As of December 31, 2020, Cable Communications had 33.1 million total customer relationships, including 30.7 million residential customer relationships and 2.4 million business customer relationships, and passed more than 59 million homes and businesses.

High-Speed Internet

Cable Communications offers high-speed internet services with downstream speeds that range up to 1.2 gigabit per second (“Gbps”) and fiber-based speeds that range up to 2 Gbps.

These services include access to an online portal and mobile apps, which provide users with the ability to manage their home Wi-Fi network, access to advanced security technology and other features including email, an address book and calendar.

Additionally, a variety of music apps such as Pandora are offered through Flex.

As of December 31, 2020, 28.4 million residential customers subscribed to our high-speed internet services.

Cable Communications offers a broad variety of video services, primarily through our X1 platform, an Internet Protocol (“IP”) and cloud-enabled video platform.

Video services generally include programming provided by national broadcast networks, local broadcast stations, and national and regional cable networks, as well as government and public access programming.

Our video services also include access to video on demand services (“On Demand”) and an interactive, on-screen program guide.

Our On Demand service provides video customers with access to hundreds of thousands of programming choices included in our library.

Other content, primarily movies and special-events programming, such as sporting events and concerts, can be rented or in some cases purchased to own digitally.

Customers also receive high-definition (“HD”) video service that provides high-resolution picture quality, improved audio quality and a wide-screen format through an HD set-top box, and a broad selection of HD programming choices.

Customers also have the option to subscribe to additional services, including a digital video recorder (“DVR”) service that allows customers to record and store programs and play them at their convenience, including online and through our mobile app, and to pause and rewind live television.

Additionally, customers may subscribe to premium networks that generally provide, without commercial interruption, movies, original programming, live and pre-recorded sporting events and concerts, and other features.

Customers have access to their video services through the Stream mobile app and an online portal that allow them to view certain live programming and On Demand content and to browse program listings.

As of December 31, 2020, 19.0 million residential customers subscribed to our video services.

Cable Communications offers voice services using interconnected Voice over Internet Protocol (“VoIP”) technology.

Voice services also include the ability to access and manage voicemail and other account features through an online portal or mobile app.

As of December 31, 2020, 9.6 million residential customers subscribed to our voice services.

As of December 31, 2020, there were 2.8 million activated wireless lines that were subscribed to our wireless services.

Individual customer relationships may have multiple lines.

Cable Communications offers a variety of products and services to businesses.

High-speed internet services provide downstream speeds that range up to 1 Gbps and fiber-based speeds that range up to 100 Gbps.

Cable Communications has expanded its service offerings to include a software-defined networking product for medium-sized and enterprise customers.

In most cases, the available advertising units are sold by our sales force.

In some cases, we work with representation firms as an extension of our sales force to sell a portion of the advertising units allocated to us.

Cable Communications also represents the advertising sales efforts of other multichannel video providers in some markets.

In addition, we generate revenue from the sale of advertising on our digital platforms.

See Note [removed: 16] [added: 15] included in this Annual Report on Form 10-K for a discussion of legal proceedings.

FOR THE FISCAL YEAR ENDED [removed: DECEMBER] [added: December] 31, [removed: 2020][added: 2021]

| | | | | | | [removed: ] [added: ] | | | | | | | | |

| Class A Common Stock, $0.01 par value | | | | | | CMCSA | | | | | | [removed: NASDAQ Global Select] [added: The Nasdaq Stock] Market [added: LLC] | | |

| 0.250% Notes due 2027 | | | | | | CMCS27 | | | | | | [removed: NASDAQ Global] [added: The Nasdaq Stock] Market [added: LLC] | | |

| 1.500% Notes due 2029 | | | | | | CMCS29 | | | | | | [removed: NASDAQ Global] [added: The Nasdaq Stock] Market [added: LLC] | | |

| 0.750% Notes due 2032 | | | | | | CMCS32 | | | | | | [removed: NASDAQ Global] [added: The Nasdaq Stock] Market [added: LLC] | | |

| 1.875% Notes due 2036 | | | | | | CMCS36 | | | | | | [removed: NASDAQ Global] [added: The Nasdaq Stock] Market [added: LLC] | | |

| 1.250% Notes due 2040 | | | | | | CMCS40 | | | | | | [removed: NASDAQ Global] [added: The Nasdaq Stock] Market [added: LLC] | | |

As of June 30, [removed: 2020,] [added: 2021,] the aggregate market value of the Comcast Corporation common stock held by non-affiliates of the registrant was [removed: $176.648] [added: $259.633] billion.

As of December 31, [removed: 2020,] [added: 2021,] there were [removed: 4,571,211,797] [added: 4,523,785,950] shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

[Table of [removed: Contents](#i07b1a2eeba0d4be6818f9b0e6b30ddac_7)][added: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)]

[removed: 2020] [added: 2021] Annual Report on Form 10-K

| Item 1 | | | [removed: [Business](#i07b1a2eeba0d4be6818f9b0e6b30ddac_13)] [added: [Business](#i4b4c0fa3c51b4abe9935f3f33a376a2c_13)] | | | [removed: [1](#i07b1a2eeba0d4be6818f9b0e6b30ddac_13)] [added: [1](#i4b4c0fa3c51b4abe9935f3f33a376a2c_13)] | | |

| Item 1A | | | [Risk [removed: Factors](#i07b1a2eeba0d4be6818f9b0e6b30ddac_31)] [added: Factors](#i4b4c0fa3c51b4abe9935f3f33a376a2c_91)] | | | [removed: [21](#i07b1a2eeba0d4be6818f9b0e6b30ddac_31)] [added: [22](#i4b4c0fa3c51b4abe9935f3f33a376a2c_91)] | | |

| Item 1B | | | [Unresolved Staff [removed: Comments](#i07b1a2eeba0d4be6818f9b0e6b30ddac_34)] [added: Comments](#i4b4c0fa3c51b4abe9935f3f33a376a2c_94)] | | | [removed: [29](#i07b1a2eeba0d4be6818f9b0e6b30ddac_34)] [added: [30](#i4b4c0fa3c51b4abe9935f3f33a376a2c_94)] | | |

| Item 2 | | | [removed: [Properties](#i07b1a2eeba0d4be6818f9b0e6b30ddac_37)] [added: [Properties](#i4b4c0fa3c51b4abe9935f3f33a376a2c_97)] | | | [removed: [29](#i07b1a2eeba0d4be6818f9b0e6b30ddac_37)] [added: [30](#i4b4c0fa3c51b4abe9935f3f33a376a2c_97)] | | |

