Comcast (CMCSA) 10-K risk factor changes: FY2022 vs FY2021

[removed: The impacts of] [added: In addition,] COVID-19 and [added: corresponding governmental] measures to prevent its spread across the globe have [removed: impacted] [added: negatively impacted, and may continue to negatively impact,] our [removed: businesses in a number of ways.][added: businesses.]

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

| Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | | [removed: 22] [added: 24] | | | | | |

[Table of [removed: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)][added: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)]

Below is a summary of [removed: the] [added: our] 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.

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

Broadband-deployment funding initiatives at the federal and state level, including as part of [removed: COVID-19 relief efforts as well as federal infrastructure legislation enacted in] [added: the America Rescue Plan Act of] 2021, may result in other service providers deploying new subsidized internet access networks within our [removed: footprint.][added: footprint, and in cases where we agree to receive subsidies, may impose constraints on how we conduct our businesses in certain areas.]

Competition for [removed: Cable Communications’] video services [added: offered by Cable Communications and Sky] consists primarily of DTC streaming and other OTT service providers, DBS providers and telecommunications [removed: companies with fiber-based networks.][added: companies.]

Many of our competitors offer [removed: customers] bundled products and services with favorable [removed: pricing,] [added: pricing to customers,] which has increased competition.

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

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 resources, greater efficiencies of scale, fewer regulatory burdens and more competitive pricing and packaging, [removed: who] [added: that] are competing with our businesses in all forms of content distribution and production.

Distribution platforms for viewing and purchasing content [removed: over the internet] have been, and will likely continue to be, developed that further increase the number of competitors that all our businesses face and challenge existing business models.

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

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

The increase in DTC streaming and other OTT service [removed: providers] [added: providers, as well as in gaming and virtual reality products and services,] also has significantly increased the number of entertainment choices available to consumers, which has intensified audience fragmentation and disaggregated the way that content traditionally has been distributed and viewed by consumers.

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

| | | | [removed: 23] [added: 25] | | | Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | |

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

Declines can be caused by the economic prospects of specific advertisers or industries, increased competition for the leisure time of viewers, such as from social media and video games, audience fragmentation, increased viewing of content through DTC streaming and other OTT service providers, [added: increased use of time-shifting and advertising-blocking technologies,] regulatory intervention regarding where and when advertising may be placed, or economic conditions generally.

In addition, advertisers have shifted a portion of their total expenditures to digital media, [removed: which can deliver targeted advertising.][added: and this trend may continue or accelerate.]

Programming expenses for our video services are [removed: increasing,] [added: increasing on a per subscriber basis,] which could adversely affect Cable Communications’ video businesses.

If we are unable to [removed: raise our customers’ rates or otherwise] offset programming cost increases through [added: rate increases,] the sale of additional services, cost management or other initiatives, the increasing cost of programming could have an adverse effect on our Cable Communications segment’s results of operations.

NBCUniversal’s and Sky’s success depends on consumer acceptance of their content, and their businesses may be adversely affected if their content fails to achieve sufficient consumer [removed: acceptance or the costs to create or acquire content increase.][added: acceptance.]

Entering into or renewing contracts for such programming rights or acquiring additional rights has in the past [added: resulted,] and [removed: in the future] may result in [added: the future, 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, [added: 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 or to grow and retain subscribers to our own DTC services.]

| Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | | [removed: 24] [added: 26] | | | | | |

Our owned local broadcast television stations must elect, with respect to retransmission by certain multichannel video providers, either “must-carry” status, in which we require the provider to carry the station without [removed: generating] [added: paying] any compensation to us, or “retransmission consent,” in which we give up our right to mandatory carriage and instead seek to negotiate the terms and conditions of carriage, including the amount of compensation, if any, paid to us by such provider.

Moreover, [removed: while Sky receives wholesale fiber access on fair, reasonable and non-discriminatory terms,] specific pricing terms [added: of Sky’s wholesale fiber access] are not regulated.

| | | | [removed: 25] [added: 27] | | | Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | |

For example, current and new wireless internet technologies [removed: such as] [added: (including] 4G and 5G wireless broadband services [added: and 5G fixed wireless networks)] continue to evolve rapidly and may allow for greater speed and reliability for those services as compared with prior technologies.

If we choose technology or equipment that is not as effective or attractive to consumers as that employed by our competitors, if we fail to employ technologies desired by consumers before our competitors do so, or if we fail to execute effectively on our technology initiatives, our businesses and results of operations [added: could be adversely affected.]

| Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | | [removed: 26] [added: 28] | | | | | |

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, [added: as well as rely on service providers to help us perform our business operations,] all of which expose us to cyber attacks on such third-party suppliers and service providers.

Weak economic conditions in the United [removed: States] [added: States, in Europe] or globally could adversely affect demand for any of our products and [removed: services] [added: services, including advertising,] and have a negative impact on our results of operations.

For example, weak economic conditions will likely impact our customers’ discretionary spending and as a result, they may reduce the level of services to which they subscribe or may discontinue subscribing to one or more of [removed: Cable Communications’ or Sky’s] [added: our] services altogether.

In particular, the success of our theme parks and theatrical releases largely depends on consumer demand for out-of-home entertainment experiences, which may be limited by weakened economic [removed: conditions (as well as natural disasters, infectious disease outbreaks (such as COVID-19), terrorist attacks or other similar events).][added: conditions.]

| | | | [removed: 27] [added: 29] | | | Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | |

Further, inflationary pressures in the United [removed: States] [added: States, in Europe] 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.

Additionally, federal regulatory [added: or antitrust] agencies such as the FCC or DOJ or international regulators may impose restrictions on the operation of our businesses as a result of our seeking regulatory approvals for any significant acquisitions and strategic initiatives or may dissuade us from pursuing certain transactions.

There are risks inherent in doing business internationally, including global financial market turmoil; economic volatility and global economic slowdown; currency exchange rate fluctuations and inflationary pressures; political risks; [removed: the] requirements of local laws and customs relating to the publication and distribution of content and the display and sale of advertising; import or export restrictions, tariffs, sanctions and trade regulations; difficulties in developing, staffing and managing foreign operations; issues related to occupational safety and adherence to diverse local labor laws and regulations; and potentially adverse tax developments.

All of our businesses operate in intensely competitive, consumer-driven, rapidly changing environments.

Cable Communications continues to experience accelerated net losses in its video and voice customers.

Our results of operations may be impacted as we license our own content exclusively on our content platforms, including Peacock, rather than receiving license revenue from third parties for rights to such content.

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

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We also will continue to incur additional costs as we execute our technology initiatives, such as the deployment of multigigabit symmetrical speeds by leveraging our DOCSIS 4.0 technology and the development and enhancement of various streaming platforms.

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

These and other circumstances could also result in the impairment of goodwill and long-lived assets.

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

In particular, the Communications Act and FCC regulations and policies affect significant aspects of our cable communications and broadcast businesses in the United States.

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

The COVID-19 pandemic has had, and may continue to have, a material adverse effect on our businesses and results of operations.

In particular, COVID-19 has had material negative impacts on NBCUniversal and Sky results of operations.

The creation and availability of our film and television programming globally also have been disrupted as a result of COVID-19, such as postponements or cancellations of sporting events, theatrical closures and 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 life, travel protocols and the length of time that such measures remain in place, global economic conditions, current and new variants and vaccination rates and efficacy.

It is difficult to predict the extent and duration and the degree to which our results of operations will continue to be affected.

COVID-19 may also have the effect of heightening many of the other risks set forth below.

Sky faces competition for its video services from cable and telecommunications providers in its European markets.

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

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.

Increasingly, NBCUniversal and Sky license their prior season and library content on third-party distribution platforms, including to DTC streaming and other OTT service providers.

If this programming does not attract sufficient viewers, these providers may not distribute NBCUniversal’s or Sky’s programming.

In addition, at times we have opted to, and expect that we may in the future, not license certain popular owned content to third parties so we may offer it exclusively through Peacock, which would result in foregone licensing revenue.

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

could be adversely affected.

We also will continue to incur additional costs as we execute our technology initiatives, such as the deployment of Flex and Sky Q set-top boxes, wireless gateways, developing smart televisions using our technology platform, and the operation of Peacock.

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.

In addition, our international businesses are subject to various laws and regulations in the jurisdiction of the foreign regulatory authorities where they operate.

Most of NBCUniversal’s

Labor disputes in these and other sports organizations could have an adverse effect on our businesses.

Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our [removed: [2020] [added: [2021] Annual Report on Form [removed: 10-K](http://www.sec.gov/ix?doc=/Archives/edgar/data/1166691/000116669121000008/cmcsa-20201231.htm)] [added: 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1166691/000116669122000009/cmcsa-20211231.htm)] for management’s discussion and analysis of financial condition and results of operations for the fiscal year [removed: 2020] [added: 2021] compared to fiscal year [removed: 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.][added: 2020.]

[removed: ][added: ]

The following are the more significant developments in our businesses during [removed: 2021:][added: 2022:]

- Revenue increased [removed: 7.1%] [added: 3.1%] to [removed: $64.3] [added: $66.3] billion, reflecting increases in broadband, [removed: wireless,] business services, [removed: advertising, video] [added: wireless] and [removed: other] [added: advertising] revenue, partially offset by [removed: a decline] [added: declines] in [added: video,] voice [added: and other] revenue.

- Adjusted EBITDA increased [removed: 11.2%] [added: 4.6%] to [removed: $28.1] [added: $29.4] billion primarily due to increases in [removed: revenue,] [added: revenue and decreases in programming expenses,] partially offset by increases in [removed: programming] [added: other expenses] and [added: in] technical and product support expenses.

- Operating margin increased from [removed: 42.1%] [added: 43.7%] to [removed: 43.7%.][added: 44.3%.]

| Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | | [removed: 34] [added: 36] | | | | | |

[Table of [removed: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)][added: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)]

- Total customer relationships increased by [removed: 1.1 million,] [added: 75,000,] total [removed: broadband customers] [added: wireless lines] increased by 1.3 million, total [removed: wireless lines] [added: broadband customers] increased by [removed: 1.2 million] [added: 250,000,] and total video customers decreased by [removed: 1.7] [added: 2.0] million.

- Capital expenditures increased [removed: 4.9%] [added: 9.2%] to [removed: $6.9] [added: $7.6] billion, reflecting increased spending on [removed: scalable infrastructure and] line extensions, [removed: partially offset by decreased spending on] [added: scalable infrastructure, support capital and] customer premise [removed: equipment and support capital.][added: equipment.]

