Comcast (CMCSA) 10-K risk factor changes: FY2023 vs FY2022

[removed: All of our] [added: Our] businesses operate in intensely competitive, consumer-driven, rapidly changing environments.

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

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

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

[added: -] Competition for video services [removed: offered by Cable Communications and Sky] consists primarily of DTC streaming and other OTT service [removed: providers,] [added: providers and aggregators,] DBS providers and telecommunications [removed: companies.][added: companies, and our wireless and voice services compete with both telecommunications and wireless telecommunication providers.]

Many of [removed: our] [added: these] competitors offer [removed: bundled products and] [added: competitive pricing, packaging and/or bundling of] services [removed: with favorable pricing] to customers, which [removed: has increased] [added: further increases] competition.

- [removed: NBCUniversal and Sky] [added: Our businesses in Content & Experiences, as well as our video business,] face substantial and increasing competition from providers of similar types of entertainment, sports, news and information content, as well as from other forms of [removed: entertainment] [added: entertainment, including from social networking] and [added: user-generated content, and] recreational activities.

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

This competition has [added: further] intensified as [added: certain] DTC streaming and other OTT service providers [removed: develop high-quality] [added: have commissioned, and may continue to commission, high-cost] programming and acquire live sports programming rights to attract [removed: viewers.][added: viewers at significant costs.]

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

For example, [removed: such consolidation or] cooperation [added: between competitors] may allow [removed: competitors] [added: them] to offer free or lower cost [added: DTC] streaming [added: and other OTT] services, potentially on an exclusive basis, through unlimited data-usage plans for internet or wireless phone [removed: services.][added: services or to bundle DTC streaming and other OTT services on their platform.]

[removed: The] [added: Our businesses’] ability [removed: of our businesses] to compete effectively also depends on our perceived image and reputation among our various constituencies, including our customers, consumers, advertisers, business partners, employees, investors and government authorities.

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

| Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | | [removed: 24] [added: 20] | | | | | |

[Table of [removed: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)][added: Contents](#i1446b223eebe480292467fde0a61d371_7)]

[removed: Although we have attempted to adapt our video service offerings, enhance our broadband services for changing consumer behaviors, and offer new programming, such as Peacock, the] [added: The] continuing trend of content owners delivering their content directly to [removed: consumers] [added: consumers,] rather than through, or in addition to, traditional video distribution [removed: channels] [added: channels,] continues to disrupt traditional [added: media] distribution business [removed: models.][added: models despite our efforts to adapt our video service offerings and offer new services, such as Peacock and NOW.]

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

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

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

We derive substantial revenue from the sale of advertising, and [added: we expect that] a decline in expenditures by advertisers, including through traditional linear television distribution [removed: models,] [added: models or on Peacock,] could negatively impact our results of operations.

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

In addition, advertisers have [removed: shifted] [added: shifted, and may continue to shift,] a portion of their total expenditures to digital media, [added: including DTC streaming service providers] and [added: other online content providers, and] this trend may continue or accelerate.

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

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

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

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

These market factors may be exacerbated by [removed: increased] consolidation in the media industry, which may further increase our programming expenses.

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

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

| | | | [removed: 25] [added: 21] | | | Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | |

[removed: NBCUniversal’s and Sky’s] [added: Our] success depends on consumer acceptance of [removed: their] [added: our] content, and [removed: their] [added: our] businesses may be adversely affected if [removed: their] [added: our] content fails to achieve sufficient consumer acceptance.

[removed: NBCUniversal and Sky] [added: We] create and acquire media and entertainment content, the success of which depends substantially on consumer tastes and preferences that often change in unpredictable [removed: ways.][added: ways, and to meet the changing preferences of the broad domestic and international consumer markets, we must consistently create, acquire, market and distribute television programming, filmed entertainment, theme park attractions and other content.]

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

In addition, there can be no assurance that Peacock will continue to grow or sustain its revenue or user [removed: base or] [added: base,] successfully compete as a standalone DTC streaming [removed: service.][added: service or fully offset decreases to our linear television networks’ results of operations as the media distribution business model continues to change.]

[removed: NBCUniversal and Sky also] [added: We] obtain a significant portion of [removed: their] [added: our] content from third parties, such as movie studios, television production companies, sports organizations and other suppliers, sometimes on an exclusive basis.

We also may be unable to license popular third-party content [removed: for NBCUniversal’s and Sky’s television programming channels] if media companies determine that licensing the content to us is not in their strategic best interests.

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

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

Particularly with respect to [removed: long-term] contracts for sports [removed: programming rights for NBCUniversal and Sky,] [added: rights,] our results of operations and cash flows over the term of a contract depend on a number of factors, 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.

If our content does not achieve sufficient consumer acceptance, or if we cannot obtain or retain rights to popular content on acceptable terms, or at all, [removed: NBCUniversal’s and Sky’s] [added: our] businesses may be adversely affected.

Below is a summary of our most significant sources of competition.

For a more extensive discussion of the significant risks associated with the regulation of our businesses, see “—We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses” below and Item 1: Business and refer to the “Legislation and Regulation” discussion within that section.

- Business Services Connectivity primarily competes with wireline telecommunications companies and wide area network managed service providers.

Further, consolidation of, or cooperation between, our competitors may increase competition in all of these areas.

For example, some of these constituencies may have their own, and some have conflicting, environmental, social and governance priorities, which may present risks to our reputation and brands if these constituencies perceive misalignment.

As consumers increasingly turn to DTC streaming and other OTT services in lieu of our linear video services, which continue to experience accelerated net customer losses, the number of video customers we have, the related video revenues and the amount of subscriber fees we receive for our linear television networks from other video service providers each decrease.

On the other hand, this practice may also negatively impact our results of operations when we keep our content for our own use, including for Peacock, rather than licensing it to third parties who pay us licensing fees for such content.

We compete for the sale of advertising time with television networks and stations, digital properties, including an increasing number of ad-supported DTC streaming service providers and a broad array of other online content providers, such as social networking platforms and user-generated content providers, and all other advertising platforms.

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

Similarly, multichannel video providers may elect not to enter into agreements to distribute some or all of our linear television networks as a result of these changing market dynamics.

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

The legal landscape for new technologies, including artificial intelligence (“AI”), remains uncertain, and development of the law in this area could impact our ability to protect against unauthorized third-party use, misappropriation, reproduction or infringement.

For example, certain entities may stream our broadcast television content illegally online without our consent and without paying us any compensation, and sporting events on our international networks may be illegally transmitted.

We also rely on third-party satellite transponder capacity to provide video services in Europe, as well as on third-party wireless networks to offer certain wireless services in the United States and internationally.

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

For example, we expect threat actors will continue to gain sophistication by using tools and techniques (such as AI) that are specifically designed to circumvent security controls.

Refer to Item 1C: Cybersecurity for additional information.