| Item 3 | | | [Legal [removed: Proceedings](#i07b1a2eeba0d4be6818f9b0e6b30ddac_40)] [added: Proceedings](#i4b4c0fa3c51b4abe9935f3f33a376a2c_100)] | | | [removed: [30](#i07b1a2eeba0d4be6818f9b0e6b30ddac_40)] [added: [31](#i4b4c0fa3c51b4abe9935f3f33a376a2c_100)] | | |

| Item 4 | | | [Mine Safety [removed: Disclosures](#i07b1a2eeba0d4be6818f9b0e6b30ddac_43)] [added: Disclosures](#i4b4c0fa3c51b4abe9935f3f33a376a2c_103)] | | | [removed: [30](#i07b1a2eeba0d4be6818f9b0e6b30ddac_43)] [added: [31](#i4b4c0fa3c51b4abe9935f3f33a376a2c_103)] | | |

| Item 5 | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i07b1a2eeba0d4be6818f9b0e6b30ddac_49)] [added: Securities](#i4b4c0fa3c51b4abe9935f3f33a376a2c_109)] | | | [removed: [31](#i07b1a2eeba0d4be6818f9b0e6b30ddac_49)] [added: [32](#i4b4c0fa3c51b4abe9935f3f33a376a2c_109)] | | |

| Item 7 | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i07b1a2eeba0d4be6818f9b0e6b30ddac_58)] [added: Operations](#i4b4c0fa3c51b4abe9935f3f33a376a2c_118)] | | | [removed: [34](#i07b1a2eeba0d4be6818f9b0e6b30ddac_58)] [added: [34](#i4b4c0fa3c51b4abe9935f3f33a376a2c_118)] | | |

| Item 7A | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i07b1a2eeba0d4be6818f9b0e6b30ddac_136)] [added: Risk](#i4b4c0fa3c51b4abe9935f3f33a376a2c_199)] | | | [removed: [66](#i07b1a2eeba0d4be6818f9b0e6b30ddac_136)] [added: [60](#i4b4c0fa3c51b4abe9935f3f33a376a2c_199)] | | |

| Item 8 | | | [Comcast Corporation Financial Statements and Supplementary [removed: Data](#i07b1a2eeba0d4be6818f9b0e6b30ddac_139)] [added: Data](#i4b4c0fa3c51b4abe9935f3f33a376a2c_202)] | | | [removed: [68](#i07b1a2eeba0d4be6818f9b0e6b30ddac_139)] [added: [63](#i4b4c0fa3c51b4abe9935f3f33a376a2c_202)] | | |

| Item 9 | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i07b1a2eeba0d4be6818f9b0e6b30ddac_268)] [added: Disclosure](#i4b4c0fa3c51b4abe9935f3f33a376a2c_280)] | | | [removed: [102](#i07b1a2eeba0d4be6818f9b0e6b30ddac_268)] [added: [97](#i4b4c0fa3c51b4abe9935f3f33a376a2c_280)] | | |

| Item 9A | | | [Controls and [removed: Procedures](#i07b1a2eeba0d4be6818f9b0e6b30ddac_271)] [added: Procedures](#i4b4c0fa3c51b4abe9935f3f33a376a2c_283)] | | | [removed: [102](#i07b1a2eeba0d4be6818f9b0e6b30ddac_271)] [added: [97](#i4b4c0fa3c51b4abe9935f3f33a376a2c_283)] | | |

| Item 10 | | | [Directors, Executive Officers and Corporate [removed: Governance](#i07b1a2eeba0d4be6818f9b0e6b30ddac_283)] [added: Governance](#i4b4c0fa3c51b4abe9935f3f33a376a2c_292)] | | | [removed: [103](#i07b1a2eeba0d4be6818f9b0e6b30ddac_283)] [added: [98](#i4b4c0fa3c51b4abe9935f3f33a376a2c_292)] | | |

| Item 12 | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i07b1a2eeba0d4be6818f9b0e6b30ddac_289)] [added: Matters](#i4b4c0fa3c51b4abe9935f3f33a376a2c_298)] | | | [removed: [104](#i07b1a2eeba0d4be6818f9b0e6b30ddac_289)] [added: [99](#i4b4c0fa3c51b4abe9935f3f33a376a2c_298)] | | |

| Item 13 | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i07b1a2eeba0d4be6818f9b0e6b30ddac_292)] [added: Independence](#i4b4c0fa3c51b4abe9935f3f33a376a2c_301)] | | | [removed: [104](#i07b1a2eeba0d4be6818f9b0e6b30ddac_292)] [added: [99](#i4b4c0fa3c51b4abe9935f3f33a376a2c_301)] | | |

| Item 14 | | | [Principal Accountant Fees and [removed: Services](#i07b1a2eeba0d4be6818f9b0e6b30ddac_295)] [added: Services](#i4b4c0fa3c51b4abe9935f3f33a376a2c_304)] | | | [removed: [104](#i07b1a2eeba0d4be6818f9b0e6b30ddac_295)] [added: [99](#i4b4c0fa3c51b4abe9935f3f33a376a2c_304)] | | |

| Item 15 | | | [Exhibits and Financial Statement [removed: Schedules](#i07b1a2eeba0d4be6818f9b0e6b30ddac_301)] [added: Schedules](#i4b4c0fa3c51b4abe9935f3f33a376a2c_310)] | | | [removed: [105](#i07b1a2eeba0d4be6818f9b0e6b30ddac_301)] [added: [100](#i4b4c0fa3c51b4abe9935f3f33a376a2c_310)] | | |

This Annual Report on Form 10-K is for the year ended December 31, [removed: 2020.][added: 2021.]

| 0.000% Notes due 2026 | | | | | | CMCS26 | | | | | | The Nasdaq Stock Market LLC | | |

| 0.250% Notes due 2029 | | | | | | CMCS29A | | | | | | The Nasdaq Stock Market LLC | | |

| Item 6 | | | [\[Reserved\]](#i4b4c0fa3c51b4abe9935f3f33a376a2c_115) | | | [33](#i4b4c0fa3c51b4abe9935f3f33a376a2c_115) | | |

| Item 9B | | | [Other Information](#i4b4c0fa3c51b4abe9935f3f33a376a2c_286) | | | [97](#i4b4c0fa3c51b4abe9935f3f33a376a2c_286) | | |

| Item 9C | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i4b4c0fa3c51b4abe9935f3f33a376a2c_2991) | | | [97](#i4b4c0fa3c51b4abe9935f3f33a376a2c_2991) | | |

| Item 11 | | | [Executive Compensation](#i4b4c0fa3c51b4abe9935f3f33a376a2c_295) | | | [99](#i4b4c0fa3c51b4abe9935f3f33a376a2c_295) | | |

| Item 16 | | | [Form 10-K Summary](#i4b4c0fa3c51b4abe9935f3f33a376a2c_313) | | | [103](#i4b4c0fa3c51b4abe9935f3f33a376a2c_313) | | |

| [Signatures](#i4b4c0fa3c51b4abe9935f3f33a376a2c_316) | | | | | | [104](#i4b4c0fa3c51b4abe9935f3f33a376a2c_316) | | |

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

Numerical information in this report is presented on a rounded basis using actual amounts.