[removed: NBCUniversal][added: | NBCUniversal(a) | | | 1.6 | | | 1.6 | | |]

- Total NBCUniversal revenue increased [removed: 26.1%] [added: 14.2%] to [removed: $34.3] [added: $39.2] billion and total NBCUniversal Adjusted EBITDA increased [removed: 6.0%] [added: 4.9%] to [removed: $5.7] [added: $6.0] billion.

- Media segment revenue increased [removed: 20.3%] [added: 2.7%] to [removed: $22.8] [added: $23.4] billion and Adjusted EBITDA decreased [removed: 18.0%] [added: 29.7%] to [removed: $4.6] [added: $3.2] billion, including the impact of our [removed: broadcast] [added: broadcasts] of the [added: Beijing Olympics, Super Bowl and FIFA World Cup in 2022 and the] Tokyo Olympics in 2021.

Excluding [added: $1.7 billion and] $1.8 billion of revenue associated with our [removed: broadcast] [added: broadcasts] of the [added: Beijing Olympics, Super Bowl and FIFA World Cup in 2022 and the] Tokyo Olympics in 2021, [added: respectively,] revenue in the Media segment increased [removed: 11.0%,] [added: 3.0%,] primarily due to increases in distribution [removed: revenue, advertising revenue] and other [removed: revenue, including the effects of COVID-19 in the prior year period.][added: revenue.]

- Media segment results include the operations of Peacock, which in [removed: 2021] [added: 2022] generated revenue of [removed: $778 million] [added: $2.1 billion] and [removed: operating] costs and expenses of [removed: $2.5] [added: $4.6] billion, compared to revenue of [removed: $118] [added: $778] million and [removed: operating] costs and expenses of [removed: $781 million] [added: $2.5 billion] in [removed: 2020.][added: 2021.]

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

Studios revenue included licenses of content to our Media and other segments, [removed: 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 [removed: 141.2%] [added: 49.3%] to [removed: $5.1] [added: $7.5] billion and Adjusted EBITDA increased from [removed: $(0.5)] [added: $1.3] billion to [removed: $1.3] [added: $2.7] billion, reflecting [removed: the operation of our theme parks in the current year period compared] [added: improved operating conditions related] to [removed: temporary closures and capacity restrictions as a result of] COVID-19 [removed: in] [added: compared to] the prior year [removed: period] and the [removed: opening] [added: operations] of [removed: our theme park in Beijing, China] [added: Universal Beijing Resort, which opened] in September 2021.

- Adjusted EBITDA increased [removed: 20.8%] [added: 7.0%] to [removed: $2.4] [added: $2.5] billion.

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

[removed: We repurchased] [added: Repurchased] a total of [added: 332 million shares of our Class A common stock for $13.0 billion in 2022 compared to 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 [removed: $1.00] [added: $1.08] per share on an annualized basis in January [removed: 2021] [added: 2022] and paid [removed: $4.5] [added: $4.7] billion of dividends in [removed: 2021.][added: 2022.]

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

| | | | [removed: 35] [added: 37] | | | Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | |

| Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | | [removed: 36] [added: 38] | | | | | |

| Year ended December 31 (in millions, except per share data) | | | [removed: 2021] [added: 2022] | | | [removed: 2020] [added: 2021] | | | [removed: 2019] [added: 2020] | | | % Change [removed: 2020] [added: 2021] to [removed: 2021] [added: 2022] | | | % Change [removed: 2019 to] 2020 [added: to 2021] | | |

| Revenue | | | $ | [removed: 116,385] [added: 121,427] | | $ | [removed: 103,564] [added: 116,385] | | $ | [removed: 108,942] [added: 103,564] | | [removed: 12.4] [added: 4.3] | | % | [removed: (4.9)] [added: 12.4] | | % |

| Programming and production | | | [removed: 38,450] [added: 38,213] | | | [removed: 33,121] [added: 38,450] | | | [removed: 34,440] [added: 33,121] | | | [removed: 16.1] [added: (0.6)] | | | [removed: (3.8)] [added: 16.1] | | |

| Other operating and administrative | | | [removed: 35,619] [added: 38,263] | | | [removed: 33,109] [added: 35,619] | | | [removed: 32,807] [added: 33,109] | | | [removed: 7.6] [added: 7.4] | | | [removed: 0.9] [added: 7.6] | | |

| Advertising, marketing and promotion | | | [removed: 7,695] [added: 8,506] | | | [removed: 6,741] [added: 7,695] | | | [removed: 7,617] [added: 6,741] | | | [removed: 14.2] [added: 10.5] | | | [removed: (11.5)] [added: 14.2] | | |

| Depreciation | | | [removed: 8,628] [added: 8,724] | | | [removed: 8,320] [added: 8,628] | | | [removed: 8,663] [added: 8,320] | | | [removed: 3.7] [added: 1.1] | | | [removed: (4.0)] [added: 3.7] | | |

| Amortization | | | [removed: 5,176] [added: 5,097] | | | [removed: 4,780] [added: 5,176] | | | [removed: 4,290] [added: 4,780] | | | [removed: 8.3] [added: (1.5)] | | | [removed: 11.4] [added: 8.3] | | |

| Total costs and expenses | | | [removed: 95,568] [added: 107,385] | | | [removed: 86,071] [added: 95,568] | | | [removed: 87,817] [added: 86,071] | | | [removed: 11.0] [added: 12.4] | | | [removed: (2.0)] [added: 11.0] | | |

| Operating income | | | [removed: 20,817] [added: 14,041] | | | [removed: 17,493] [added: 20,817] | | | [removed: 21,125] [added: 17,493] | | | [removed: 19.0] [added: (32.5)] | | | [removed: (17.2)] [added: 19.0] | | |

| Interest expense | | | [removed: (4,281)] [added: (3,896)] | | | [removed: (4,588)] [added: (4,281)] | | | [removed: (4,567)] [added: (4,588)] | | | [removed: (6.7)] [added: (9.0)] | | | [removed: 0.5] [added: (6.7)] | | |

| Investment and other income (loss), net | | | [removed: 2,557] [added: (861)] | | | [removed: 1,160] [added: 2,557] | | | [removed: 438] [added: 1,160] | | | [removed: 120.4] [added: NM] | | | [removed: 164.8] [added: 120.4] | | |

| Income before income taxes | | | [removed: 19,093] [added: 9,284] | | | [removed: 14,065] [added: 19,093] | | | [removed: 16,996] [added: 14,065] | | | [removed: 35.7] [added: (51.4)] | | | [removed: (17.2)] [added: 35.7] | | |

| Income tax expense | | | [removed: (5,259)] [added: (4,359)] | | | [removed: (3,364)] [added: (5,259)] | | | [removed: (3,673)] [added: (3,364)] | | | [removed: 56.3] [added: (17.1)] | | | [removed: (8.4)] [added: 56.3] | | |

| Net income | | | [removed: 13,833] [added: 4,925] | | | [removed: 10,701] [added: 13,833] | | | [removed: 13,323] [added: 10,701] | | | [removed: 29.3] [added: (64.4)] | | | [removed: (19.7)] [added: 29.3] | | |

| Less: Net income (loss) attributable to noncontrolling interests [removed: and redeemable subsidiary preferred stock] | | | [removed: (325)] [added: (445)] | | | [removed: 167] [added: (325)] | | | [removed: 266] [added: 167] | | | [removed: NM] [added: 36.9] | | | [removed: (37.5)] [added: NM] | | |

Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA charts are not presented on the same scale.

2022 Developments

We continued to invest in content and grow our customer base during 2022.

- Studios segment revenue increased 23.0% to $11.6 billion and Adjusted EBITDA increased 6.6% to $942 million.

- Revenue decreased 11.5% to $17.9 billion.

Excluding the impact of foreign currency, Sky revenue decreased due to decreases in direct-to-consumer, content and advertising revenue.

- We recorded goodwill and long-lived asset impairments related to our Sky segment totaling $8.6 billion in connection with our 2022 annual impairment assessment.

The impairments primarily reflected an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions in Sky’s territories.

- Our consolidated joint venture with Charter Communications, now named Xumo, was formed in June 2022 to focus on developing and offering a streaming platform on a variety of devices, including XClass TV smart televisions, and also operates the Xumo Play streaming service.

- SkyShowtime, our direct-to-consumer streaming service joint venture with Paramount Global, launched in select European markets beginning in September 2022 and will launch in additional European markets in 2023.

- Corporate and Other Adjusted EBITDA losses of $1.4 billion remained consistent with the prior year primarily due to increased losses from Sky Glass and Xumo, offset by lower administrative costs.

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The most significant continuing impacts have resulted from temporary restrictions and closures at our international theme parks.

The continuing effects of COVID-19, in addition to worsening U.S., European and global economic conditions and consumer sentiment, may adversely impact demand for our products and services, including advertising, and our results of operations over the near to medium term.

In addition, changes in foreign currency exchange rates have impacted our results of operations in our Sky and Theme Parks segments as a result of the strengthening of the U.S. dollar in 2022 compared to the prior year.

| Goodwill and long-lived assets impairments | | | 8,583 | | | — | | | — | | | NM | | | NM | | |

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

- Growth in Corporate and Other revenue driven by sales of Sky Glass televisions, Spectacor revenue and Xumo revenue related to the Xumo Play streaming service.

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

- An increase in Corporate and Other expenses primarily due to costs related to Sky Glass, Xumo and Spectacor.

Corporate and Other depreciation and amortization increased primarily due to business development initiatives.

Cable Communications depreciation and amortization expense remained consistent with the prior year.

Consolidated Goodwill and Long-lived Asset Impairments

Goodwill and long-lived asset impairments included charges related to our Sky segment totaling $8.6 billion for 2022 recognized in connection with our annual impairment assessment.

The impairments primarily reflected an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions in Sky’s territories.

See “Critical Accounting Judgments and Estimates” and Note 10 for further discussion.

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The change in other income (loss), net in 2022 compared to 2021 primarily resulted from losses on insurance contracts and equity method investment impairments.

Income tax expense for 2022 was affected by changes in our net deferred tax liabilities as a result of the enactment of tax law changes, including $286 million of benefit in 2022 related to state taxes and $498 million of expense in 2021 in the United Kingdom.

Our effective income tax rate for 2022 was also impacted by the goodwill impairment, which was primarily not deductible for tax purposes.

See Note 5 for additional information on our effective income tax rate.