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

For example, COVID-19 and corresponding governmental measures negatively impacted our businesses in the past, including as recently as in 2022 by requiring temporary closures of our theme parks.

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

For example, the Writers Guild of America (“Writers Guild”) and the Screen Actors Guild-American Federation of Television and Radio Artists (“SAG”) work stoppages from May to September 2023 and July to November 2023, respectively, paused productions, which reduced content licensing revenue at our Studios segment.

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

For example, the FCC has proposed reimposing network neutrality requirements that would reclassify our broadband service as a “telecommunications service” under Title II of the Communications Act, which would authorize the FCC to potentially regulate our customer rates, speeds, data usage thresholds or other terms for internet services and prohibit, or seriously restrict, arrangements between us and internet content, applications and service providers.

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

As consumers increasingly turn to DTC streaming and other OTT services, the number of Cable Communications’ video customers and amount of subscriber fees paid to NBCUniversal’s television networks decrease, even as Cable Communications’ broadband services have become more important to consumers.

| | | | | | | | | |

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

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

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.

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.

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.

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

Sky also depends on its ability to secure and maintain wholesale distribution agreements for its television channels with multichannel video providers.

Less favorable European telecommunications access regulations, the loss of Sky’s transmission access agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms could adversely affect Sky’s businesses.

Sky relies on various third-party telecommunications providers to deliver its video, broadband, voice and wireless phone services to its customers.

For example, Sky relies on satellite transponder capacity leased from third parties to provide most of its video services.

In addition, under the current regulatory regimes in the United Kingdom, Ireland and Italy, Sky accesses networks owned by third-party telecommunications providers to offer its broadband and phone services, in many cases, on regulated terms, including price.

If there is a change in regulation in these markets, the regulated terms could become less favorable.

Moreover, specific pricing terms of Sky’s wholesale fiber access are not regulated.

As a result, if Sky is only able to enter into or renew its transmission agreements with satellite or telecommunications operators on less favorable terms, it would adversely affect Sky’s ability to compete, and if it is ultimately unable to do so on commercially viable terms or if these operators were to terminate their agreements, Sky may be unable to deliver certain of its services to customers in one or more of the markets in which it operates, which would adversely affect Sky’s businesses and results of operations.

It also presents similar challenges for Sky’s businesses, including as a result of illegal retransmission of sports events.

Sky’s businesses in particular are also subject to risks relating to uncertainties and effects of the United Kingdom’s withdrawal from the European Union (referred to as “Brexit”), including financial, legal, tax and trade implications.

In addition, COVID-19 and corresponding governmental measures to prevent its spread across the globe have negatively impacted, and may continue to negatively impact, our businesses.

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

| | | | 31 | | | Comcast 2022 Annual Report on Form 10-K | | |

Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and related notes [added: (“Notes”)] to enhance the understanding of our operations and our present business environment.

Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our [removed: [2021] [added: [2022] Annual Report on Form [removed: 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1166691/000116669122000009/cmcsa-20211231.htm)] [added: 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1166691/000116669123000010/cmcsa-20221231.htm)] for management’s discussion and analysis of [added: our consolidated] financial condition and results of operations for [removed: the] fiscal year [removed: 2021] [added: 2022] compared to fiscal year [removed: 2020.][added: 2021.]

We are a global media and technology company with [removed: three] [added: two] primary businesses: [removed: Comcast Cable, NBCUniversal] [added: Connectivity & Platforms] and [removed: Sky.][added: Content & Experiences.]

[removed: ][added: ]

Refer to the “Non-GAAP Financial [removed: Measure”] [added: Measures”] section on page [removed: 52] [added: 47] for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.

| Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | | [removed: 36] [added: 32] | | | | | |

[Table of [removed: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)][added: Contents](#i1446b223eebe480292467fde0a61d371_7)]

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

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

[removed: Excluding $1.7 billion] [added: Programming] and [removed: $1.8 billion of revenue] [added: production costs increased in 2022 primarily due to higher programming costs at Peacock and costs] associated with our broadcasts of the Beijing Olympics, Super [removed: Bowl] [added: Bowl,] and FIFA World Cup in [removed: 2022 and] [added: 2022, partially offset by costs associated with our broadcast of] the Tokyo Olympics in [removed: 2021, respectively, revenue in the Media segment increased 3.0%, primarily due to increases in distribution] [added: 2021] and [removed: other revenue.][added: a decrease in international sports programming costs.]

[removed: -] Theme [removed: Parks] [added: parks] segment revenue increased [removed: 49.3% to $7.5 billion and Adjusted EBITDA increased from $1.3 billion] [added: in 2022 primarily due] to [removed: $2.7 billion, reflecting] improved operating conditions [removed: related to COVID-19] compared to [removed: the prior year] [added: 2021, when our theme parks in Orlando, Hollywood] and [added: Japan were impacted by COVID-19 restrictions, as well as] the operations of Universal Beijing Resort, which opened in September 2021.

[removed: - We recorded] [added: Consolidated] goodwill and long-lived asset impairments [added: included charges] related to [removed: our] Sky [removed: segment] totaling $8.6 billion in [added: 2022 recognized in] connection with our [removed: 2022] annual impairment assessment.

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

[removed: Other][added: Other]

[removed: - Our Board of Directors approved] [added: In 2023, we repurchased] a [removed: new] [added: total of 262 million shares of our Class A common stock for $11.0 billion under the] share repurchase program authorization of $20 [removed: billion, effective] [added: billion approved by our Board of Directors in] September [removed: 13,] 2022.

[added: -] Repurchased a total of [removed: 332] [added: 262] million shares of our Class A common stock for [removed: $13.0] [added: $11.0] billion in [removed: 2022] [added: 2023] compared to a total of [removed: 73.2] [added: 332] million shares of our Class A common stock for [removed: $4.0] [added: $13.0] billion in [removed: 2021.][added: 2022.]