Minor differences in totals and percentage calculations may exist due to rounding.

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

| Item 6 | | | [Selected Financial Data](#i07b1a2eeba0d4be6818f9b0e6b30ddac_55) | | | [33](#i07b1a2eeba0d4be6818f9b0e6b30ddac_55) | | |

| Item 11 | | | [Executive Compensation](#i07b1a2eeba0d4be6818f9b0e6b30ddac_286) | | | [103](#i07b1a2eeba0d4be6818f9b0e6b30ddac_286) | | |

| Item 16 | | | [Form 10-K Summary](#i07b1a2eeba0d4be6818f9b0e6b30ddac_304) | | | [109](#i07b1a2eeba0d4be6818f9b0e6b30ddac_304) | | |

| [Signatures](#i07b1a2eeba0d4be6818f9b0e6b30ddac_307) | | | | | | [110](#i07b1a2eeba0d4be6818f9b0e6b30ddac_307) | | |

Beginning with our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, we are voluntarily complying with new disclosure rules for guarantors and issuers of guaranteed debt securities issued by the Securities and Exchange Commission (“SEC”) in March 2020, as permitted by the transition guidance contained in the SEC’s final rule release “Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities.” As a result, this report includes disclosures related to our consolidated subsidiaries that guarantee or have issued guaranteed debt securities registered with the SEC that are included within our guarantee structure (refer to Guarantee Structure within the Liquidity and Capital Resources section of Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations).

As a result of these rules, NBCUniversal Media, LLC is no longer required to prepare stand-alone periodic reports under SEC rules, and our periodic reports are no longer prepared as a combined report being filed separately by Comcast Corporation and NBCUniversal Media, LLC.

We believe that substantially all of our physical assets were in good operating condition as of December 31, [removed: 2020.][added: 2021.]

Additionally, [removed: we completed construction of] the Comcast Technology [removed: Center in 2019,] [added: Center,] which is adjacent to the Comcast [removed: Center and] [added: Center,] is a center for Cable Communications’ technology and engineering workforce, as well as the home of our NBCUniversal and Telemundo owned local broadcast stations in Philadelphia, Pennsylvania.

Our [removed: high-speed internet] [added: broadband] network consists of fiber-optic cables owned or leased by us and related equipment.

We also operate national and regional data centers with equipment that is used to provide services, such as email and web services, to our [removed: high-speed internet] [added: broadband] and [removed: voice customers, as well as cloud services to our video customers.]

| [removed: | | | 29 | | |] Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | | [added: 30 | | | | | |]

[Table of [removed: Contents](#i07b1a2eeba0d4be6818f9b0e6b30ddac_7)][added: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)]

[added: The digital] media center contains equipment that we own or lease, including equipment related to network origination, video transmission via satellite and terrestrial fiber-optics, broadcast studios, post-production services and interactive television services.

NBCUniversal’s corporate headquarters are located in New York, New York at 30 Rockefeller Plaza and surrounding campus and include offices and studios, which are used by Headquarters and Other and the [removed: Cable Networks and Broadcast Television segments.][added: Media segment.]

NBCUniversal also leases space in 10 Rockefeller Plaza [removed: which] [added: that] includes *The Today Show* studio, production facilities and offices used by the [removed: Broadcast Television] [added: Media] segment.

Telemundo’s leased headquarters and production facilities are located in Miami, Florida and are used by the [removed: Broadcast Television] [added: Media] segment and Headquarters and Other.

The Universal City [removed: owned] location in California includes offices, studios, and theme park and retail operations [removed: which] [added: that] are owned by NBCUniversal and used by all NBCUniversal segments.

Our owned CNBC headquarters and production facilities and disaster recovery center are located in Englewood Cliffs, New Jersey and are used by the [removed: Cable Networks and Broadcast Televisions segments] [added: Media segment] and Headquarters and Other.

In addition, we own theme parks and own or lease related facilities in Orlando, Florida; Hollywood, California; [removed: and] Osaka, [removed: Japan, which] [added: Japan; and Beijing, China, that] are used in the Theme Parks segment, and [added: we] are developing [added: a] new theme [removed: parks] [added: park] in [removed: Beijing, China and] Orlando, Florida.

Sky’s corporate headquarters are located in Middlesex, U.K. Sky owns the space it occupies [removed: at] [added: in] Middlesex.

We are currently constructing a new studio production facility in Elstree, U.K., [removed: which] [added: that] Sky will lease upon completion.

The Wells Fargo Center, a large, multipurpose arena in Philadelphia, Pennsylvania that we own was the principal physical operating asset [removed: of] [added: used by] our other businesses as of December 31, [removed: 2020.][added: 2021.]

voice customers, as well as cloud services to our video customers.

The digital

| [removed: Comcast 2020 Annual Report on Form 10-K] | | | [removed: 30] [added: 31] | | | [added: Comcast 2021 Annual Report on Form 10-K] | | |

[Table of [removed: Contents](#i07b1a2eeba0d4be6818f9b0e6b30ddac_7)][added: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)]

| [removed: 2020] | | | [added: 2017] | | | [added: 2018] | | | 2019 | | | [added: 2020] | | | [added: 2021 | | |]

| January | | | $ | [removed: 0.23] [added: 0.25] | | | | | January | | | $ | [removed: 0.21] [added: 0.23] | |

| May | | | $ | [removed: 0.23] [added: 0.25] | | | | | May | | | $ | [removed: 0.21] [added: 0.23] | |

| July | | | $ | [removed: 0.23] [added: 0.25] | | | | | July | | | $ | [removed: 0.21] [added: 0.23] | |

| October (paid in January [removed: 2021)] [added: 2022)] | | | $ | [removed: 0.23] [added: 0.25] | | | | | October (paid in January [removed: 2020)] [added: 2021)] | | | $ | [removed: 0.21] [added: 0.23] | |

| Total | | | $ | [removed: 0.92] [added: 1.00] | | | | | Total | | | $ | [removed: 0.84] [added: 0.92] | |

In January [removed: 2021,] [added: 2022,] our Board of Directors approved [removed: a 9%] [added: an 8%] increase in our dividend to [removed: $1.00] [added: $1.08] per share on an annualized basis.