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[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

Our customer relationships net additions were lower in 2022 as compared to 2021 primarily due to decreased growth in our broadband net additions and also reflected accelerated net losses in our video and voice customers.

In a reversal from pandemic trends, our broadband net addition growth has slowed primarily reflecting continued low household move levels and an increasingly competitive environment.

Customer metrics in 2020 and 2021 did not include customers in certain pandemic-related programs through which portions of our customers temporarily received our services for free.

These programs ended in December 2021, resulting in a one-time benefit to net additions in 2022.

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

Business services revenue increased in 2022 primarily due to increases in average rates and customer relationships compared to the prior year and due to the acquisition of Masergy in October 2021.

These increases were partially offset by lower local and national advertising revenue, and by advertising revenue at our Xumo Play streaming service, which is a part of our Xumo streaming platform that has been reported in Corporate and Other since June 2022.

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

| | | | | | | | | |

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

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.

Sky

- 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.

Other

- 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.

- 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.

Impacts of COVID-19

COVID-19 has had material negative impacts on NBCUniversal and Sky results of operations primarily due to the temporary restrictions and closures at our theme parks and the impacts of professional sports, respectively.

We expect the effects of the COVID-19 pandemic will continue to adversely impact our consolidated results of operations over the near to medium term, although the extent of such

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 capacity restrictions and temporary closures of our theme parks had a significant impact on our revenue and Adjusted EBITDA on a consolidated basis.

The results of operations at our theme parks may continue to be negatively impacted and we cannot predict if our parks will remain open or be subject to capacity restrictions, or the level of attendance at our reopened parks.

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 delays impacted the timing of revenue and expense recognition, because both advertising revenue and costs associated with broadcasting these programs are recognized when events are broadcast.

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

In addition, the Tokyo Olympics 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.

- Our studio production operations have generally returned to full capacity.

We delayed or altered the theatrical distribution strategy for certain of our films, both domestically and internationally as a result of the temporary closures and limited capacity operations of many movie theaters worldwide caused by COVID-19.

Delays in theatrical releases affect both current and future periods as a result of corresponding delays in subsequent content licensing windows.

Results of operations in our Studios segment may be negatively impacted over the near to medium term as a result of COVID-19.

- Direct-to-consumer revenue has been negatively impacted, and future periods may be negatively impacted, as a result of lower sports subscription revenue due to the closures and extent of reopening of our commercial customers’ locations.

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.

- 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.

In 2021, the effective income tax rate included $498 million of expense relating to the impact of tax law changes enacted in the United Kingdom in the second quarter of 2021, which, among other provisions, will increase the corporate tax rate to 25% from 19% effective April 1, 2023.

The rate change resulted in an increase in our net deferred tax liabilities and a corresponding increase in income tax expense.

Our income tax expense will reflect the new rate in the United Kingdom in 2023.

In 2020, the effective income tax rate included $145 million of expense relating to the impact of tax law changes in the third quarter of 2020.

Customer metrics for 2021 and 2020 do not include customers in certain temporary COVID-19 programs, including an Internet Essentials promotion for new qualifying customers to receive 60 days of free broadband services.

The effect of our interest rate derivative financial instruments to our consolidated interest expense was a decrease of [removed: $2] [added: $66] million in [removed: 2021,] [added: 2022,] a decrease of [removed: $9] [added: $2] million in [removed: 2020,] [added: 2021,] and a decrease of [removed: $49] [added: $9] million in [removed: 2019.][added: 2020.]

The table below summarizes by contractual year of maturity the principal amount of our debt, 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: 2021.][added: 2022.]

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: 2021,] [added: 2022,] plus the applicable borrowing margin.

| (in [removed: millions) | | | 2022] [added: billions)] | | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | [added: 2027 | | |] Thereafter | | | Total | | | Estimated Fair Value as of December 31, [removed: 2021] [added: 2022] | | |

| Average interest rate(a) | | | [removed: 6.3] [added: 2.0] | | % | [removed: 2.0] [added: 2.9] | | % | [removed: 3.0] [added: 3.6] | | % | [removed: 3.4] [added: 2.4] | | % | [removed: 2.4] [added: 3.1] | | % | [removed: 3.5] [added: 3.6] | | % | 3.5 | | % | | | |

| Average interest rate | | | [removed: —] [added: 4.6] | | % | [removed: —] [added: 5.6] | | % | [removed: 1.7] [added: —] | | % | — | | % | — | | % | 4.4 | | % | [removed: 4.0] [added: 4.6] | | % | | | |

| Fixed-to-Variable [added: Interest Rate] Swaps | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Average receive rate | | | — | | % | — | | % | — | | % | [removed: —] [added: 3.3] | | % | [removed: 3.3] [added: 3.6] | | % | [removed: 4.0] [added: 4.2] | | % | 3.7 | | % | | | |

| [removed: Comcast 2021 Annual Report on Form 10-K] | | | [removed: 60] [added: 61] | | | [added: Comcast 2022 Annual Report on Form 10-K] | | |

[Table of [removed: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)][added: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)]

[removed: We entered into a series of variable-to-fixed interest rate swaps on $5.2 billion of this] [added: This] term loan [removed: with an average pay rate of 1.1% and] [added: has] an average [removed: receive] [added: interest] rate of [removed: 0.9%] [added: 5.7%] estimated using December 31, [removed: 2021] [added: 2022] implied forward rates through the year of [removed: maturity.][added: maturity and its estimated fair value was $5.2 billion.]

The value of these [removed: currencies] [added: currencies, primarily including the British pound, euro, Japanese yen and Chinese yuan,] fluctuates relative to the U.S. dollar.

As of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] we [added: also] had foreign [removed: exchange] [added: currency forward] contracts [removed: on transactions other than debt] [added: that were not designated as fair value hedges] with a total notional value of [removed: $8.0] [added: $4.9] billion and [removed: $8.1] [added: $8.0] billion, respectively.

As of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] the aggregate estimated fair value of these foreign exchange contracts was [removed: not material.][added: a net asset of $73 million and $180 million, respectively.]

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

As of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] we had cross-currency swaps designated as cash flow hedges on [removed: $1.6 billion] [added: $752 million] and [removed: $1.7] [added: $1.6] billion of our foreign currency denominated debt, [added: respectively, and the aggregate estimated fair value of these cross-currency swaps was a net liability of $274 million and $53 million,] respectively.

As of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] the aggregate estimated fair value of [added: these] cross-currency swaps [removed: designated as cash flow hedges] was a net [removed: liability] [added: asset] of [removed: $53] [added: $108] million and a net liability of [removed: $45] [added: $104] million, respectively.

As of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] the amount of [added: foreign currency denominated debt designated as hedges of] our net investment in foreign subsidiaries [removed: hedged using foreign currency denominated debt] was [removed: $8.2] [added: $7.6] billion and [removed: $10.3] [added: $8.2] billion, respectively, and the [added: notional] amount of [added: cross-currency swaps designated as hedges of] our net investment in foreign subsidiaries [removed: hedged using cross-currency swaps] was [removed: $3.6] [added: $2.5] billion and [removed: $4.0] [added: $3.6] billion, 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: gains] [added: losses] of [removed: $760] [added: $397] million in [removed: 2021, losses] [added: 2022, gains] of [removed: $686] [added: $760] million in [removed: 2020] [added: 2021] and [removed: gains] [added: losses] of [removed: $343] [added: $686] million in [removed: 2019.][added: 2020.]

We have analyzed our foreign currency exposure related to our foreign operations as of December 31, [removed: 2021,] [added: 2022,] 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: 2021] [added: 2022] net income attributable to Comcast Corporation.

| [removed: | | | 61 | | |] Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | | [added: 62 | | | | | |]

As of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] 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.

| Fixed-rate debt | | | $ | 1.1 | | $ | 3.8 | | $ | 6.8 | | $ | 5.1 | | $ | 5.7 | | $ | 74.2 | | $ | 96.7 | | $ | 82.6 | |

| Variable-rate debt | | | $ | 0.7 | | $ | 0.5 | | $ | — | | $ | — | | $ | — | | $ | 3.1 | | $ | 4.3 | | $ | 4.3 | |

| Notional amount(b) | | | $ | — | | $ | — | | $ | — | | $ | 1.3 | | $ | 0.3 | | $ | 1.0 | | $ | 2.5 | | $ | (0.3) | |

| Average pay rate | | | — | | % | — | | % | — | | % | 6.3 | | % | 6.2 | | % | 6.6 | | % | 6.4 | | % | | | |

During 2022, we settled the variable-to-fixed interest rate swaps related to this collateralized obligation.

As of December 31, 2022, we had foreign currency forwards designated as fair value hedges on $5.4 billion of our foreign currency intercompany loans receivable, and the aggregate estimated fair value of these foreign currency forwards was a net liability of $56 million.

There were no foreign currency forwards designated as fair value hedges as of December 31, 2021.

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

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

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

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

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

| | | | | | | | | |

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

As of December 31, 2021 and 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 $29 million and a net liability of $155 million, respectively.

Transaction gains and losses resulting from currency movements on debt and changes in 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, 2021 and 2020, the aggregate estimated fair value of these cross-currency swaps was a net liability of $104 million and $376 million, respectively.

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

| [removed: 2021] [added: 2022] Consolidated Operating Results(a) | | |

[removed:  ][added:  ]

- Media: Consists primarily of NBCUniversal’s television and streaming platforms, including national, regional and international cable networks; the NBC and Telemundo broadcast networks, NBC and Telemundo owned local broadcast television stations; and [removed: Peacock][added: Peacock, our direct-to-consumer streaming service (“DTC streaming service”).]

For developments in our business and [added: 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: 2021] [added: 2022] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)][added: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)]

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

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

All customer metrics included in this section are as of December 31, [removed: 2021.][added: 2022.]

| (in millions) | | | December 31, [removed: 2021] [added: 2022] | | |

| Residential customer relationships | | | [removed: 31.7] [added: 31.8] | | |

| Total customer relationships | | | [removed: 34.2] [added: 34.3] | | |

| Homes and businesses passed | | | [removed: 61] [added: 61.4] | | |

| Total customer relationships penetration of homes and businesses passed | | | [removed: 57] [added: 56] | | % |

The map below highlights Cable Communications’ cable distribution footprint and the designated market areas (“DMAs”) where we have 250,000 or more customer relationships, with bolded locations representing one of the top 25 U.S. television DMAs as of December 31, [removed: 2021.][added: 2022.]