Raised our dividend by $0.08 to [removed: $1.08] [added: $1.16] per share on an annualized basis in January [removed: 2022] [added: 2023] and paid [removed: $4.7] [added: $4.8] billion of dividends in [removed: 2022.][added: 2023.]

| | | | [removed: 37] [added: 33] | | | Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | |

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

| Year ended December 31 (in millions, except per share data) | | | [removed: 2022] [added: 2023] | | | [removed: 2021] [added: 2022] | | | [removed: 2020] [added: 2021] | | | [removed: % Change 2021] [added: Change 2022] to [removed: 2022] [added: 2023] | | | [removed: %] Change [removed: 2020 to] 2021 [added: to 2022] | | |

| Revenue | | | $ | [removed: 121,427] [added: 121,572] | | $ | [removed: 116,385] [added: 121,427] | | $ | [removed: 103,564] [added: 116,385] | | [removed: 4.3] [added: 0.1] | | % | [removed: 12.4] [added: 4.3] | | % |

| Programming and production | | | [removed: 38,213] [added: 36,762] | | | [removed: 38,450] [added: 38,213] | | | [removed: 33,121] [added: 38,450] | | | [removed: (0.6)] [added: (3.8)] | | | [removed: 16.1] [added: (0.6)] | | |

| Other operating and administrative | | | [removed: 38,263] [added: 39,190] | | | [removed: 35,619] [added: 38,263] | | | [removed: 33,109] [added: 35,619] | | | [removed: 7.4] [added: 2.4] | | | [removed: 7.6] [added: 7.4] | | |

| [removed: Advertising, marketing] [added: Marketing] and promotion | | | [removed: 8,506] [added: 7,971] | | | [removed: 7,695] [added: 8,506] | | | [removed: 6,741] [added: 7,695] | | | [removed: 10.5] [added: (6.3)] | | | [removed: 14.2] [added: 10.5] | | |

| Depreciation | | | [removed: 8,724] [added: 8,854] | | | [removed: 8,628] [added: 8,724] | | | [removed: 8,320] [added: 8,628] | | | [removed: 1.1] [added: 1.5] | | | [removed: 3.7] [added: 1.1] | | |

| Amortization | | | [removed: 5,097] [added: 5,482] | | | [removed: 5,176] [added: 5,097] | | | [removed: 4,780] [added: 5,176] | | | [removed: (1.5)] [added: 7.5] | | | [removed: 8.3] [added: (1.5)] | | |

| Goodwill and long-lived assets impairments | | | [removed: 8,583] [added: —] | | | [removed: —] [added: 8,583] | | | — | | | NM | | | NM | | |

| Total costs and expenses | | | [removed: 107,385] [added: 98,258] | | | [removed: 95,568] [added: 107,385] | | | [removed: 86,071] [added: 95,568] | | | [removed: 12.4] [added: (8.5)] | | | [removed: 11.0] [added: 12.4] | | |

| Operating income | | | [removed: 14,041] [added: 23,314] | | | [removed: 20,817] [added: 14,041] | | | [removed: 17,493] [added: 20,817] | | | [removed: (32.5)] [added: 66.0] | | | [removed: 19.0] [added: (32.5)] | | |

| Interest expense | | | [removed: (3,896)] [added: (4,087)] | | | [removed: (4,281)] [added: (3,896)] | | | [removed: (4,588)] [added: (4,281)] | | | [removed: (9.0)] [added: 4.9] | | | [removed: (6.7)] [added: (9.0)] | | |

| Investment and other income (loss), net | | | [removed: (861)] [added: 1,252] | | | [removed: 2,557] [added: (861)] | | | [removed: 1,160] [added: 2,557] | | | [removed: NM] [added: NM] | | | [removed: 120.4] [added: NM] | | |

| Income before income taxes | | | [removed: 9,284] [added: 20,478] | | | [removed: 19,093] [added: 9,284] | | | [removed: 14,065] [added: 19,093] | | | [removed: (51.4)] [added: 120.6] | | | [removed: 35.7] [added: (51.4)] | | |

| Income tax expense | | | [removed: (4,359)] [added: (5,371)] | | | [removed: (5,259)] [added: (4,359)] | | | [removed: (3,364)] [added: (5,259)] | | | [removed: (17.1)] [added: 23.2] | | | [removed: 56.3] [added: (17.1)] | | |

| Net income | | | [removed: 4,925] [added: 15,107] | | | [removed: 13,833] [added: 4,925] | | | [removed: 10,701] [added: 13,833] | | | [removed: (64.4)] [added: NM] | | | [removed: 29.3] [added: (64.4)] | | |

| Less: Net income (loss) attributable to noncontrolling interests | | | [removed: (445)] [added: (282)] | | | [removed: (325)] [added: (445)] | | | [removed: 167] [added: (325)] | | | [removed: 36.9] [added: (36.8)] | | | [removed: NM] [added: 36.9] | | |

| Net income attributable to Comcast Corporation | | | $ | [removed: 5,370] [added: 15,388] | | $ | [removed: 14,159] [added: 5,370] | | $ | [removed: 10,534] [added: 14,159] | | [removed: (62.1)] [added: 186.5] | | % | [removed: 34.4] [added: (62.1)] | | % |

| Basic earnings per common share attributable to Comcast Corporation shareholders | | | $ | [removed: 1.22] [added: 3.73] | | $ | [removed: 3.09] [added: 1.22] | | $ | [removed: 2.30] [added: 3.09] | | [removed: (60.5)] [added: NM] | | [removed: %] | [removed: 34.3] [added: (60.5)] | | % |

| Diluted earnings per common share attributable to Comcast Corporation shareholders | | | $ | [removed: 1.21] [added: 3.71] | | $ | [removed: 3.04] [added: 1.21] | | $ | [removed: 2.28] [added: 3.04] | | [removed: (60.2)] [added: NM] | | [removed: %] | [removed: 33.3] [added: (60.2)] | | % |

| Adjusted EBITDA(a) | | | $ | [removed: 36,459] [added: 37,633] | | $ | [removed: 34,708] [added: 36,459] | | $ | [removed: 30,826] [added: 34,708] | | [removed: 5.0] [added: 3.2] | | % | [removed: 12.6] [added: 5.0] | | % |

| Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | | [removed: 38] [added: 34] | | | | | |

As discussed in Note 2, we changed the presentation of our segment operating results in 2023, and all amounts are presented under the new segment structure.

The discussion and analysis related to our segment operating results and Corporate, Other and Eliminations are included below for all periods based on the new segment structure.

We present the operations of (1) our Connectivity & Platforms business in two reportable business segments: Residential Connectivity & Platforms and Business Services Connectivity and (2) our Content & Experiences business in three reportable business segments: Media, Studios and Theme Parks.


| 2023 Revenue and Adjusted EBITDA Segment Contribution(a) | | |

(a)Charts exclude the results of Content & Experiences Headquarters and Other, Corporate and Other, and eliminations.

Refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information.