Holders of Class A common stock in the aggregate hold 662/3% of the [added: combined] voting power of our common stock.

Record holders as of December 31, [removed: 2020] [added: 2021] are presented in the table below.

| Class A Common Stock | | | [removed: 371,292] [added: 352,581] | | |

| [removed: | | | 31 | | |] Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | | [added: 32 | | | | | |]

[Table of [removed: Contents](#i07b1a2eeba0d4be6818f9b0e6b30ddac_7)][added: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)]

The following graph compares the annual percentage change in the cumulative total shareholder return on Comcast’s Class A common stock during the five years ended December 31, [removed: 2020] [added: 2021] with the cumulative total returns on the Standard & Poor’s 500 Stock Index and a select peer group consisting of us and other companies engaged in the cable, communications and media industries.

This peer group consists of our Class A common stock and the common stock of AT&T Inc., Charter Communications, Inc., DISH Network Corporation (Class A), Lumen Technologies, [removed: Inc. (formerly CenturyLink, Inc.), Sprint Corporation (which is included through April 1, 2020, when it merged with T-Mobile US, Inc.),] [added: Inc.,] T-Mobile US, Inc. and Verizon Communications Inc. (the “transmission and distribution subgroup”); and Discovery, Inc. (Class A), ViacomCBS Inc. (Class B) and The Walt Disney Company (the “media subgroup”).

The peer group is constructed as a composite peer group in which the transmission and distribution subgroup is weighted [removed: 71%] [added: 75%] and the media subgroup is weighted [removed: 29%] [added: 25%] based on the respective revenue of our transmission and distribution and media businesses.

The comparison assumes $100 was invested on December 31, [removed: 2015] [added: 2016] in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends.

[removed: ][added: ]

| 2021 | | | | | | | | | 2020 | | | | | |

The table below summarizes Comcast’s common stock repurchases during 2021.

| Period | | | Total Number of Shares Purchased | | | Average Price Per Share | | | Total Number of Shares Purchased as Part of Publicly Announced Authorization | | | Total Dollar Amount Purchased Under the Publicly Announced Authorization | | | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Authorization(a) | | |

| First Quarter 2021 | | | — | | | $ | — | | — | | | $ | — | | $ | — | |

| Second Quarter 2021 | | | 8,785,149 | | | $ | 56.91 | | 8,785,149 | | | $ | 499,999,935 | | $ | 9,500,000,065 | |

| Third Quarter 2021 | | | 25,881,698 | | | $ | 57.96 | | 25,881,698 | | | $ | 1,500,000,038 | | $ | 8,000,000,027 | |

| October 1-31, 2021 | | | 12,911,147 | | | $ | 53.48 | | 12,911,147 | | | $ | 690,452,411 | | $ | 7,309,547,616 | |

| November 1-30, 2021 | | | 15,334,579 | | | $ | 52.79 | | 15,334,579 | | | $ | 809,547,566 | | $ | 6,500,000,050 | |

| December 1-31, 2021 | | | 10,297,809 | | | $ | 48.55 | | 10,297,809 | | | $ | 500,000,046 | | $ | 6,000,000,004 | |

| Total | | | 73,210,382 | | | $ | 54.64 | | 73,210,382 | | | $ | 3,999,999,996 | | $ | 6,000,000,004 | |

(a)Effective May 25, 2021, our Board of Directors increased our share repurchase program authorization to $10 billion.

In January 2022, our Board of Directors increased our share repurchase program authorization from the $6 billion remaining as of December 31, 2021 to $10 billion.

Under the authorization, which does not have an expiration date, we expect to repurchase additional shares, which may be in the open market or in private transactions.

The total number of shares purchased during 2021 does not include any shares received in the administration of employee share-based compensation plans as there were none received in 2021.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Comcast Class A | | | $ | 117 | | $ | 102 | | $ | 137 | | $ | 164 | | $ | 160 | |

| S&P 500 Stock Index | | | $ | 122 | | $ | 116 | | $ | 153 | | $ | 181 | | $ | 233 | |

| | | | | | | | | | | | | | | | | | |

| Peer Group Index | | | $ | 106 | | $ | 97 | | $ | 136 | | $ | 141 | | $ | 132 | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2016 | | | 2017 | | | 2018 | | | 2019 | | | 2020 | | |

| Comcast Class A | | | $ | 125 | | $ | 147 | | $ | 128 | | $ | 172 | | $ | 205 | |

| S&P 500 Stock Index | | | $ | 112 | | $ | 136 | | $ | 130 | | $ | 171 | | $ | 203 | |

| Peer Group Index | | | $ | 126 | | $ | 131 | | $ | 121 | | $ | 159 | | $ | 175 | |

| Comcast 2020 Annual Report on Form 10-K | | | 32 | | | | | |

| | | | 33 | | | Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i07b1a2eeba0d4be6818f9b0e6b30ddac_7)][added: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)]

\[Reserved\]

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Year ended December 31 (in millions, except per share data) | | | 2020 | | | 2019 | | | 2018(c) | | | 2017(d) | | | 2016 | | |

| Statement of Income Data | | | | | | | | | | | | | | | | | |

| Revenue | | | $ | 103,564 | | $ | 108,942 | | $ | 94,507 | | $ | 85,029 | | $ | 80,736 | |

| Operating income | | | 17,493 | | | 21,125 | | | 19,009 | | | 18,018 | | | 16,831 | | |

| Net income attributable to Comcast Corporation(a) | | | 10,534 | | | 13,057 | | | 11,731 | | | 22,735 | | | 8,678 | | |

| Basic earnings per common share attributable to Comcast Corporation shareholders | | | 2.30 | | | 2.87 | | | 2.56 | | | 4.83 | | | 1.80 | | |

| Diluted earnings per common share attributable to Comcast Corporation shareholders | | | 2.28 | | | 2.83 | | | 2.53 | | | 4.75 | | | 1.78 | | |

| Dividends declared per common share | | | 0.92 | | | 0.84 | | | 0.76 | | | 0.63 | | | 0.55 | | |

| Balance Sheet Data (at year end) | | | | | | | | | | | | | | | | | |

| Total assets | | | $ | 273,869 | | $ | 263,414 | | $ | 251,684 | | $ | 187,462 | | $ | 181,017 | |

| Long-term debt(b) | | | 103,760 | | | 102,217 | | | 111,743 | | | 64,556 | | | 61,046 | | |

| Comcast Corporation shareholders’ equity | | | 90,323 | | | 82,726 | | | 71,613 | | | 68,616 | | | 53,932 | | |

| Statement of Cash Flows Data | | | | | | | | | | | | | | | | | |

| Net cash provided by (used in): | | | | | | | | | | | | | | | | | |

| Operating activities | | | $ | 24,737 | | $ | 25,697 | | $ | 24,297 | | $ | 21,261 | | $ | 19,691 | |

| Investing activities | | | (12,047) | | | (14,841) | | | (50,854) | | | (13,533) | | | (18,265) | | |

| Financing activities | | | (6,513) | | | (9,181) | | | 27,140 | | | 7,572 | | | (434) | | |