[removed: ][added: ]

| Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | | 2 | | | | | |

*Broadband - [removed: 29.6] [added: 29.8] million customers*

We offer broadband services over our hybrid fiber-optic and coaxial [added: (“HFC”)] cable [removed: network with] [added: network, featuring gigabit] downstream speeds [removed: up to over a gigabit per second] across nearly our entire [removed: footprint and fiber-based speeds that range up to 3 gigabits per second, and we continue to evolve and enhance our network] [added: footprint, as well as other advanced features] and [removed: plan to leverage DOCSIS 4.0 technology to begin deploying multigigabit symmetrical speeds in the future.][added: functionality.]

[removed: We] [added: As part of our broadband service, we] also offer [added: our advanced, proprietary] 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 [removed: as well as] [added: and] 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 [removed: our] Internet Essentials [removed: service,] and [removed: beginning at the end of 2021] Internet [removed: Essential] [added: Essentials] Plus, [removed: which have downstream speeds of up to 50 megabits per second and 100 megabits per second, respectively.][added: high-speed broadband services provided at discounted rates.]

Broadband customers that prefer consuming content over the internet rather than [added: via] linear cable television are eligible to receive our Flex streaming device for no additional charge, which includes integrated search functionality and a voice-activated remote control.

*Video - [removed: 17.5] [added: 15.6] million customers*

*Voice - [removed: 9.1] [added: 7.9] million customers*

*Wireless - [removed: 4.0] [added: 5.3] million lines*

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

Business services customers may subscribe to a variety of products and services, including broadband services over our [removed: hybrid fiber-optic and coaxial] [added: HFC] cable network [removed: with downstream speeds up to a] [added: featuring] gigabit [removed: per second across nearly our entire footprint and fiber-based] [added: downstream speeds, as well as fiber-to-the-premises that is capable of delivering] speeds that range up to 100 gigabits per second.

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

| | | | 3 | | | Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | |

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

Our advertising business also represents the advertising sales efforts of other multichannel video providers in some markets and offers additional technology, tools, data-driven services and marketplace solutions to customers in the media industry to facilitate [removed: advertisers] [added: the] more [removed: effectively engaging] [added: effective engagement of advertisers] with their target audiences.

Our Cable Communications cable distribution system uses a [removed: hybrid fiber-optic and coaxial] [added: HFC] cable network that we believe is sufficiently flexible and scalable to support our future technology requirements and enables us to continue to grow capacity and capabilities over time.

This network provides the two-way transmissions that are essential to providing broadband [added: and connectivity] services, interactive video [removed: services such as integrated search functionality, On Demand] and [removed: DVR, voice] [added: entertainment] services, and [removed: security] [added: other interactive services to our residential] and [removed: automation services.][added: business customers.]

[removed: Leveraging DOCSIS 3.1 technology,] Cable Communications currently deploys broadband [removed: services with] [added: services, primarily leveraging DOCSIS 3.1, to offer gigabit] downstream speeds [removed: for] [added: to] residential [added: and business services] customers [removed: up to over a gigabit per second] across nearly our entire footprint.

Additionally, [removed: Cable Communications has] [added: as part of our network evolution, we have] been [added: virtualizing and] automating many core network functions in order to expand capacity and increase operating efficiency and to identify and fix network issues [added: proactively] before they affect our customers.

Cable Communications continues to focus on technology initiatives to design, develop and deploy next-generation [removed: media and] [added: media,] content [removed: delivery platforms, such as the X1] [added: delivery, content aggregation] and [removed: Flex] [added: streaming] platforms [removed: and cloud DVR technology] that [removed: use Internet Protocol (“IP”) technology] [added: support X1] and [added: Flex and] our [removed: own] cloud [removed: network servers to deliver video and advanced search capability.][added: DVR technology.]

These platforms are based on our global technology platform, which integrates linear television networks, [removed: certain] owned and third-party DTC streaming services and other internet-based apps, and on demand content in one unified experience with voice-activated remote control search and interactive features.

Cable Communications also pursues technology initiatives related to broadband [added: and wireless] services that [added: also] leverage our global technology platform, providing customers with in-and-out-of-home Wi-Fi, the ability to manage their Wi-Fi network and connected home with our xFi whole-home application and online portal, advanced security technology and other features.

For wireless services, we have an MVNO agreement that allows us to offer services using Verizon’s wireless network and we purchase from a limited number of suppliers a significant number of wireless handsets, tablets and smart watches [added: (“wireless devices”)] that we sell to wireless customers.

| Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | | 4 | | | | | |

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

We continue to evolve and enhance the capabilities of our network.

During 2022, we began rolling out multigigabit downstream speeds and increasing our upstream speeds by up to 5 to 10 times.

We plan to make these speed increases available in the vast majority of our footprint by the end of 2025.

We also plan to begin deploying DOCSIS 4.0 in the second half of 2023, which will enable us to deliver to our customers multigigabit symmetrical speeds (i.e. comparable upstream and downstream speeds).

We will also continue to deploy fiber-to-the-premises in limited locations.

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

Our network also includes fiber-to-the-premises in limited locations to offer multigigabit symmetrical speeds to certain residential and business services customers.

We continue to evolve and enhance the capabilities of our network.

During 2022, leveraging DOCSIS 3.1, we began rolling out multigigabit downstream speeds and increasing our upstream speeds by up to 5 to 10 times.

We plan to make these speed increases available in the vast majority of our footprint by the end of 2025.

We also plan to begin deploying DOCSIS 4.0 in the second half of 2023, which will enable us to deliver to our customers multigigabit symmetrical speeds over their existing connections.

We continue to extend our network’s reach to new homes and businesses within our existing service areas and into new service areas to expand the number of homes and businesses passed.

We also have begun to partner with local, state and federal agencies when possible to provide services to unserved communities leveraging governmental subsidies where available.

We also continue to focus on leveraging our own cloud network services to deliver video and advanced search capabilities.

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

Peacock is a premium DTC streaming service, featuring NBCUniversal and third-party content.

The service is primarily offered through two subscription-based tiers: an ad-supported tier providing customers with access to tens of thousands of hours of programming and a tier featuring the same content ad-free, with certain limited exceptions.

This ad-free tier also allows customers to download and watch select content offline and provides customers with a live stream of their local NBC affiliate stations.

Certain Peacock programming is also integrated into Sky video services.

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

Certain titles are also licensed to our Media segment and made available for viewing on Peacock on the same date as the theatrical release.

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

Peacock competes for paid subscribers and other users of the platform, primarily with other DTC streaming and OTT service providers, as well as with traditional providers of linear programming.

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

We also opened the first stages of our new film and television studio facility in the United Kingdom in 2022.

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

Customers can use self-service options and perform self-installations for certain services.

Other business initiatives primarily include costs associated with Sky Glass smart televisions and the related hardware sales and, following its formation in June 2022, the operations of Xumo, our consolidated streaming platform joint venture with Charter Communications.

Xumo is focused on developing and offering a streaming platform on a variety of devices, including XClass TV smart televisions, and also operates the Xumo Play streaming service (previously branded as the Xumo streaming service).

Additionally, we formed the SkyShowtime joint venture with Paramount Global in 2022, which operates a DTC streaming service available in select European markets and is accounted for as an equity method investment.

NBCUniversal and Sky license programming to SkyShowtime.

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

Advertising revenue in Sky typically has seasonally higher audience levels in winter months, with lower levels in summer months due to the timing of European football seasons and summer vacations.

Our businesses are subject to various federal, state and local laws and regulations, with some also subject to international laws and regulations.

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 were impacted by COVID-19.

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

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.

receiving the programming and the fees charged per subscriber.

| The Olympic Channel | | | 47 | | | | | | | | | Olympic sports events and Olympic-themed original content | | |

Information presented excludes approximately 79 million households receiving the NBC Sports Network as of December 31, 2021, which ceased operations in January 2022.

Customers have the choice of three

tiers of service: a free, ad-supported version; a subscription based, ad-supported version with access to all Peacock content; and a similar subscription-based, ad-free version.

Beginning in the fourth quarter of 2021, certain ad-supported Peacock programming was also integrated into Sky video services, launching first in the United Kingdom and Ireland.

Certain theatrical titles are also made available for viewing on demand following a shortened theatrical release window.

popularity of competing films at the time our films are released.

We

Beginning in the fourth quarter of 2021, we introduced DTH video services over a broadband connection to customers who purchase Sky Glass smart televisions.

Additionally, through a partnership with ViacomCBS, we plan to launch SkyShowtime, a new DTC streaming service expected to be made available in select European markets starting in 2022.

We also are constructing a new studio production facility in Elstree, U.K.

television and the internet.

We incur

Certain of Sky’s significant sports rights agreements require payments at the start of each season, resulting in increases in sports rights payments in the third and fourth quarters of each year.

COVID-19.

Congress recently created the Affordability Connectivity Program (“ACP”), a new longer-term program that replaced EBB.

Certain of these state initiatives have been challenged in court.

While the order was upheld by a federal appellate court, that decision has been appealed to the U.S. Supreme Court.

mitigation, service discontinuance and certain regulatory filing requirements.

Privacy and data security remained a priority legislative issue in 2021.

For example, new laws have been enacted in Virginia and Colorado, which come into effect in 2023 and include many requirements similar to those in the CCPA for companies that collect personal information from consumers in those states.

In addition, California voters approved a ballot initiative enacting the California Privacy Rights Act (“CPRA”), which updates the CCPA and establishes a new California Privacy Protection Agency to oversee implementation and enforcement of the state’s privacy laws.

Changes enacted in the CPRA generally go into

effect on January 1, 2023, though several aspects of the law remain subject to further rulemaking.

Legislation similar to the laws enacted in Virginia and Colorado is under consideration in many other states, and various regulatory authorities are considering rulemakings around privacy and data collection.

Our employee numbers reflect additional employees in our theme parks both due to the opening of our park in Beijing, China and reversing temporary workforce reductions implemented in 2020 due to capacity restrictions and closures at our parks resulting from COVID-19.

Given the breadth of our employee base, we tailor our human capital management policies with a view to specific employee populations within our businesses.

- In 2021, we enhanced benefits related to virtual care, telehealth options, and back-up family care resources and support services and launched new behavioral health and counseling tools to support emotional wellbeing.

- In response to COVID-19, we completed hundreds of thousands of COVID-19 tests, made physician-directed COVID-19 screening, testing, vaccination and treatment available at no out-of-pocket cost to benefit-enrolled employees and their dependents and we hosted onsite vaccine clinics.

The SEC encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions.