2023 Developments

| | | | | | |

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

| Connectivity & Platforms(a) | | | Content & Experiences(a)(b) | | |

|  | | |  | | |

| | | | | | |

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

| Residential Connectivity & Platforms | | | Media | | |

| •Revenue remained consistent with the prior year due to decreases in video, advertising and other revenue, offset by increases in domestic broadband, international connectivity and domestic wireless revenue. •Adjusted EBITDA increased primarily due to decreases in other expenses and programming expenses. •Adjusted EBITDA margin increased from 36.1% to 37.5%. Business Services Connectivity •Revenue increased due to increases in revenue from small business, medium-sized and enterprise customers. •Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses. •Adjusted EBITDA margin was consistent at 57.2%. Customer Metrics •Total customer relationships decreased by 288,000 to 52.1 million. •Domestic broadband customers decreased by 66,000 to 32.3 million. •Domestic wireless lines increased by 1.3 million to 6.6 million. •Domestic video customers decreased by 2.0 million to 14.1 million. | | | •Revenue decreased primarily due to the impact of our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022. Excluding $1.7 billion of revenue associated with these events, revenue increased due to increases in domestic distribution and international networks revenue, partially offset by decreases in domestic advertising and other revenue. •Adjusted EBITDA decreased primarily due to a decrease in revenue, which was partially offset by a decrease in programming and production costs driven by events in 2022 and higher Peacock programming costs in 2023. •Peacock generated revenue and costs and expenses of $3.4 billion and $6.1 billion in 2023, respectively, compared to $2.1 billion and $4.6 billion in 2022, respectively. Paid subscribers increased by 10 million to 31 million in 2023. Studios •Revenue decreased due to a decrease in content licensing revenue primarily driven by the Writers Guild and SAG work stoppages in 2023, partially offset by an increase in theatrical revenue. •Adjusted EBITDA increased due to decreases in programming and production and marketing and promotion expenses, partially offset by a decrease in revenue. | | |

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

| | | | | | |

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

| | | | | | |

| Capital Expenditures •Total Connectivity & Platforms capital expenditures increased 1.5% to $8.2 billion, reflecting increased spending on line extensions and scalable infrastructure, partially offset by decreased spending on customer premise equipment and support capital. | | | Theme Parks •Revenue increased due to increases in revenue at our international theme parks and our theme park in Hollywood, partially offset by a decrease in revenue at our theme park in Orlando. •Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses driven by increased guest attendance. •Capital expenditures increased related to the development of Epic Universe in Orlando. | | |

- Exercised the put right to sell our 33% interest in Hulu in the fourth quarter of 2023 and received $8.6 billion of net pre-tax proceeds relating to the minimum equity value, net of capital calls.

A portion of these proceeds was used to repay our $5.2 billion collateralized obligation.

Additional proceeds for any excess of the fair value of our interest over the minimum equity value will be due following the final determination of Hulu’s fair value pursuant to a third-party appraisal process.

| Weighted-average number of common shares outstanding - basic | | | 4,122 | | | 4,406 | | | 4,584 | | | (6.4) | | % | (3.9) | | % |

| Weighted average number of common shares outstanding - diluted | | | 4,148 | | | 4,430 | | | 4,654 | | | (6.4) | | % | (4.8) | | % |

Refer to the “Non-GAAP Financial Measures” section on page 47 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

(a) Graph is presented using a truncated scale.

(a) Graph is presented using a truncated scale.

Consolidated depreciation and amortization expense increased in 2023 compared to 2022 primarily due to increases in the amortization of software and theme park depreciation.

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

See Note 2 for additional information on our segments.

| Connectivity & Platforms Overview | | |

| | | | | | | | | | | | | 2022 to 2023 | | | | | | 2021 to 2022 | | | | | |

| Residential Connectivity & Platforms | | | $ | 71,946 | | $ | 72,386 | | $ | 72,694 | | (0.6) | | % | (0.7) | | % | (0.4) | | % | 2.0 | | % |

| Business Services Connectivity | | | 9,255 | | | 8,819 | | | 8,056 | | | 4.9 | | | 4.9 | | | 9.5 | | | 9.5 | | |

| Total Connectivity & Platforms revenue | | | $ | 81,201 | | $ | 81,205 | | $ | 80,750 | | — | | % | (0.1) | | % | 0.6 | | % | 2.7 | | % |

| Residential Connectivity & Platforms | | | $ | 26,948 | | $ | 26,111 | | $ | 25,188 | | 3.2 | | % | 3.3 | | % | 3.7 | | % | 4.4 | | % |

We present our operations in five reportable business segments (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.

| (in billions) | | |

2022 Developments

The following are the more significant developments in our businesses during 2022:

Cable Communications

- Revenue increased 3.1% to $66.3 billion, reflecting increases in broadband, business services, wireless and advertising revenue, partially offset by declines in video, voice and other revenue.

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

| | | | | | | | | |

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

- Operating margin increased from 43.7% to 44.3%.

- Total customer relationships increased by 75,000, total wireless lines increased by 1.3 million, total broadband customers increased by 250,000, and total video customers decreased by 2.0 million.

NBCUniversal

- Total NBCUniversal revenue increased 14.2% to $39.2 billion and total NBCUniversal Adjusted EBITDA increased 4.9% to $6.0 billion.

- Media segment results include the operations of Peacock, which in 2022 generated revenue of $2.1 billion and costs and expenses of $4.6 billion, compared to revenue of $778 million and costs and expenses of $2.5 billion in 2021.

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 increased due to increases in content licensing, theatrical, and home entertainment and other revenue.

Studios revenue included licenses of content to our Media and other segments, which are eliminated in consolidation.

Sky

- 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.

- Adjusted EBITDA increased 7.0% to $2.5 billion.

Excluding the impact of foreign currency, Sky Adjusted EBITDA increased due to decreases in programming and production expenses, which more than offset increases in direct network costs and other expenses and the decreases in revenue.

- 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.

COVID-19 has impacted our businesses in a number of ways, affecting the comparability of periods included in this report.

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

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.

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

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

The primary drivers of the change in revenue from 2021 to 2022 were as follows:

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

- Growth in our Cable Communications segment driven by increased broadband, business services, wireless and advertising, partially offset by decreased video, voice and other revenue.

- 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.

- A decrease in our Sky segment driven by decreased direct-to-consumer, content and advertising revenue, as well as the impact of foreign currency translation.

The primary drivers of the change in consolidated costs and expenses, excluding depreciation expense, amortization expense, and goodwill and long-lived asset impairments, from 2021 to 2022 were as follows:

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

- An increase in Cable Communications segment expenses due to increased other expenses and technical and product support costs, partially offset by decreases in programming expense; franchise and other regulatory fees; advertising, marketing and promotion expenses; and customer service expenses.

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

The effect of our interest rate derivative financial instruments to our consolidated interest expense was a decrease of [removed: $66] [added: $56] million in [removed: 2022,] [added: 2023,] a decrease of [removed: $2] [added: $66] million in [removed: 2021,] [added: 2022] and a decrease of [removed: $9] [added: $2] million in [removed: 2020.][added: 2021.]

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: 2022.][added: 2023.]