(a)For 2020 and 2019, refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this Annual Report on Form 10-K for a discussion of the effects of items impacting net income attributable to Comcast Corporation.

In 2020, 2019, 2018, 2017 and 2016, net income attributable to Comcast Corporation is stated after deducting net income attributable to noncontrolling interests of $167 million, $266 million, $131 million, $187 million and $350 million, respectively.

(b)Includes long-term debt and the current portion of long-term debt as presented in the consolidated balance sheet.

Refer to footnotes to the consolidated financial statements for discussion of our accounting policies related to debt obligations.

(c)Amounts include Sky from the date of acquisition on October 9, 2018.

Refer to Note 7 to the consolidated financial statements for further discussion.

(d)2017 net income attributable to Comcast Corporation and earnings per common share attributable to Comcast Corporation shareholders included a $12.7 billion net income tax benefit as a result of the impacts of the 2017 tax reform legislation.

| [Report of Independent Registered Public Accounting [removed: Firm](#i07b1a2eeba0d4be6818f9b0e6b30ddac_145)] [added: Firm](#i4b4c0fa3c51b4abe9935f3f33a376a2c_208)] | | | [removed: [70](#i07b1a2eeba0d4be6818f9b0e6b30ddac_145)] [added: [65](#i4b4c0fa3c51b4abe9935f3f33a376a2c_208)] | | |

| [Consolidated Statement of [removed: Income](#i07b1a2eeba0d4be6818f9b0e6b30ddac_148)] [added: Income](#i4b4c0fa3c51b4abe9935f3f33a376a2c_211)] | | | [removed: [72](#i07b1a2eeba0d4be6818f9b0e6b30ddac_148)] [added: [67](#i4b4c0fa3c51b4abe9935f3f33a376a2c_211)] | | |

| [Consolidated Statement of Comprehensive [removed: Income](#i07b1a2eeba0d4be6818f9b0e6b30ddac_151)] [added: Income](#i4b4c0fa3c51b4abe9935f3f33a376a2c_214)] | | | [removed: [73](#i07b1a2eeba0d4be6818f9b0e6b30ddac_151)] [added: [68](#i4b4c0fa3c51b4abe9935f3f33a376a2c_214)] | | |

| [Consolidated Statement of Cash [removed: Flows](#i07b1a2eeba0d4be6818f9b0e6b30ddac_157)] [added: Flows](#i4b4c0fa3c51b4abe9935f3f33a376a2c_217)] | | | [removed: [74](#i07b1a2eeba0d4be6818f9b0e6b30ddac_157)] [added: [69](#i4b4c0fa3c51b4abe9935f3f33a376a2c_217)] | | |

| [Consolidated Balance [removed: Sheet](#i07b1a2eeba0d4be6818f9b0e6b30ddac_160)] [added: Sheet](#i4b4c0fa3c51b4abe9935f3f33a376a2c_220)] | | | [removed: [75](#i07b1a2eeba0d4be6818f9b0e6b30ddac_160)] [added: [70](#i4b4c0fa3c51b4abe9935f3f33a376a2c_220)] | | |

| [Consolidated Statement of Changes in [removed: Equity](#i07b1a2eeba0d4be6818f9b0e6b30ddac_166)] [added: Equity](#i4b4c0fa3c51b4abe9935f3f33a376a2c_223)] | | | [removed: [76](#i07b1a2eeba0d4be6818f9b0e6b30ddac_166)] [added: [71](#i4b4c0fa3c51b4abe9935f3f33a376a2c_223)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i07b1a2eeba0d4be6818f9b0e6b30ddac_172)] [added: Statements](#i4b4c0fa3c51b4abe9935f3f33a376a2c_226)] | | | [removed: [77](#i07b1a2eeba0d4be6818f9b0e6b30ddac_172)] [added: [72](#i4b4c0fa3c51b4abe9935f3f33a376a2c_226)] | | |

| [removed: Comcast 2020 Annual Report on Form 10-K] | | | [removed: 68] [added: 63] | | | [added: Comcast 2021 Annual Report on Form 10-K] | | |

[Table of [removed: Contents](#i07b1a2eeba0d4be6818f9b0e6b30ddac_7)][added: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)]

Based on this evaluation, our management concluded that the system of internal control over financial reporting was effective as of December 31, [removed: 2020.][added: 2021.]

| [removed: | | | 69 | | |] Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | | [added: 64 | | | | | |]

Opinions on the [removed: Consolidated] Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Comcast Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the related consolidated statements of income, comprehensive income, cash flows, and changes in equity for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] and the related notes (collectively referred to as the “financial statements”).

We also have audited the Company’s internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

Sky Goodwill - Refer to Note [removed: 11] [added: 10] to the financial statements

| [removed: Comcast 2020 Annual Report on Form 10-K] | | | [removed: 70] [added: 65] | | | [added: Comcast 2021 Annual Report on Form 10-K] | | |

The goodwill balance was [removed: $70,669] [added: $70,189] million as of December 31, [removed: 2020,] [added: 2021,] of which [removed: $29,950] [added: $29,196] million was allocated to the Sky reporting unit.

[removed: Given the Company’s acquisition of Sky in the fourth quarter of 2018, the] [added: The] fair value of the Sky reporting unit remains in close proximity to its carrying value as of the measurement date.

- We evaluated management’s ability to accurately forecast future revenue and cash flows by comparing actual results to (1) historical results, including management’s forecasting accuracy, (2) projections utilized in the [removed: purchase price allocation in connection with the 2018 acquisition of Sky,] [added: prior year goodwill impairment analysis,] (3) internal communications to management, and (4) forecasted information included in Company press releases as well as in analyst and industry reports of the Company and companies in its peer group.