In this Annual Report on Form 10-K, we state our beliefs of future events and of our future financial performance.

In some cases, you can identify these so-called “forward-looking statements” by words such as “may,” “will,” “should,” “expects,” “believes,” “estimates,” “potential,” or “continue,” or the negative of these words, and other comparable words.

FOR THE FISCAL YEAR ENDED December 31, [removed: 2021][added: 2022]

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

As of June 30, [removed: 2021,] [added: 2022,] the aggregate market value of the Comcast Corporation common stock held by non-affiliates of the registrant was [removed: $259.633] [added: $171.716] billion.

As of [removed: December 31, 2021,] [added: January 15, 2023,] there were [removed: 4,523,785,950] [added: 4,206,611,953] shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

[Table of [removed: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)][added: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)]

[removed: 2021] [added: 2022] Annual Report on Form 10-K

| Item 1 | | | [removed: [Business](#i4b4c0fa3c51b4abe9935f3f33a376a2c_13)] [added: [Business](#i32dd93cb8ddc47f59d0fb05d0020c46f_13)] | | | [removed: [1](#i4b4c0fa3c51b4abe9935f3f33a376a2c_13)] [added: [1](#i32dd93cb8ddc47f59d0fb05d0020c46f_13)] | | |

| Item 1A | | | [Risk [removed: Factors](#i4b4c0fa3c51b4abe9935f3f33a376a2c_91)] [added: Factors](#i32dd93cb8ddc47f59d0fb05d0020c46f_91)] | | | [removed: [22](#i4b4c0fa3c51b4abe9935f3f33a376a2c_91)] [added: [24](#i32dd93cb8ddc47f59d0fb05d0020c46f_91)] | | |

| Item 1B | | | [Unresolved Staff [removed: Comments](#i4b4c0fa3c51b4abe9935f3f33a376a2c_94)] [added: Comments](#i32dd93cb8ddc47f59d0fb05d0020c46f_94)] | | | [removed: [30](#i4b4c0fa3c51b4abe9935f3f33a376a2c_94)] [added: [32](#i32dd93cb8ddc47f59d0fb05d0020c46f_94)] | | |

| Item 2 | | | [removed: [Properties](#i4b4c0fa3c51b4abe9935f3f33a376a2c_97)] [added: [Properties](#i32dd93cb8ddc47f59d0fb05d0020c46f_97)] | | | [removed: [30](#i4b4c0fa3c51b4abe9935f3f33a376a2c_97)] [added: [32](#i32dd93cb8ddc47f59d0fb05d0020c46f_97)] | | |

| Item 3 | | | [Legal [removed: Proceedings](#i4b4c0fa3c51b4abe9935f3f33a376a2c_100)] [added: Proceedings](#i32dd93cb8ddc47f59d0fb05d0020c46f_100)] | | | [removed: [31](#i4b4c0fa3c51b4abe9935f3f33a376a2c_100)] [added: [33](#i32dd93cb8ddc47f59d0fb05d0020c46f_100)] | | |

| Item 4 | | | [Mine Safety [removed: Disclosures](#i4b4c0fa3c51b4abe9935f3f33a376a2c_103)] [added: Disclosures](#i32dd93cb8ddc47f59d0fb05d0020c46f_103)] | | | [removed: [31](#i4b4c0fa3c51b4abe9935f3f33a376a2c_103)] [added: [33](#i32dd93cb8ddc47f59d0fb05d0020c46f_103)] | | |

| Item 5 | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i4b4c0fa3c51b4abe9935f3f33a376a2c_109)] [added: Securities](#i32dd93cb8ddc47f59d0fb05d0020c46f_109)] | | | [removed: [32](#i4b4c0fa3c51b4abe9935f3f33a376a2c_109)] [added: [34](#i32dd93cb8ddc47f59d0fb05d0020c46f_109)] | | |

| Item 6 | | | [removed: [\[Reserved\]](#i4b4c0fa3c51b4abe9935f3f33a376a2c_115)] [added: [\[Reserved\]](#i32dd93cb8ddc47f59d0fb05d0020c46f_115)] | | | [removed: [33](#i4b4c0fa3c51b4abe9935f3f33a376a2c_115)] [added: [35](#i32dd93cb8ddc47f59d0fb05d0020c46f_115)] | | |

| Item 7 | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i4b4c0fa3c51b4abe9935f3f33a376a2c_118)] [added: Operations](#i32dd93cb8ddc47f59d0fb05d0020c46f_121)] | | | [removed: [34](#i4b4c0fa3c51b4abe9935f3f33a376a2c_118)] [added: [36](#i32dd93cb8ddc47f59d0fb05d0020c46f_121)] | | |

| Item 7A | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i4b4c0fa3c51b4abe9935f3f33a376a2c_199)] [added: Risk](#i32dd93cb8ddc47f59d0fb05d0020c46f_202)] | | | [removed: [60](#i4b4c0fa3c51b4abe9935f3f33a376a2c_199)] [added: [61](#i32dd93cb8ddc47f59d0fb05d0020c46f_202)] | | |

| Item 8 | | | [Comcast Corporation Financial Statements and Supplementary [removed: Data](#i4b4c0fa3c51b4abe9935f3f33a376a2c_202)] [added: Data](#i32dd93cb8ddc47f59d0fb05d0020c46f_205)] | | | [removed: [63](#i4b4c0fa3c51b4abe9935f3f33a376a2c_202)] [added: [63](#i32dd93cb8ddc47f59d0fb05d0020c46f_205)] | | |

| Item 9 | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i4b4c0fa3c51b4abe9935f3f33a376a2c_280)] [added: Disclosure](#i32dd93cb8ddc47f59d0fb05d0020c46f_289)] | | | [removed: [97](#i4b4c0fa3c51b4abe9935f3f33a376a2c_280)] [added: [97](#i32dd93cb8ddc47f59d0fb05d0020c46f_289)] | | |

| Item 9A | | | [Controls and [removed: Procedures](#i4b4c0fa3c51b4abe9935f3f33a376a2c_283)] [added: Procedures](#i32dd93cb8ddc47f59d0fb05d0020c46f_292)] | | | [removed: [97](#i4b4c0fa3c51b4abe9935f3f33a376a2c_283)] [added: [97](#i32dd93cb8ddc47f59d0fb05d0020c46f_292)] | | |

| Item 9B | | | [Other [removed: Information](#i4b4c0fa3c51b4abe9935f3f33a376a2c_286)] [added: Information](#i32dd93cb8ddc47f59d0fb05d0020c46f_295)] | | | [removed: [97](#i4b4c0fa3c51b4abe9935f3f33a376a2c_286)] [added: [97](#i32dd93cb8ddc47f59d0fb05d0020c46f_295)] | | |

| Item 9C | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i4b4c0fa3c51b4abe9935f3f33a376a2c_2991)] [added: Inspections](#i32dd93cb8ddc47f59d0fb05d0020c46f_298)] | | | [removed: [97](#i4b4c0fa3c51b4abe9935f3f33a376a2c_2991)] [added: [97](#i32dd93cb8ddc47f59d0fb05d0020c46f_298)] | | |

| Item 10 | | | [Directors, Executive Officers and Corporate [removed: Governance](#i4b4c0fa3c51b4abe9935f3f33a376a2c_292)] [added: Governance](#i32dd93cb8ddc47f59d0fb05d0020c46f_304)] | | | [removed: [98](#i4b4c0fa3c51b4abe9935f3f33a376a2c_292)] [added: [98](#i32dd93cb8ddc47f59d0fb05d0020c46f_304)] | | |

| Item 11 | | | [Executive [removed: Compensation](#i4b4c0fa3c51b4abe9935f3f33a376a2c_295)] [added: Compensation](#i32dd93cb8ddc47f59d0fb05d0020c46f_307)] | | | [removed: [99](#i4b4c0fa3c51b4abe9935f3f33a376a2c_295)] [added: [98](#i32dd93cb8ddc47f59d0fb05d0020c46f_307)] | | |

| Item 12 | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i4b4c0fa3c51b4abe9935f3f33a376a2c_298)] [added: Matters](#i32dd93cb8ddc47f59d0fb05d0020c46f_310)] | | | [removed: [99](#i4b4c0fa3c51b4abe9935f3f33a376a2c_298)] [added: [99](#i32dd93cb8ddc47f59d0fb05d0020c46f_310)] | | |

| Item 13 | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i4b4c0fa3c51b4abe9935f3f33a376a2c_301)] [added: Independence](#i32dd93cb8ddc47f59d0fb05d0020c46f_313)] | | | [removed: [99](#i4b4c0fa3c51b4abe9935f3f33a376a2c_301)] [added: [99](#i32dd93cb8ddc47f59d0fb05d0020c46f_313)] | | |

| Item 14 | | | [Principal Accountant Fees and [removed: Services](#i4b4c0fa3c51b4abe9935f3f33a376a2c_304)] [added: Services](#i32dd93cb8ddc47f59d0fb05d0020c46f_316)] | | | [removed: [99](#i4b4c0fa3c51b4abe9935f3f33a376a2c_304)] [added: [99](#i32dd93cb8ddc47f59d0fb05d0020c46f_316)] | | |

| Item 15 | | | [Exhibits and Financial Statement [removed: Schedules](#i4b4c0fa3c51b4abe9935f3f33a376a2c_310)] [added: Schedules](#i32dd93cb8ddc47f59d0fb05d0020c46f_322)] | | | [removed: [100](#i4b4c0fa3c51b4abe9935f3f33a376a2c_310)] [added: [100](#i32dd93cb8ddc47f59d0fb05d0020c46f_322)] | | |

| Item 16 | | | [Form 10-K [removed: Summary](#i4b4c0fa3c51b4abe9935f3f33a376a2c_313)] [added: Summary](#i32dd93cb8ddc47f59d0fb05d0020c46f_325)] | | | [removed: [103](#i4b4c0fa3c51b4abe9935f3f33a376a2c_313)] [added: [103](#i32dd93cb8ddc47f59d0fb05d0020c46f_325)] | | |

Unless indicated otherwise, throughout this Annual Report on Form 10-K, we refer to Comcast and its consolidated subsidiaries, as “Comcast,” “we,” “us” and “our;” Comcast Cable Communications, LLC and its consolidated subsidiaries as “Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” NBCUniversal [removed: Enterprise, Inc. as “NBCUniversal Enterprise;” NBCUniversal] Media, LLC and its consolidated subsidiaries as “NBCUniversal;” and Sky Limited and its consolidated subsidiaries as “Sky.”