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: 2022,] [added: 2023,] plus the applicable borrowing margin.

| (in billions) | | | [removed: 2023 | | |] 2024 | | | 2025 | | | 2026 | | | 2027 | | | [added: 2028 | | |] Thereafter | | | Total | | | Estimated Fair Value as of December 31, [removed: 2022] [added: 2023] | | |

| Average interest rate | | | [removed: 4.6] [added: 6.0] | | % | [removed: 5.6] [added: —] | | % | — | | % | — | | % | — | | % | [removed: 4.4] [added: —] | | % | [removed: 4.6] [added: 6.0] | | % | | | |

| Notional amount(b) | | | $ | — | | $ | — | | $ | [removed: —] [added: 1.3] | | $ | [removed: 1.3] [added: 0.3] | | $ | [removed: 0.3] [added: 1.0] | | $ | [removed: 1.0] [added: —] | | $ | 2.5 | | $ | [removed: (0.3)] [added: (0.2)] | |

| Average pay rate | | | — | | % | — | | % | [removed: —] [added: 6.2] | | % | [removed: 6.3] [added: 6.1] | | % | [removed: 6.2] [added: 6.5] | | % | [removed: 6.6] [added: —] | | % | [removed: 6.4] [added: 6.3] | | % | | | |

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

Additionally, we [removed: have] [added: had] a $5.2 billion variable rate term loan presented separately as a collateralized obligation that [removed: will mature] [added: was repaid] in [removed: March 2024.][added: December 2023.]

| | | | [removed: 61] [added: 57] | | | Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)][added: Contents](#i1446b223eebe480292467fde0a61d371_7)]

We have significant operations in a number of countries outside the United [removed: States through Sky and NBCUniversal,] [added: States,] and certain of our operations are conducted in foreign currencies.

As of December 31, [added: 2023 and] 2022, we had foreign currency forwards designated as fair value hedges on [added: $2.0 billion and] $5.4 billion of our foreign currency intercompany loans receivable, [added: respectively,] and the aggregate estimated fair value of these foreign currency forwards was a net liability of [added: $15 million and] $56 [removed: million.][added: million, respectively.]

As of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] the aggregate estimated fair value of these [removed: foreign exchange contracts] [added: cross-currency swaps] was a net [removed: asset] [added: liability] of [removed: $73] [added: $3] million and [removed: $180] [added: a net asset of $108] million, respectively.

As of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] we had cross-currency swaps designated as cash flow hedges on [removed: $752] [added: $797] million and [removed: $1.6 billion] [added: $752 million] of our foreign currency denominated debt, respectively, and the aggregate estimated fair value of these cross-currency swaps was a net liability of [removed: $274] [added: $211] million and [removed: $53] [added: $274] million, respectively.

As of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] the amount of foreign currency denominated debt designated as hedges of our net investment in foreign subsidiaries was [removed: $7.6] [added: $7.4] billion and [removed: $8.2] [added: $7.6] billion, respectively, and the notional amount of cross-currency swaps designated as hedges of our net investment in foreign subsidiaries was [removed: $2.5] [added: $2.8] billion and [removed: $3.6] [added: $2.5] 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: losses] [added: gains] of [removed: $397] [added: $316] million in [removed: 2022, gains] [added: 2023, losses] of [removed: $760] [added: $397] million in [removed: 2021] [added: 2022] and [removed: losses] [added: gains] of [removed: $686] [added: $760] million in [removed: 2020.][added: 2021.]

We have analyzed our foreign currency exposure related to our foreign operations as of December 31, [removed: 2022,] [added: 2023,] 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: 2022] [added: 2023] net income attributable to Comcast Corporation.

As of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] 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.

| Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | | [removed: 62] [added: 58] | | | | | |

| Fixed-rate debt | | | $ | 1.8 | | $ | 6.3 | | $ | 5.2 | | $ | 5.7 | | $ | 7.0 | | $ | 76.9 | | $ | 102.9 | | $ | 92.0 | |

| Average interest rate(a) | | | 3.7 | | % | 3.2 | | % | 1.7 | | % | 3.2 | | % | 4.0 | | % | 3.7 | | % | 3.5 | | % | | | |

| Variable-rate debt | | | $ | 0.2 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 0.2 | | $ | 0.2 | |

Our other foreign currency forwards were not material in any period presented.

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

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

| Average interest rate(a) | | | 2.0 | | % | 2.9 | | % | 3.6 | | % | 2.4 | | % | 3.1 | | % | 3.6 | | % | 3.5 | | % | | | |

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

This term loan has an average interest rate of 5.7% estimated using December 31, 2022 implied forward rates through the year of maturity and its estimated fair value was $5.2 billion.

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

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

As of December 31, 2022 and 2021, we also had foreign currency forward contracts that were not designated as fair value hedges with a total notional value of $4.9 billion and $8.0 billion, respectively.

As of December 31, 2022 and 2021, the aggregate estimated fair value of these cross-currency swaps was a net asset of $108 million and a net liability of $104 million, respectively.

[removed:  ][added: ]

[removed: - Studios: Consists] [added: Our Studios segment] primarily [removed: of NBCUniversal’s] [added: includes our NBCUniversal and Sky] film and television studio production and distribution operations.

Our other business interests [added: reported in Corporate and Other] consist primarily of [removed: the operations of] [added: our Sky-branded video services and television networks in Germany,] Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and [removed: other business initiatives.][added: Xumo, our consolidated streaming platform joint venture with Charter Communications formed in June 2022.]

For [removed: developments in our business and for financial and other] [added: additional] information [removed: about] [added: on] our [removed: reportable business] [added: businesses and] segments, [added: including our segment change in the first quarter of 2023,] 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: 2022] [added: 2023] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)][added: Contents](#i1446b223eebe480292467fde0a61d371_7)]

[removed: Revenue is generated primarily from residential and] [added: Certain] business customers [removed: that] subscribe to our [removed: services] [added: video services,] and [removed: from] the [removed: sale of advertising.][added: associated revenue is included in our Residential Connectivity & Platforms segment.]

| Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | | 2 | | | | | |

Residential [added: Connectivity]

We continue to evolve and enhance the capabilities of our [added: domestic] network.

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

As part of our [added: domestic and international] broadband [removed: service,] [added: services,] we [removed: also] offer 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 [removed: network and xFi Pod plug-in devices that extend a customer’s in-home Wi-Fi coverage.][added: network.]

[removed: Customers with wireless gateways] [added: In addition, customers] may [removed: also] personalize and manage their Wi-Fi network and connected [removed: home, and access advanced security technology and other features,] [added: home] with our [removed: xFi whole-home application] [added: mobile apps] and online portal.

Broadband customers have access to our expanding network of secure [removed: residential, outdoor and business] Wi-Fi [removed: hotspots nationwide.][added: hotspots.]

As part of our low-income broadband adoption program, we [removed: also] offer qualifying [added: domestic] customers [removed: Internet Essentials and Internet Essentials Plus,] high-speed broadband services [removed: provided] at discounted [removed: rates.][added: rates through our Internet Essentials and Internet Essentials Plus services, with downstream speeds of up to 50 and 100 megabits per second, respectively.]