The Company amortizes capitalized film and television production costs that are predominantly monetized on an individual basis using the individual film forecast computation method, which amortizes such costs using the ratio of current period revenue to the total remaining revenue forecasted to be realized, also known as “ultimate revenue.” [removed: In addition, the Company recognizes the costs] [added: The estimates] of [removed: multiyear, live-event sports programming rights as] [added: ultimate revenue have a significant impact on] the [removed: rights] [added: rate at which capitalized costs] are [removed: utilized over the contractual term based on estimated relative value.][added: amortized.]

Estimated relative value is generally based on the [removed: ratio] [added: terms] of [removed: current period revenue to] the [removed: estimated ultimate revenue or] [added: contract and] the [removed: terms] [added: nature] of [added: and potential revenue generation of] the [added: deliverables within the] contract.

Our audit procedures related to forecasts of ultimate revenue for individual film or television productions [removed: and for sports programming rights] included the following, among others:

- We tested the effectiveness of management’s controls over its amortization of film and television [removed: costs and sports programming rights,] [added: costs,] including controls over forecasts of ultimate revenue.

- [removed: For film and television productions, we] [added: We] tested management’s selection of inputs and assumptions, including considering the historical performance of similar titles, expected distribution platforms, factors unique to the individual film or television production, and third-party projections.

[removed: February 3, 2021][added: | 2021 | | | | | | | | | | | | | | | | | | | | |]

| [removed: | | | 71 | | |] Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | | [added: 66 | | | | | |]

| Year ended December 31 (in millions, except per share data) | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Revenue | | | $ | [removed: 103,564] [added: 116,385] | | | | | $ | [removed: 108,942] [added: 103,564] | | | | | $ | [removed: 94,507] [added: 108,942] | |

| Programming and production | | | [removed: 33,121] [added: 38,450] | | | | | | [removed: 34,440] [added: 33,121] | | | | | | [removed: 29,692] [added: 34,440] | | |

| Other operating and administrative | | | [removed: 33,109] [added: 35,619] | | | | | | [removed: 32,807] [added: 33,109] | | | | | | [removed: 28,094] [added: 32,807] | | |

| Advertising, marketing and promotion | | | [removed: 6,741] [added: 7,695] | | | | | | [removed: 7,617] [added: 6,741] | | | | | | [removed: 7,036] [added: 7,617] | | |

| Depreciation | | | [removed: 8,320] [added: 8,628] | | | | | | [removed: 8,663] [added: 8,320] | | | | | | [removed: 8,281] [added: 8,663] | | |

| Amortization | | | [removed: 4,780] [added: 5,176] | | | | | | [removed: 4,290] [added: 4,780] | | | | | | [removed: 2,736] [added: 4,290] | | |

| Total costs and expenses | | | [removed: 86,071] [added: 95,568] | | | | | | [removed: 87,817] [added: 86,071] | | | | | | [removed: 75,498] [added: 87,817] | | |

| Operating income | | | [removed: 17,493] [added: 20,817] | | | | | | [removed: 21,125] [added: 17,493] | | | | | | [removed: 19,009] [added: 21,125] | | |

| Interest expense | | | [removed: (4,588)] [added: (4,281)] | | | | | | [removed: (4,567)] [added: (4,588)] | | | | | | [removed: (3,542)] [added: (4,567)] | | |

| Investment and other income (loss), net | | | [removed: 1,160] [added: 2,557] | | | | | | [removed: 438] [added: 1,160] | | | | | | [removed: (225)] [added: 438] | | |

| Income before income taxes | | | [removed: 14,065] [added: 19,093] | | | | | | [removed: 16,996] [added: 14,065] | | | | | | [removed: 15,242] [added: 16,996] | | |

| [Report of Management](#i4b4c0fa3c51b4abe9935f3f33a376a2c_205) | | | [64](#i4b4c0fa3c51b4abe9935f3f33a376a2c_205) | | |

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

February 2, 2022

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

| Income tax expense | | | (5,259) | | | | | | (3,364) | | | | | | (3,673) | | |

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

| Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | | | (325) | | | | | | 167 | | | | | | 266 | | |

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

| Net income | | | $ | 13,833 | | | | | $ | 10,701 | | | | | $ | 13,323 | |

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

| Redemption of subsidiary preferred stock | | | (725) | | | | | | — | | | | | | — | | |

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

Reclassifications

Reclassifications have been made to our notes to consolidated financial statements for the prior year period to conform to classifications used in 2021.

See Note 2 for a discussion of the changes in our presentation of segment operating results.

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

In 2021, we changed our presentation of segment operating results.

The changes reflect a reorganized operating structure in NBCUniversal’s television and streaming businesses and primarily include: (i) the combination of NBCUniversal’s television networks (previously reported in Cable Networks and Broadcast Television) with the operations of Peacock (previously reported in Corporate and Other) in the Media segment, and (ii) the presentation of NBCUniversal’s television studio production operations (previously reported in Cable Networks and Broadcast Television) with the studio operations of Filmed Entertainment in the Studios segment.

Prior periods have been adjusted to reflect this presentation.

| Cable Communications | | | $ | 64,328 | | $ | 28,097 | | $ | 7,811 | | | | | $ | 6,930 | | $ | 1,438 | |

| Media | | | 22,780 | | | 4,569 | | | 1,030 | | | | | | 100 | | | 163 | | |

| Studios | | | 9,449 | | | 884 | | | 53 | | | | | | 5 | | | 11 | | |

| Theme Parks | | | 5,051 | | | 1,267 | | | 906 | | | | | | 614 | | | 43 | | |

| Headquarters and Other | | | 87 | | | (840) | | | 478 | | | | | | 366 | | | 143 | | |

| Eliminations(a) | | | (3,048) | | | (205) | | | — | | | | | | — | | | — | | |

| NBCUniversal | | | 34,319 | | | 5,675 | | | 2,466 | | | | | | 1,086 | | | 360 | | |

| Sky | | | 20,285 | | | 2,359 | | | 3,379 | | | | | | 948 | | | 814 | | |

| Corporate and Other | | | 461 | | | (1,358) | | | 147 | | | | | | 210 | | | 272 | | |

| Eliminations(a) | | | (3,008) | | | (65) | | | — | | | | | | — | | | — | | |

| Comcast Consolidated | | | $ | 116,385 | | $ | 34,708 | | $ | 13,804 | | | | | $ | 9,174 | | $ | 2,883 | |