This Annual Report on Form 10-K is for the year ended December 31, [removed: 2021.][added: 2022.]

The [removed: SEC] [added: U.S Securities and Exchange Commission (“SEC”)] allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents.

This Annual Report on Form 10-K [removed: also] contains [removed: other] trademarks, service marks and trade names owned by us, as well as those owned by others.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1 (b).

| [Signatures](#i32dd93cb8ddc47f59d0fb05d0020c46f_328) | | | | | | [104](#i32dd93cb8ddc47f59d0fb05d0020c46f_328) | | |

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

| 9.455% Guaranteed Notes due 2022 | | | | | | CMCSA/22 | | | | | | New York Stock Exchange | | |

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

Our registered trademarks include Comcast, NBCUniversal and the Comcast and NBCUniversal logos.

[removed: Our] [added: We own our] corporate headquarters and Cable Communications segment [removed: headquarters] [added: headquarters, which] are located in Philadelphia, Pennsylvania at One Comcast Center.

Additionally, [added: we own] the Comcast Technology Center, which is adjacent to the Comcast Center, [added: and] 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.

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

| Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | | [removed: 30] [added: 32] | | | | | |

[Table of [removed: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)][added: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)]

We own or lease buildings throughout the United States that contain [removed: customer service call centers,] retail stores and customer service centers, warehouses and administrative space.

[removed: NBCUniversal owns] [added: We own] substantially all of the space [removed: it occupies] [added: we occupy] at 30 Rockefeller Plaza.

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

[removed: Sky leases] [added: We own Sky’s corporate headquarters, which are located in Middlesex, U.K. We lease] the Sky Deutschland headquarters located in Unterföhring, Germany and the Sky Italia headquarters located in Milan, Italy.

[removed: Additionally, Sky owns and leases] [added: We also own or lease] offices, production facilities and studios, broadcasting facilities, [removed: and] customer support centers [added: and retail stores] throughout Europe, including in the United Kingdom, Ireland, Germany, Italy and Austria.

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

We believe our physical assets are generally in good operating condition and are suitable and adequate for our business operations.

We opened the first stages of our new film and television studio facility in Elstree, U.K. in 2022, which is leased by Sky.

We believe that substantially all of our physical assets were in good operating condition as of December 31, 2021.

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

Sky’s corporate headquarters are located in Middlesex, U.K. Sky owns the space it occupies in Middlesex.

We are currently constructing a new studio production facility in Elstree, U.K., that Sky will lease upon completion.

| | | | [removed: 31] [added: 33] | | | Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)][added: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)]

Comcast’s Class A common stock is listed on [removed: the NASDAQ Global Select] [added: The Nasdaq Stock] Market [added: LLC] under the symbol CMCSA.

| [removed: 2021] | | | [added: 2018] | | | [added: 2019] | | | 2020 | | | [added: 2021] | | | [added: 2022 | | |]

| January | | | $ | [removed: 0.25] [added: 0.27] | | | | | January | | | $ | [removed: 0.23] [added: 0.25] | |

| May | | | $ | [removed: 0.25] [added: 0.27] | | | | | May | | | $ | [removed: 0.23] [added: 0.25] | |

| July | | | $ | [removed: 0.25] [added: 0.27] | | | | | July | | | $ | [removed: 0.23] [added: 0.25] | |

| October (paid in January [removed: 2022)] [added: 2023)] | | | $ | [removed: 0.25] [added: 0.27] | | | | | October (paid in January [removed: 2021)] [added: 2022)] | | | $ | [removed: 0.23] [added: 0.25] | |

| Total | | | $ | [removed: 1.00] [added: 1.08] | | | | | Total | | | $ | [removed: 0.92] [added: 1.00] | |

In January [removed: 2022,] [added: 2023,] our Board of Directors approved [removed: an 8%] [added: a 7.4%] increase in our dividend to [removed: $1.08] [added: $1.16] per share on an annualized basis.

Record holders as of [removed: December 31, 2021] [added: January 15, 2023] are presented in the table below.

| Class [removed: A] [added: B] Common Stock | | | [removed: 352,581] [added: 1] | | |

| Class [removed: B] [added: A] Common Stock | | | [removed: 3] [added: 336,649] | | |

The table below summarizes Comcast’s common stock repurchases during [removed: 2021.][added: 2022.]

(a)Effective [removed: May 25, 2021,] [added: January 1, 2022,] our Board of Directors increased our share repurchase program authorization to $10 billion.

Under the [added: new] authorization, which does not have an expiration date, we expect to repurchase additional [removed: shares, which may be] [added: shares of our Class A common stock] in the open market or in private [removed: transactions.][added: transactions, subject to market and other conditions.]

| Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | | [removed: 32] [added: 34] | | | | | |

[Table of [removed: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)][added: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_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: 2021] [added: 2022] 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, Inc., T-Mobile US, Inc. and Verizon Communications Inc. (the “transmission and distribution subgroup”); and [removed: Discovery, Inc. (Class A), ViacomCBS Inc. (Class B) and The Walt Disney Company (the “media subgroup”).][added: Warner Bros.]

The peer group is constructed as a composite peer group in which the transmission and distribution subgroup is weighted [removed: 75%] [added: 66%] and the media subgroup is weighted [removed: 25%] [added: 34%] based on the respective revenue of our transmission and distribution and media businesses.

The comparison assumes $100 was invested on December 31, [removed: 2016] [added: 2017] in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends.

[removed: ][added: ]

| Peer Group Index | | | $ | [removed: 106] [added: 93] | | $ | [removed: 97] [added: 122] | | $ | 136 | | $ | [removed: 141] [added: 127] | | $ | [removed: 132] [added: 100] | |

| 2022 | | | | | | | | | 2021 | | | | | |

| First Quarter 2022 | | | 62,528,653 | | | $ | 47.98 | | 62,528,653 | | | $ | 2,999,999,980 | | $ | 7,000,000,020 | |

| Second Quarter 2022 | | | 70,846,487 | | | $ | 42.35 | | 70,846,487 | | | $ | 3,000,000,186 | | $ | 3,999,999,835 | |

| Third Quarter 2022 | | | 92,343,679 | | | $ | 37.90 | | 92,343,679 | | | $ | 3,499,999,758 | | $ | 19,500,000,217 | |

| October 1-31, 2022 | | | 36,283,485 | | | $ | 30.32 | | 36,283,485 | | | $ | 1,100,000,250 | | $ | 18,399,999,967 | |

| November 1-30, 2022 | | | 37,890,008 | | | $ | 33.48 | | 37,890,008 | | | $ | 1,268,472,576 | | $ | 17,131,527,391 | |

| December 1-31, 2022 | | | 32,128,261 | | | $ | 35.22 | | 32,128,261 | | | $ | 1,131,527,211 | | $ | 16,000,000,180 | |

| Total | | | 332,020,573 | | | $ | 39.15 | | 332,020,573 | | | $ | 12,999,999,960 | | $ | 16,000,000,180 | |

In September 2022, our Board of Directors approved a new share repurchase program authorization of $20 billion, effective September 13, 2022.

Discovery Inc. (formerly Discovery Inc. Class A), Paramount Global (formerly ViacomCBS Inc.) (Class B) and The Walt Disney Company (the “media subgroup”).

| Comcast Class A | | | $ | 87 | | $ | 117 | | $ | 139 | | $ | 136 | | $ | 97 | |

| S&P 500 Stock Index | | | $ | 96 | | $ | 126 | | $ | 149 | | $ | 191 | | $ | 157 | |

| 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 | |

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.

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.

| | | | 2017 | | | 2018 | | | 2019 | | | 2020 | | | 2021 | | |

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

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

| | | | [removed: 33] [added: 35] | | | Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)][added: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)]

| [Report of Independent Registered Public Accounting [removed: Firm](#i4b4c0fa3c51b4abe9935f3f33a376a2c_208)] [added: Firm](#i32dd93cb8ddc47f59d0fb05d0020c46f_211)] | | | [removed: [65](#i4b4c0fa3c51b4abe9935f3f33a376a2c_208)] [added: [65](#i32dd93cb8ddc47f59d0fb05d0020c46f_211)] | | |

| [Consolidated Statement of [removed: Income](#i4b4c0fa3c51b4abe9935f3f33a376a2c_211)] [added: Income](#i32dd93cb8ddc47f59d0fb05d0020c46f_214)] | | | [removed: [67](#i4b4c0fa3c51b4abe9935f3f33a376a2c_211)] [added: [67](#i32dd93cb8ddc47f59d0fb05d0020c46f_214)] | | |

| [Consolidated Statement of Comprehensive [removed: Income](#i4b4c0fa3c51b4abe9935f3f33a376a2c_214)] [added: Income](#i32dd93cb8ddc47f59d0fb05d0020c46f_217)] | | | [removed: [68](#i4b4c0fa3c51b4abe9935f3f33a376a2c_214)] [added: [68](#i32dd93cb8ddc47f59d0fb05d0020c46f_217)] | | |

| [Consolidated Statement of Cash [removed: Flows](#i4b4c0fa3c51b4abe9935f3f33a376a2c_217)] [added: Flows](#i32dd93cb8ddc47f59d0fb05d0020c46f_220)] | | | [removed: [69](#i4b4c0fa3c51b4abe9935f3f33a376a2c_217)] [added: [69](#i32dd93cb8ddc47f59d0fb05d0020c46f_220)] | | |

| [Consolidated Balance [removed: Sheet](#i4b4c0fa3c51b4abe9935f3f33a376a2c_220)] [added: Sheet](#i32dd93cb8ddc47f59d0fb05d0020c46f_223)] | | | [removed: [70](#i4b4c0fa3c51b4abe9935f3f33a376a2c_220)] [added: [70](#i32dd93cb8ddc47f59d0fb05d0020c46f_223)] | | |

| [Consolidated Statement of Changes in [removed: Equity](#i4b4c0fa3c51b4abe9935f3f33a376a2c_223)] [added: Equity](#i32dd93cb8ddc47f59d0fb05d0020c46f_226)] | | | [removed: [71](#i4b4c0fa3c51b4abe9935f3f33a376a2c_223)] [added: [71](#i32dd93cb8ddc47f59d0fb05d0020c46f_226)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i4b4c0fa3c51b4abe9935f3f33a376a2c_226)] [added: Statements](#i32dd93cb8ddc47f59d0fb05d0020c46f_229)] | | | [removed: [72](#i4b4c0fa3c51b4abe9935f3f33a376a2c_226)] [added: [72](#i32dd93cb8ddc47f59d0fb05d0020c46f_229)] | | |

| | | | 63 | | | Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)][added: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)]

Based on this evaluation, our management concluded that the system of internal control over financial reporting was effective as of December 31, [removed: 2021.][added: 2022.]

| /s/ BRIAN L. ROBERTS | | | | | | /s/ [removed: MICHAEL J. CAVANAGH] [added: JASON S. ARMSTRONG] | | | | | | /s/ DANIEL C. MURDOCK | | |

| Brian L. Roberts | | | | | | [removed: Michael J. Cavanagh] [added: Jason S. Armstrong] | | | | | | Daniel C. Murdock | | |

| Chairman and Chief Executive Officer | | | | | | Chief Financial Officer [added: and Treasurer] | | | | | | Executive Vice President, Chief Accounting Officer and Controller | | |

| Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | | 64 | | | | | |

We have audited the accompanying consolidated balance sheets of Comcast Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] 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: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] 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: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

The Company used the discounted cash flow model to estimate fair value, which requires management to make significant [removed: estimates and assumptions] [added: judgments] related to discount rates and forecasts of expected cash flows.