[removed: Flex] [added: The Xumo Stream Box] also provides access to and [removed: the] integration of streaming content [added: and music] from [removed: Peacock’s premium tier;] certain [removed: third-party] internet-based [removed: apps providing content and music] [added: apps, including direct-to-consumer streaming services (“DTC streaming services”)] such as [removed: DTC streaming] [added: Peacock and third-party] services Disney+ and [removed: Netflix;] [added: Netflix,] and certain pay-per-view and video on demand [removed: content] [added: programming] available over the internet.

We earn commission revenue from the sale of certain [removed: third-party] DTC streaming [removed: services.][added: services through the Xumo Stream Box and our other video platforms.]

The integrated features [removed: provided by X1] operate across content in customers’ [removed: cable] video [removed: services] [added: service] packages and content from internet-based streaming services that customers may access in a manner similar to our [removed: Flex streaming device.][added: Xumo Stream Box.]

Customers may [removed: view programming live, record live programming through our] [added: also subscribe to] digital video recorder (“DVR”) [removed: service] [added: services] or access our video on demand services with [removed: extensive] programming [removed: choices such as television series, movies and special-events programming] that [removed: are] [added: is] available for [removed: free] [added: no additional cost] or to rent or [removed: own] [added: buy] digitally.

These viewing options are also available through our mobile [removed: app] [added: apps] and online [removed: portal.][added: portals.]

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

[removed: Wireless] [added: Our domestic wireless] services are [removed: only] offered [added: over Verizon’s wireless network and our existing network of secure residential, outdoor and business Wi-Fi hotspots, and are offered initially only] as part of our bundled service offerings to [removed: residential] customers that subscribe to our broadband [removed: services and to eligible small business customers on similar terms.][added: services.]

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

Customers may either bring their own device or purchase devices from us with the option to pay upfront or finance the purchase interest-free over 24 [removed: months.][added: months for domestic customers and over 24 to 48 months for international customers.]

| | | | 3 | | | Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | |

Business Services [added: Connectivity]

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

[removed: We] [added: Our medium-sized and enterprise customer offerings] also [removed: offer Ethernet] [added: include ethernet] network services, which connect multiple locations and provide higher downstream and upstream speed [removed: options to medium-sized customers and larger enterprises,] [added: options,] advanced voice services, and [removed: video solutions for hotels and other large venues.][added: a software-defined networking product.]

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

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

[removed: Advertising][added: *Advertising*]

We generally receive an allocation of scheduled advertising time [removed: that our advertising business sells to local, regional and national advertisers] as part of our distribution agreements with [added: domestic] cable [removed: networks,] [added: networks that our advertising business sells,] and we also [removed: generate revenue from selling] [added: sell] advertising on our [added: Sky-branded entertainment television networks, on our] digital [removed: platforms.][added: platforms, and where we represent the advertising sales efforts of third parties both domestically and internationally.]

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

We also license our technology platforms to other multichannel video [added: providers and distribute certain of our Sky-branded entertainment television networks to third-party video service] providers.

[removed: Our Cable Communications cable distribution system uses a] [added: The segments within our Connectivity & Platforms business use our] HFC [removed: cable] network [removed: that] [added: in the United States, which] 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.

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

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

We continue to extend our network’s reach to new homes and businesses within our existing service [removed: areas and into] [added: areas, as well as edging-out to] new service areas to expand the number of homes and businesses [removed: passed.][added: “passed,” with homes and businesses considered passed if we can connect them to our network without further extending the transmission lines.]

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

[removed: Cable Communications continues] [added: Our Connectivity & Platforms business engineering teams continue] to focus on technology initiatives to [removed: design,] develop and deploy next-generation media, content delivery, content aggregation and streaming platforms that support [removed: X1 and Flex] [added: X1, Sky Q, NOW, Sky Glass, Sky Stream, Xumo] and our cloud DVR technology.

We are a global media and technology company that reaches customers, viewers and guests worldwide through the connectivity and platforms services we provide and the content and experiences we create.

We deliver broadband, wireless, video and voice services primarily under the Xfinity, Comcast Business and Sky brands; produce, distribute and stream leading entertainment, sports and news through brands including NBC, Telemundo, Universal, Peacock and Sky; and own and operate Universal theme parks.

We operate two primary businesses:

- Connectivity & Platforms: Contains our broadband, wireless, video and wireline voice businesses in the United States, United Kingdom and Italy (collectively, the “Connectivity & Platforms markets”).

Also includes the operations of our Sky-branded entertainment television networks in the United Kingdom and Italy.

Our Connectivity & Platforms business is reported in two segments, Residential Connectivity & Platforms and Business Services Connectivity.

Our Content & Experiences business is reported in three segments, Media, Studios and Theme Parks.

| Connectivity & Platforms Business | | |

Residential Connectivity & Platforms Segment

Our Residential Connectivity & Platforms segment primarily includes:

- Residential broadband and wireless services (collectively, “Residential Connectivity”)

- Residential and business video services, Sky-branded entertainment television networks and advertising

We offer services to customers individually and as bundled services at a discounted rate.

We offer broadband services in the United States over our hybrid fiber-optic and coaxial (“HFC”) network, as well as through direct fiber-to-the-premises connections for certain customers, and internationally in the United Kingdom and Italy by leveraging networks owned by third-party telecommunications providers.

Our domestic broadband services have a range of service levels that include downstream speeds up to 1.2 gigabits per second across nearly our entire footprint on our HFC network.

In connection with a multiyear network transformation plan, in 2022 we began rolling out downstream speeds of up to 2 gigabits per second, which are now available to approximately a third of our footprint on our HFC network, and in 2023, we began deploying DOCSIS 4.0 in select markets.

We also deploy fiber-to-the-premises, with symmetrical speed offerings ranging up to 10 gigabits per second to customers who request that service, subject to local construction constraints.

We also offer a separate service providing monthly access to our expanding network of secure Wi-Fi hotspots.

The map below highlights our domestic HFC network footprint and the markets where we had 250,000 or more domestic residential broadband customers as of December 31, 2023.

Our international broadband services primarily include fiber-to-the-cabinet offerings, and increasingly fiber-to-the-premises offerings.

We also offer Xumo Stream Box (formerly Flex) devices to our domestic broadband customers, which enable customers to consume content over the internet rather than via linear television.

The Xumo Stream Box includes integrated search functionality and a voice-activated remote control.

Wireless customers may activate multiple lines per account.

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

We offer video services to residential and business customers primarily through our X1 platform in the United States over our HFC network, and through our Sky Q platform internationally in the United Kingdom and Italy using a combination of satellite transmission and broadband connections.

X1 and Sky Q are cloud-based platforms that provide integrated search functionality leveraging set-top boxes and a voice-activated remote control.

We offer a range of video packages from basic linear service to full linear service, which typically include free-to-air networks and a range of other linear television networks including premium, sports and news networks.