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

| (in millions) | | | Revenue(a) | | | Adjusted EBITDA(b) | | | Depreciation and Amortization | | | | | | Capital Expenditures | | | Cash Paid for Intangible Assets | | |

| Media | | | 18,936 | | | 5,574 | | | 993 | | | | | | 122 | | | 176 | | |

| Studios | | | 8,134 | | | 1,041 | | | 67 | | | | | | 12 | | | 5 | | |

| Theme Parks | | | 2,094 | | | (477) | | | 772 | | | | | | 1,171 | | | 56 | | |

| Headquarters and Other | | | 53 | | | (563) | | | 475 | | | | | | 186 | | | 136 | | |

| NBCUniversal | | | 27,211 | | | 5,355 | | | 2,307 | | | | | | 1,491 | | | 373 | | |

| Corporate and Other | | | 248 | | | (1,785) | | | 6 | | | | | | 124 | | | 8 | | |

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| [Report of Management](#i07b1a2eeba0d4be6818f9b0e6b30ddac_142) | | | [69](#i07b1a2eeba0d4be6818f9b0e6b30ddac_142) | | |

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Philadelphia, Pennsylvania

The estimates of ultimate revenue have a significant impact on the rate at which capitalized costs are amortized.

The determination of ultimate revenue for multiyear, live-event sports programming rights requires the Company to make significant estimates of future revenue based on historical and expected trends in the advertising market as well as the number of subscribers receiving or viewing the sports programming.

- For certain multiyear live-events sports programming rights, we evaluated management’s assessment of any significant changes to the estimated relative value of the rights including any significant contract amendments, changes to expected trends in the advertising market, and number of subscribers receiving or viewing the sports programming.

| Other operating gains | | | — | | | | | | — | | | | | | (341) | | |

| Programming rights | | | — | | | | | | 3,877 | | |

| Cumulative effects of adoption of accounting standards | | | — | | | | | | — | | | | | | 76 | | |

| | | |

| --- | --- | --- |

| Cable Networks | | | 10,849 | | | 4,616 | | | 771 | | | | | | 34 | | | 24 | | |

| Broadcast Television | | | 10,244 | | | 1,934 | | | 163 | | | | | | 82 | | | 15 | | |

| Filmed Entertainment | | | 5,276 | | | 785 | | | 95 | | | | | | 13 | | | 17 | | |

| Theme Parks | | | 1,846 | | | (541) | | | 771 | | | | | | 1,171 | | | 56 | | |

| Headquarters and Other | | | 121 | | | (521) | | | 478 | | | | | | 185 | | | 139 | | |

| Eliminations(a) | | | (254) | | | (4) | | | — | | | | | | — | | | — | | |

| NBCUniversal | | | 28,082 | | | 6,269 | | | 2,278 | | | | | | 1,485 | | | 251 | | |

| Corporate and Other | | | 366 | | | (2,447) | | | 35 | | | | | | 130 | | | 130 | | |

| Cable Networks | | | 11,513 | | | 4,444 | | | 735 | | | | | | 41 | | | 17 | | |

| Broadcast Television | | | 10,261 | | | 1,730 | | | 157 | | | | | | 161 | | | 15 | | |

| Filmed Entertainment | | | 6,493 | | | 833 | | | 79 | | | | | | 21 | | | 22 | | |

| Theme Parks | | | 5,933 | | | 2,455 | | | 696 | | | | | | 1,605 | | | 60 | | |

| Eliminations(a) | | | (316) | | | (1) | | | — | | | | | | — | | | — | | |

| NBCUniversal | | | 33,967 | | | 8,772 | | | 2,129 | | | | | | 2,072 | | | 285 | | |

| Eliminations(a) | | | (2,659) | | | 1 | | | — | | | | | | — | | | — | | |

| 2018 | | | | | | | | | | | | | | | | | | | | |

| Cable Communications | | | $ | 56,033 | | $ | 21,681 | | $ | 8,262 | | | | | $ | 7,723 | | $ | 1,346 | |

| Cable Networks | | | 11,773 | | | 4,428 | | | 738 | | | | | | 42 | | | 23 | | |

| Broadcast Television | | | 11,439 | | | 1,657 | | | 146 | | | | | | 204 | | | 81 | | |

| Filmed Entertainment | | | 7,152 | | | 734 | | | 145 | | | | | | 35 | | | 25 | | |

| Theme Parks | | | 5,683 | | | 2,455 | | | 660 | | | | | | 1,143 | | | 173 | | |

| Eliminations(a) | | | (349) | | | 4 | | | — | | | | | | — | | | — | | |

| NBCUniversal | | | 35,761 | | | 8,598 | | | 2,108 | | | | | | 1,730 | | | 448 | | |

| Sky | | | 4,587 | | | 692 | | | 539 | | | | | | 222 | | | 137 | | |

Refer to Management’s Report on Internal Control Over Financial Reporting on page [removed: 69.][added: 64.]

Refer to Report of Independent Registered Public Accounting Firm on page [removed: 70.][added: 65.]

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Comcast 2020 Annual Report on Form 10-K | | | 102 | | | | | |

[Table of Contents](#i07b1a2eeba0d4be6818f9b0e6b30ddac_7)

Part III

None.

Not applicable.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 97 | | | Comcast 2021 Annual Report on Form 10-K | | |

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

Part III

We refer to this proxy statement as the [removed: 2021] [added: 2022] Proxy Statement.

The following table sets forth information concerning our executive officers, including their ages, positions and tenure, as of December 31, [removed: 2020.][added: 2021.]

| Brian L. Roberts | | | [removed: 61] [added: 62] | | | 1986 | | | Chairman and Chief Executive Officer; President | | |

| Michael J. Cavanagh | | | [removed: 54] [added: 55] | | | 2015 | | | Chief Financial Officer | | |

| Jeffrey S. Shell | | | [removed: 55] [added: 56] | | | 2020 | | | Chief Executive Officer, NBCUniversal | | |

| Adam L. Miller | | | [removed: 50] [added: 51] | | | 2020 | | | Chief Administration Officer; Executive Vice President, NBCUniversal | | |

| David N. Watson | | | [removed: 62] [added: 63] | | | 2017 | | | President and Chief Executive Officer, Comcast Cable | | |

| Thomas J. Reid | | | [removed: 56] [added: 57] | | | 2019 | | | Chief Legal Officer and Secretary | | |

| Daniel C. Murdock | | | [removed: 47] [added: 48] | | | 2017 | | | Executive Vice President; Chief Accounting Officer and Controller | | |

As of December 31, [removed: 2020,] [added: 2021,] Mr. Roberts had sole voting power over approximately 331/3% of the combined voting power of our two classes of common stock.

| Dana Strong | | | 51 | | | 2021 | | | Group Chief Executive Officer, Sky | | |

*Dana Strong* has served as the Group Chief Executive Officer of Sky since January 2021.