Changes in these assumptions could have a significant impact on [added: either the fair value, the amount of any goodwill impairment charge, or both.]

| | | | 65 | | | Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | |

The goodwill balance was [removed: $70,189 million] [added: $58.5 billion] as of December 31, [removed: 2021,] [added: 2022,] of which [removed: $29,196 million] [added: $18.1 billion] was allocated to the Sky reporting unit.

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

[removed: In addition, we] [added: - We] evaluated the historical accuracy of management’s forecast of future revenues by comparing actual results to management’s historical estimates of ultimate revenue.

[removed: February 2, 2022][added: | 2022 | | | | | | | | | | | | | | | | | | | | |]

| Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | | 66 | | | | | |

| Year ended December 31 (in millions, except per share data) | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Revenue | | | $ | [removed: 116,385] [added: 121,427] | | | | | $ | [removed: 103,564] [added: 116,385] | | | | | $ | [removed: 108,942] [added: 103,564] | |

| Programming and production | | | [removed: 38,450] [added: 38,213] | | | | | | [removed: 33,121] [added: 38,450] | | | | | | [removed: 34,440] [added: 33,121] | | |

| Other operating and administrative | | | [removed: 35,619] [added: 38,263] | | | | | | [removed: 33,109] [added: 35,619] | | | | | | [removed: 32,807] [added: 33,109] | | |

| Advertising, marketing and promotion | | | [removed: 7,695] [added: 8,506] | | | | | | [removed: 6,741] [added: 7,695] | | | | | | [removed: 7,617] [added: 6,741] | | |

| Depreciation | | | [removed: 8,628] [added: 8,724] | | | | | | [removed: 8,320] [added: 8,628] | | | | | | [removed: 8,663] [added: 8,320] | | |

| Amortization | | | [removed: 5,176] [added: 5,097] | | | | | | [removed: 4,780] [added: 5,176] | | | | | | [removed: 4,290] [added: 4,780] | | |

| Total costs and expenses | | | [removed: 95,568] [added: 107,385] | | | | | | [removed: 86,071] [added: 95,568] | | | | | | [removed: 87,817] [added: 86,071] | | |

| Operating income | | | [removed: 20,817] [added: 14,041] | | | | | | [removed: 17,493] [added: 20,817] | | | | | | [removed: 21,125] [added: 17,493] | | |

| Interest expense | | | [removed: (4,281)] [added: (3,896)] | | | | | | [removed: (4,588)] [added: (4,281)] | | | | | | [removed: (4,567)] [added: (4,588)] | | |

| Investment and other income (loss), net | | | [removed: 2,557] [added: (861)] | | | | | | [removed: 1,160] [added: 2,557] | | | | | | [removed: 438] [added: 1,160] | | |

| Income before income taxes | | | [removed: 19,093] [added: 9,284] | | | | | | [removed: 14,065] [added: 19,093] | | | | | | [removed: 16,996] [added: 14,065] | | |

| Income tax expense | | | [removed: (5,259)] [added: (4,359)] | | | | | | [removed: (3,364)] [added: (5,259)] | | | | | | [removed: (3,673)] [added: (3,364)] | | |

| Net income | | | [removed: 13,833] [added: 4,925] | | | | | | [removed: 10,701] [added: 13,833] | | | | | | [removed: 13,323] [added: 10,701] | | |

| [Report of Management](#i32dd93cb8ddc47f59d0fb05d0020c46f_208) | | | [64](#i32dd93cb8ddc47f59d0fb05d0020c46f_208) | | |

| [Note 1: Summary of Significant Accounting Policies](#i32dd93cb8ddc47f59d0fb05d0020c46f_232) | | | [72](#i32dd93cb8ddc47f59d0fb05d0020c46f_232) | | |

| [Note 2: Segment Information](#i32dd93cb8ddc47f59d0fb05d0020c46f_235) | | | [73](#i32dd93cb8ddc47f59d0fb05d0020c46f_235) | | |

| | | | | | |

| [Note 3: Revenue](#i32dd93cb8ddc47f59d0fb05d0020c46f_238) | | | [75](#i32dd93cb8ddc47f59d0fb05d0020c46f_238) | | |

| | | | | | |

| [Note 4: Programming and Production Costs](#i32dd93cb8ddc47f59d0fb05d0020c46f_244) | | | [80](#i32dd93cb8ddc47f59d0fb05d0020c46f_244) | | |

| | | | | | |

| [Note 5: Income Taxes](#i32dd93cb8ddc47f59d0fb05d0020c46f_247) | | | [82](#i32dd93cb8ddc47f59d0fb05d0020c46f_247) | | |

| | | | | | |

| [Note 6: Long-Term Debt](#i32dd93cb8ddc47f59d0fb05d0020c46f_250) | | | [84](#i32dd93cb8ddc47f59d0fb05d0020c46f_250) | | |

| | | | | | |

| [Note 7: Significant Transactions](#i32dd93cb8ddc47f59d0fb05d0020c46f_253) | | | [86](#i32dd93cb8ddc47f59d0fb05d0020c46f_253) | | |

| | | | | | |

| [Note 8: Investments and Variable Interest Entities](#i32dd93cb8ddc47f59d0fb05d0020c46f_259) | | | [86](#i32dd93cb8ddc47f59d0fb05d0020c46f_259) | | |

| | | | | | |

| [Note 9: Property and Equipment](#i32dd93cb8ddc47f59d0fb05d0020c46f_262) | | | [89](#i32dd93cb8ddc47f59d0fb05d0020c46f_262) | | |

| | | | | | |

| [Note 10: Goodwill and Intangible Assets](#i32dd93cb8ddc47f59d0fb05d0020c46f_265) | | | [90](#i32dd93cb8ddc47f59d0fb05d0020c46f_265) | | |

| | | | | | |

| [Note 11: Employee Benefit Plans](#i32dd93cb8ddc47f59d0fb05d0020c46f_268) | | | [92](#i32dd93cb8ddc47f59d0fb05d0020c46f_268) | | |

| | | | | | |

| [Note 12: Equity](#i32dd93cb8ddc47f59d0fb05d0020c46f_271) | | | [93](#i32dd93cb8ddc47f59d0fb05d0020c46f_271) | | |

| | | | | | |

| [Note 13: Share-Based Compensation](#i32dd93cb8ddc47f59d0fb05d0020c46f_277) | | | [94](#i32dd93cb8ddc47f59d0fb05d0020c46f_277) | | |

| | | | | | |

| [Note 14: Supplemental Financial Information](#i32dd93cb8ddc47f59d0fb05d0020c46f_280) | | | [95](#i32dd93cb8ddc47f59d0fb05d0020c46f_280) | | |

| | | | | | |

| [Note 15: Commitments and Contingencies](#i32dd93cb8ddc47f59d0fb05d0020c46f_283) | | | [95](#i32dd93cb8ddc47f59d0fb05d0020c46f_283) | | |

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

The Company performed its annual goodwill impairment assessment as of July 1, 2022.

As a result of an increased discount rate and reduced estimated future cash flows driven by macroeconomic conditions in the Sky territories, the Company recognized a goodwill impairment charge of $8.1 billion in the third quarter of 2022 as the fair value of the Sky reporting unit was determined to be less than its respective carrying value.

- We evaluated management’s ability to accurately forecast future revenue and cash flows by comparing prior year forecasts to actual results in the respective years.

February 3, 2023

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

| Goodwill and long-lived asset impairments | | | 8,583 | | | | | | — | | | | | | — | | |

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

| Less: Net income (loss) attributable to noncontrolling interests | | | (445) | | | | | | (325) | | | | | | 167 | | |

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

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

either the fair value, the amount of any goodwill impairment charge, or both.

The fair value of the Sky reporting unit remains in close proximity to its carrying value as of the measurement date.

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

| Proceeds from collateralized obligation | | | — | | | | | | — | | | | | | 5,175 | | |

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

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.

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

| 2019 | | | | | | | | | | | | | | | | | | | | |

| Cable Communications | | | $ | 58,082 | | $ | 23,266 | | $ | 7,994 | | | | | $ | 6,909 | | $ | 1,426 | |

| Media | | | 19,947 | | | 5,834 | | | 924 | | | | | | 204 | | | 101 | | |

| Studios | | | 9,352 | | | 1,058 | | | 49 | | | | | | 19 | | | 10 | | |

| Theme Parks | | | 6,213 | | | 2,498 | | | 697 | | | | | | 1,605 | | | 60 | | |

| Eliminations(a) | | | (1,585) | | | 11 | | | — | | | | | | — | | | — | | |

| NBCUniversal | | | 33,958 | | | 8,711 | | | 2,129 | | | | | | 2,072 | | | 337 | | |

| Sky | | | 19,219 | | | 3,099 | | | 2,699 | | | | | | 768 | | | 707 | | |

| Corporate and Other | | | 333 | | | (820) | | | 131 | | | | | | 204 | | | 5 | | |

| Eliminations(a) | | | (2,650) | | | 2 | | | — | | | | | | — | | | — | | |

| Comcast Consolidated | | | $ | 108,942 | | $ | 34,258 | | $ | 12,953 | | | | | $ | 9,953 | | $ | 2,475 | |

Under the previous segment structure, revenue for licenses of content between our previous NBCUniversal segments was recognized over time to correspond with the amortization of the costs of licensed content over the license period.