Our international video packages also include Sky-branded entertainment television networks that offer entertainment, premium movie and free-to-air programming, as well as Sky Sports networks that are part of our Media segment.

We also offer DTC streaming services marketed using the NOW brand, with an offering in the United States that launched in 2023.

NOW services provide video content over the internet and do not require a set-top box.

Our domestic NOW TV service is only offered to residential broadband customers and includes monthly access to a variety of linear television networks; entertainment and movie programming; integrated access to free streaming channels from Xumo Play, NBC and Sky; and access to the ad-supported tier of Peacock.

We also offer video services in the United Kingdom and Italy over a broadband connection without the need for a satellite dish.

These services have an operating system similar to Sky Q and are offered to customers that purchase our Sky Glass smart televisions or through Sky Stream, which leverages a streaming device and Wi-Fi.

We offer residential wireline voice services primarily using interconnected Voice over Internet Protocol (“VoIP”) technology, and we offer residential security and automation services.

Business Services Connectivity Segment

Our Business Services Connectivity segment consists of our service offerings for small business locations in the United States, which include broadband, wireline voice and wireless services, as well as our service offerings for medium-sized customers and larger enterprises.

We offer broadband services primarily over our HFC network with a range of service levels that include downstream speeds up to 1.25 gigabits per second, as well as fiber-based services that deliver symmetrical speeds ranging up to 100 gigabits per second.

We have also launched small business connectivity service offerings in the United Kingdom.

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

This network provides the two-way transmissions required to provide connectivity services and interactive video and entertainment services through our platforms, and consists primarily of headends, coaxial and fiber-optic cables owned or leased by us, and equipment such as lasers, routers, switches and content distribution servers.

We are a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal and Sky.

We were incorporated under the laws of Pennsylvania in December 2001.

Through our predecessors, we have developed, managed and operated cable systems since 1963.

Through transactions in 2011 and 2013, we acquired NBCUniversal, and in 2018, we acquired Sky.

We present our operations in five reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.

| | | |

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

| 2022 Consolidated Operating Results(a) | | |

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

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

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

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

Refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information.

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

- 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 Peacock, our direct-to-consumer streaming service (“DTC streaming service”).

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

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

| | | | | | | | | |

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

| Cable Communications Segment | | |

Cable Communications offers broadband, video, voice, wireless, and other services in the United States individually and as bundled services at a discounted rate to residential and business customers.

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

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

Customer Relationships and the Areas We Serve

All customer metrics included in this section are as of December 31, 2022.

| | | | | | |

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

| (in millions) | | | December 31, 2022 | | |

| Customer relationships | | | | | |

| Residential customer relationships | | | 31.8 | | |

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

| Total customer relationships | | | 34.3 | | |

| Homes and businesses passed | | | 61.4 | | |

| Total customer relationships penetration of homes and businesses passed | | | 56 | | % |

Homes and businesses are considered passed if we can connect them to our cable distribution system without further extending the transmission lines and are estimated based on the best available information.

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, 2022.


*Broadband - 29.8 million customers*

We offer broadband services over our hybrid fiber-optic and coaxial (“HFC”) cable network, featuring gigabit downstream speeds across nearly our entire footprint, as well as other advanced features and functionality.

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

See Note 15 [added: to the consolidated financial statements] included in this Annual Report on Form 10-K for a discussion of legal proceedings.

FOR THE FISCAL YEAR ENDED December 31, [removed: 2022][added: 2023]

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

See [removed: definition] [added: the definitions] of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange [removed: Act:][added: Act.]

As of June 30, [removed: 2022,] [added: 2023,] the aggregate market value of the Comcast Corporation common stock held by non-affiliates of the registrant was [removed: $171.716] [added: $170.209] billion.

As of January 15, [removed: 2023,] [added: 2024,] there were [removed: 4,206,611,953] [added: 3,962,412,964] shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

[Table of [removed: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)][added: Contents](#i1446b223eebe480292467fde0a61d371_7)]

[removed: 2022] [added: 2023] Annual Report on Form 10-K

| Item 1 | | | [removed: [Business](#i32dd93cb8ddc47f59d0fb05d0020c46f_13)] [added: [Business](#i1446b223eebe480292467fde0a61d371_13)] | | | [removed: [1](#i32dd93cb8ddc47f59d0fb05d0020c46f_13)] [added: [1](#i1446b223eebe480292467fde0a61d371_13)] | | |

| Item 1A | | | [Risk [removed: Factors](#i32dd93cb8ddc47f59d0fb05d0020c46f_91)] [added: Factors](#i1446b223eebe480292467fde0a61d371_85)] | | | [removed: [24](#i32dd93cb8ddc47f59d0fb05d0020c46f_91)] [added: [20](#i1446b223eebe480292467fde0a61d371_85)] | | |

| Item 1B | | | [Unresolved Staff [removed: Comments](#i32dd93cb8ddc47f59d0fb05d0020c46f_94)] [added: Comments](#i1446b223eebe480292467fde0a61d371_88)] | | | [removed: [32](#i32dd93cb8ddc47f59d0fb05d0020c46f_94)] [added: [27](#i1446b223eebe480292467fde0a61d371_88)] | | |

| Item 2 | | | [removed: [Properties](#i32dd93cb8ddc47f59d0fb05d0020c46f_97)] [added: [Properties](#i1446b223eebe480292467fde0a61d371_91)] | | | [removed: [32](#i32dd93cb8ddc47f59d0fb05d0020c46f_97)] [added: [29](#i1446b223eebe480292467fde0a61d371_91)] | | |

| Item 3 | | | [Legal [removed: Proceedings](#i32dd93cb8ddc47f59d0fb05d0020c46f_100)] [added: Proceedings](#i1446b223eebe480292467fde0a61d371_94)] | | | [removed: [33](#i32dd93cb8ddc47f59d0fb05d0020c46f_100)] [added: [29](#i1446b223eebe480292467fde0a61d371_94)] | | |

| Item 4 | | | [Mine Safety [removed: Disclosures](#i32dd93cb8ddc47f59d0fb05d0020c46f_103)] [added: Disclosures](#i1446b223eebe480292467fde0a61d371_97)] | | | [removed: [33](#i32dd93cb8ddc47f59d0fb05d0020c46f_103)] [added: [29](#i1446b223eebe480292467fde0a61d371_97)] | | |

| Item 5 | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i32dd93cb8ddc47f59d0fb05d0020c46f_109)] [added: Securities](#i1446b223eebe480292467fde0a61d371_103)] | | | [removed: [34](#i32dd93cb8ddc47f59d0fb05d0020c46f_109)] [added: [30](#i1446b223eebe480292467fde0a61d371_103)] | | |