Previously, Ms. Strong was the President of Consumer Services at Comcast Cable since January 2018.

Prior to joining our company, Ms. Strong served as President and Chief Operating Officer of Virgin Media and Chief Transformation Officer of Liberty Global, a European cable company.

In addition, Ms. Strong held numerous leadership roles in Europe and Australia, including Chief Executive Officer of UPC Ireland (now Virgin Media Ireland) and Chief Operating Officer of Austar United Communications in Australia.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Comcast 2021 Annual Report on Form 10-K | | | 98 | | | | | |

[Table of Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)

We incorporate the information required by this item by reference to our [removed: 2021] [added: 2022] Proxy Statement.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 103 | | | Comcast 2020 Annual Report on Form 10-K | | |

[Table of Contents](#i07b1a2eeba0d4be6818f9b0e6b30ddac_7)

We incorporate the information required by this item by reference to our [removed: 2021] [added: 2022] Proxy Statement.

We incorporate the information required by this item by reference to our [removed: 2021] [added: 2022] Proxy Statement.

We incorporate the information required by this item [added: relating to our principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34),] by reference to our [removed: 2021] [added: 2022] Proxy Statement.

| [removed: Comcast 2020 Annual Report on Form 10-K] | | | [removed: 104] [added: 99] | | | [added: Comcast 2021 Annual Report on Form 10-K] | | |

[Table of [removed: Contents](#i07b1a2eeba0d4be6818f9b0e6b30ddac_7)][added: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)]

(a) Our consolidated financial statements are filed as a part of this report on Form 10-K in Item 8, Financial Statements and Supplementary Data, and a list of Comcast’s consolidated financial statements are found on page [removed: 68] [added: 63] of this report.

| [removed: | | | 105 | | |] Comcast [removed: 2020] [added: 2021] Annual Report on Form 10-K | | | [added: 100 | | | | | |]

[Table of [removed: Contents](#i07b1a2eeba0d4be6818f9b0e6b30ddac_7)][added: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)]

| [removed: [4.13](http://www.sec.gov/Archives/edgar/data/902739/000116669119000005/ex413-12312018.htm)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/902739/000116669119000005/ex413-12312018.htm)[2](http://www.sec.gov/Archives/edgar/data/902739/000116669119000005/ex413-12312018.htm)] | | | | | | Trust Deed dated September 5, 2014 among BSKYB Finance UK plc, British Sky Broadcasting Group plc, the initial guarantors party thereto and BNY Mellon Corporate Trustee Services Limited, as trustee (incorporated by reference to Exhibit 4.13 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2018). | | |

| [removed: [4.14](http://www.sec.gov/Archives/edgar/data/902739/000116669119000005/ex414-12312018.htm)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/902739/000116669119000005/ex414-12312018.htm)[3](http://www.sec.gov/Archives/edgar/data/902739/000116669119000005/ex414-12312018.htm)] | | | | | | Supplemental Trust Deed dated March 18, 2015 among Sky Group Finance plc (f/k/a BSKYB Finance UK plc), Sky plc (f/k/a British Sky Broadcasting Group plc), the initial guarantors party thereto and BNY Mellon Corporate Trustee Services Limited, as trustee (incorporated by reference to Exhibit 4.14 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2018). | | |

| [removed: [4.15](https://www.sec.gov/Archives/edgar/data/1166691/000116669121000008/ex415-123120.htm)] [added: [4.1](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000009/ex0415-12312021.htm)[5](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000009/ex0415-12312021.htm)] | | | | | | Description of Comcast Corporation’s securities registered pursuant to Section 12 of the Securities Exchange Act. | | |

| [removed: [10.1](http://www.sec.gov/Archives/edgar/data/1166691/000119312516608609/d149151dex101.htm)] [added: [10.1](http://www.sec.gov/Archives/edgar/data/1166691/000095010321005001/dp148717_ex1001.htm)] | | | | | | Credit Agreement dated as of [removed: May 26, 2016,] [added: March 30, 2021,] among Comcast Corporation, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, [added: Bank of America, N.A., Mizuho Bank, Ltd.,] Morgan Stanley MUFG Partners, [removed: LLC,] [added: LLC and] Wells Fargo Bank, National [removed: Association and Mizuho Bank, Ltd.,] [added: Association,] as co-documentation agents (incorporated by reference to Exhibit 10.1 to Comcast’s Current Report on Form 8-K filed on [removed: May] [added: March] 31, [removed: 2016).] [added: 2021).] | | |

| [removed: [10.2](https://www.sec.gov/Archives/edgar/data/902739/000095010318005454/dp90124_ex1001.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000009/ex102-12312021.htm)] | | | | | | Amendment No. 1 dated [removed: April 27, 2018,] [added: December 31, 2021,] to Credit Agreement dated as of [removed: May 26, 2016,] [added: March 30, 2021,] among Comcast Corporation, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, [added: Bank of America, N.A., Mizuho Bank, Ltd.,] Morgan Stanley MUFG Partners, [removed: LLC,] [added: LLC and] Wells Fargo Bank, National [removed: Association and Mizuho Bank, Ltd.,] [added: Association,] as co-documentation [removed: agents (incorporated by reference to Exhibit 10.1 to Comcast’s Current Report on Form 8-K filed on April 30, 2018).] [added: agents.] | | |

| [removed: [10.4](http://www.sec.gov/Archives/edgar/data/1166691/000119312513191930/d525898dex103.htm)] [added: [10.](http://www.sec.gov/Archives/edgar/data/1166691/000116669120000017/ex104-3312020.htm)[4](http://www.sec.gov/Archives/edgar/data/1166691/000116669120000017/ex104-3312020.htm)[*](http://www.sec.gov/Archives/edgar/data/1166691/000116669120000017/ex104-3312020.htm)] | | | | | | [removed: Second Amended] [added: Comcast Corporation 2003 Stock Option Plan, as amended] and [removed: Restated Certificate of Incorporation of NBCUniversal Enterprise, Inc. (f/k/a/ Navy Holdings, Inc.), dated March 19, 2013] [added: restated April 10, 2020] (incorporated by reference to Exhibit [removed: 10.3] [added: 10.4] to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2013).] [added: 2020).] | | |