The timing and pattern of recognition for customer premise equipment revenue are consistent with those of our services.

Revenue earned in this manner is recognized when services are provided.

| Additions charged to costs and expenses and other accounts | | | 316 | | | | | | 912 | | | | | | 769 | | |

| | | | 6,994 | | | | | | 6,709 | | |

| 2022 | | | | | | | | | | | | | | | | | | $ | 345 | | | | | | | |

| 2022 | | | | | | | | | | | | | | | | | | $ | 1,799 | | | | | $ | 3,649 | |

| 2023 | | | | | | | | | | | | | | | | | | $ | 700 | | | | | $ | 902 | |

| 2024 | | | | | | | | | | | | | | | | | | $ | 387 | | | | | $ | 563 | |

Impairments of capitalized film and television costs were not material in any of the periods presented.

| | | | 3,533 | | | | | | 3,550 | | |

| | | | 33,292 | | | | | | 31,382 | | |

| Deductions from reserves | | | 40 | | | | | | 24 | | | | | | 129 | | |

| Total debt | | | 3.74 | | % | (a) | | | 3.67 | | % | (a) | | | 94,850 | | | 103,760 | | |

| Long-term debt | | | | | | | | | | | | | | | $ | 92,718 | | $ | 100,614 | |

| (in millions) | | | | | |

| 2022 | | | $ | 2,135 | |

| 2024 | | | $ | 4,324 | |

| 2025 | | | $ | 6,136 | |

| | | | 97 | | | Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)][added: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)]

We refer to this proxy statement as the [removed: 2022] [added: 2023] Proxy Statement.

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

| Brian L. Roberts | | | [removed: 62] [added: 63] | | | 1986 | | | Chairman and Chief Executive [removed: Officer; President] [added: Officer] | | |

| Michael J. Cavanagh | | | [removed: 55] [added: 57] | | | 2015 | | | [removed: Chief Financial Officer] [added: President] | | |

| Daniel C. Murdock | | | [removed: 48] [added: 49] | | | 2017 | | | Executive Vice President; Chief Accounting Officer and Controller | | |

| Thomas J. Reid | | | [removed: 57] [added: 58] | | | 2019 | | | Chief Legal Officer and Secretary | | |

Roberts* has served as a director and as [removed: our President,] Chairman of the Board and Chief Executive Officer for more than five years.

As of December 31, [removed: 2021,] [added: 2022,] Mr. Roberts had sole voting power over approximately 331/3% of the combined voting power of our two classes of common stock.

Cavanagh* has served as [removed: the] [added: President since October 2022 and] Chief Financial Officer [removed: of Comcast Corporation since] [added: between] July [removed: 2015.][added: 2015 and January 2023.]

[removed: Miller*] [added: Murdock*] has served as [added: an Executive Vice President since March 2020,] Chief [removed: Administration] [added: Accounting] Officer [removed: of Comcast] since [removed: February 2020] [added: March 2017] and [removed: Executive Vice President of NBCUniversal] [added: Controller] since [removed: 2012.][added: July 2015.]

Reid* has served as [removed: our] Chief Legal Officer and Secretary since April 2019.

[removed: Shell*] [added: Armstrong*] has served as [removed: the] Chief [removed: Executive] [added: Financial] Officer [removed: of NBCUniversal] since January [added: 2023 and Treasurer since] 2020.

| Jason S. Armstrong | | | 46 | | | 2023 | | | Chief Financial Officer and Treasurer | | |

| Jennifer Khoury | | | 49 | | | 2023 | | | Chief Communications Officer | | |

Mr. Roberts previously served as President until October 2022.

*Jason S.

He had served as Deputy Chief Financial Officer since 2022 and had held various senior positions since joining our company in 2014, including as Chief Financial Officer of Sky Limited and as Senior Vice President of Investor Relations.

Prior to that, Mr. Armstrong spent 14 years at Goldman Sachs & Co. LLC where he most recently served as Managing Director, Deputy Business Unit Leader of the firm’s Technology, Media and Telecommunications Research Group.

*Jennifer Khoury* has served as Chief Communications Officer since February 2020.

She had held various senior positions since joining our company in 1999, including Senior Vice President of Corporate and Digital Communications, leading communications for Comcast Cable and the corporation’s digital and social media.

Previously, Ms. Khoury led communications, public affairs and social responsibility programs and campaigns for AT&T Broadband and MediaOne and served as a strategic consultant for ML Strategies, LLC.

| Adam L. Miller | | | 51 | | | 2020 | | | Chief Administration Officer; Executive Vice President, NBCUniversal | | |

| Jeffrey S. Shell | | | 56 | | | 2020 | | | Chief Executive Officer, NBCUniversal | | |

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

| David N. Watson | | | 63 | | | 2017 | | | President and Chief Executive Officer, Comcast Cable | | |

*Adam L.

Prior to joining our company, Mr. Miller was President of The Abernathy MacGregor Group, a leading strategic communications firm headquartered in New York.

Murdock* has served as an Executive Vice President since March 2020, our Chief Accounting Officer since March 2017 and our Controller since July 2015.

*Jeffrey S.

Previously, Mr. Shell was the Chairman of NBCUniversal Film and Entertainment since January 2019.

Prior to that, Mr. Shell served as the Chairman of Universal Filmed Entertainment Group (UFEG) since 2013 and Chairman of NBCUniversal International prior to joining UFEG.

Prior to joining NBCUniversal, Mr. Shell served as President of Comcast Programming Group for six years.

Prior to joining our company, Mr. Shell was the CEO of Gemstar TV Guide International and President of FOX Cable Networks Group.

*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.

*David N.

Watson* has served as Chief Executive Officer, Comcast Cable since April 2017 and previously had served as Chief Operating Officer, Comcast Cable for more than five years.

Mr. Watson is also a director of Amkor Technology, Inc.

| | | | | | | | | |

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

| 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: 2022] [added: 2023] Proxy Statement.

| | | | | | | | | |

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

| Comcast 2022 Annual Report on Form 10-K | | | 98 | | | | | |

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

We incorporate the information required by this item by reference to our [removed: 2022] [added: 2023] Proxy Statement.

We incorporate the information required by this item by reference to our [removed: 2022] [added: 2023] Proxy Statement.

We incorporate the information required by this item relating to our principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34), by reference to our [removed: 2022] [added: 2023] Proxy Statement.

| | | | 99 | | | Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)][added: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)]

| [removed: [3.2](https://www.sec.gov/Archives/edgar/data/902739/000116669119000005/ex32-12312018.htm)] [added: [10.](http://www.sec.gov/Archives/edgar/data/902739/000119312516452423/d49239dex1011.htm)[9](http://www.sec.gov/Archives/edgar/data/902739/000119312516452423/d49239dex1011.htm)[*](http://www.sec.gov/Archives/edgar/data/902739/000119312516452423/d49239dex1011.htm)] | | | | | | [removed: Amended and Restated By-Laws of] Comcast Corporation [added: 2006 Cash Bonus Plan, as amended and restated effective February 18, 2015] (incorporated by reference to Exhibit [removed: 3.2] [added: 10.11] to Comcast’s Annual Report on Form 10-K for the year ended December 31, [removed: 2018).] [added: 2015).] | | |

| [removed: [4.9](http://www.sec.gov/Archives/edgar/data/902739/000119312511139191/dex4.htm)] [added: [4.](http://www.sec.gov/Archives/edgar/data/902739/000119312511139191/dex4.htm)[10](http://www.sec.gov/Archives/edgar/data/902739/000119312511139191/dex4.htm)] | | | | | | Indenture, dated as of April 30, 2010, between NBC Universal, Inc. (n/k/a NBCUniversal Media, LLC) and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4 to the Registration Statement on Form S-4 of NBCUniversal Media, LLC (Commission File No. 333-174175) filed on May 13, 2011). | | |

| [removed: [4.10](http://www.sec.gov/Archives/edgar/data/1166691/000119312513191930/d525898dex43.htm)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/1166691/000119312513191930/d525898dex43.htm)[1](http://www.sec.gov/Archives/edgar/data/1166691/000119312513191930/d525898dex43.htm)] | | | | | | First Supplemental Indenture, dated March 27, 2013, to the Indenture between NBCUniversal Media, LLC (f/k/a NBC Universal, Inc.) and The Bank of New York Mellon, as trustee, dated April 30, 2010 (incorporated by reference to Exhibit 4.3 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013). | | |

| Comcast [removed: 2021] [added: 2022] Annual Report on Form 10-K | | | 100 | | | | | |

[Table of [removed: Contents](#i4b4c0fa3c51b4abe9935f3f33a376a2c_7)][added: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)]

| [removed: [4.11](http://www.sec.gov/Archives/edgar/data/902739/000119312515354626/d98958dex42.htm)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/902739/000119312515354626/d98958dex42.htm)[2](http://www.sec.gov/Archives/edgar/data/902739/000119312515354626/d98958dex42.htm)] | | | | | | Second Supplemental Indenture, dated October 1, 2015, to the Indenture dated April 30, 2010 between NBC Universal, Inc. (n/k/a NBCUniversal Media, LLC) and The Bank of New York Mellon, as trustee, as supplemented by a First Supplemental Indenture dated March 27, 2013 (incorporated by reference to Exhibit 4.2 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015). | | |

| [removed: [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)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/902739/000116669119000005/ex413-12312018.htm)[3](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: [4.1](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)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/902739/000116669119000005/ex414-12312018.htm)[4](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: [4.1](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)] [added: [4.15](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex415-12312022.htm)] | | | | | | Description of Comcast Corporation’s securities registered pursuant to Section 12 of the Securities Exchange Act. | | |

| [removed: [10.2](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000009/ex102-12312021.htm)] [added: [10.3](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex103-12312022.htm)] | | | | | | Amendment No. [removed: 1] [added: 2] dated [added: as of] December [removed: 31, 2021,] [added: 9, 2022,] to Credit Agreement dated as of 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, Bank of America, N.A., Mizuho Bank, Ltd., Morgan Stanley MUFG [added: Loan] Partners, LLC and Wells Fargo Bank, National Association, as co-documentation agents. | | |

| [removed: [10.3](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000009/ex103-12312021.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000009/ex103-12312021.htm)[4](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000009/ex103-12312021.htm)] | | | | | | Comcast Select Deferred Compensation Plan, as amended and restated effective October 12, [removed: 2021.] [added: 2021 (incorporated by reference to Exhibit 10.3 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2021).] | | |