| Item 7 | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i32dd93cb8ddc47f59d0fb05d0020c46f_121)] [added: Operations](#i1446b223eebe480292467fde0a61d371_109)] | | | [removed: [36](#i32dd93cb8ddc47f59d0fb05d0020c46f_121)] [added: [32](#i1446b223eebe480292467fde0a61d371_109)] | | |

| Item 7A | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i32dd93cb8ddc47f59d0fb05d0020c46f_202)] [added: Risk](#i1446b223eebe480292467fde0a61d371_202)] | | | [removed: [61](#i32dd93cb8ddc47f59d0fb05d0020c46f_202)] [added: [57](#i1446b223eebe480292467fde0a61d371_202)] | | |

| Item 8 | | | [Comcast Corporation Financial Statements and Supplementary [removed: Data](#i32dd93cb8ddc47f59d0fb05d0020c46f_205)] [added: Data](#i1446b223eebe480292467fde0a61d371_205)] | | | [removed: [63](#i32dd93cb8ddc47f59d0fb05d0020c46f_205)] [added: [59](#i1446b223eebe480292467fde0a61d371_205)] | | |

| Item 9 | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i32dd93cb8ddc47f59d0fb05d0020c46f_289)] [added: Disclosure](#i1446b223eebe480292467fde0a61d371_292)] | | | [removed: [97](#i32dd93cb8ddc47f59d0fb05d0020c46f_289)] [added: [92](#i1446b223eebe480292467fde0a61d371_292)] | | |

| Item 9A | | | [Controls and [removed: Procedures](#i32dd93cb8ddc47f59d0fb05d0020c46f_292)] [added: Procedures](#i1446b223eebe480292467fde0a61d371_295)] | | | [removed: [97](#i32dd93cb8ddc47f59d0fb05d0020c46f_292)] [added: [92](#i1446b223eebe480292467fde0a61d371_295)] | | |

| Item 9B | | | [Other [removed: Information](#i32dd93cb8ddc47f59d0fb05d0020c46f_295)] [added: Information](#i1446b223eebe480292467fde0a61d371_298)] | | | [removed: [97](#i32dd93cb8ddc47f59d0fb05d0020c46f_295)] [added: [92](#i1446b223eebe480292467fde0a61d371_298)] | | |

| Item 9C | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i32dd93cb8ddc47f59d0fb05d0020c46f_298)] [added: Inspections](#i1446b223eebe480292467fde0a61d371_301)] | | | [removed: [97](#i32dd93cb8ddc47f59d0fb05d0020c46f_298)] [added: [92](#i1446b223eebe480292467fde0a61d371_301)] | | |

| Item 10 | | | [Directors, Executive Officers and Corporate [removed: Governance](#i32dd93cb8ddc47f59d0fb05d0020c46f_304)] [added: Governance](#i1446b223eebe480292467fde0a61d371_307)] | | | [removed: [98](#i32dd93cb8ddc47f59d0fb05d0020c46f_304)] [added: [93](#i1446b223eebe480292467fde0a61d371_307)] | | |

| Item 11 | | | [Executive [removed: Compensation](#i32dd93cb8ddc47f59d0fb05d0020c46f_307)] [added: Compensation](#i1446b223eebe480292467fde0a61d371_310)] | | | [removed: [98](#i32dd93cb8ddc47f59d0fb05d0020c46f_307)] [added: [93](#i1446b223eebe480292467fde0a61d371_310)] | | |

| Item 12 | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i32dd93cb8ddc47f59d0fb05d0020c46f_310)] [added: Matters](#i1446b223eebe480292467fde0a61d371_313)] | | | [removed: [99](#i32dd93cb8ddc47f59d0fb05d0020c46f_310)] [added: [94](#i1446b223eebe480292467fde0a61d371_313)] | | |

| Item 13 | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i32dd93cb8ddc47f59d0fb05d0020c46f_313)] [added: Independence](#i1446b223eebe480292467fde0a61d371_316)] | | | [removed: [99](#i32dd93cb8ddc47f59d0fb05d0020c46f_313)] [added: [94](#i1446b223eebe480292467fde0a61d371_316)] | | |

| Item 14 | | | [Principal Accountant Fees and [removed: Services](#i32dd93cb8ddc47f59d0fb05d0020c46f_316)] [added: Services](#i1446b223eebe480292467fde0a61d371_319)] | | | [removed: [99](#i32dd93cb8ddc47f59d0fb05d0020c46f_316)] [added: [94](#i1446b223eebe480292467fde0a61d371_319)] | | |

| Item 15 | | | [Exhibits and Financial Statement [removed: Schedules](#i32dd93cb8ddc47f59d0fb05d0020c46f_322)] [added: Schedules](#i1446b223eebe480292467fde0a61d371_325)] | | | [removed: [100](#i32dd93cb8ddc47f59d0fb05d0020c46f_322)] [added: [95](#i1446b223eebe480292467fde0a61d371_325)] | | |

This Annual Report on Form 10-K is for the year ended December 31, [removed: 2022.][added: 2023.]

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

| Item 1C | | | [C](#i1446b223eebe480292467fde0a61d371_3100)[ybersecurity](#i1446b223eebe480292467fde0a61d371_3100) | | | [28](#i1446b223eebe480292467fde0a61d371_3100) | | |

| Item 6 | | | [\[Reserved\]](#i1446b223eebe480292467fde0a61d371_106) | | | [31](#i1446b223eebe480292467fde0a61d371_106) | | |

| Item 16 | | | [Form 10-K Summary](#i1446b223eebe480292467fde0a61d371_328) | | | [98](#i1446b223eebe480292467fde0a61d371_328) | | |

| [Signatures](#i1446b223eebe480292467fde0a61d371_331) | | | | | | [99](#i1446b223eebe480292467fde0a61d371_331) | | |

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

| Item 6 | | | [\[Reserved\]](#i32dd93cb8ddc47f59d0fb05d0020c46f_115) | | | [35](#i32dd93cb8ddc47f59d0fb05d0020c46f_115) | | |

| Item 16 | | | [Form 10-K Summary](#i32dd93cb8ddc47f59d0fb05d0020c46f_325) | | | [103](#i32dd93cb8ddc47f59d0fb05d0020c46f_325) | | |

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

| | | | | | | | | |

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

| | | | 27 | | | Comcast 2023 Annual Report on Form 10-K | | |

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

Our management, with involvement and input from our Board of Directors, performs an annual enterprise-wide risk management (“ERM”) assessment to identify and manage key existing and emerging risks for our company.

Our ERM process assesses the characteristics and circumstances of the evolving business environment at the time and seeks to identify both the potential impacts to our company of a particular risk and the velocity with which the risk may manifest (e.g., rapidly in less than three months or more slowly in more than twelve months).

Our senior executive management team has the overall responsibility for, and oversight of, our ERM process, and an ERM steering committee manages the process, with one or more senior business executives then monitoring and managing each of the identified risks.

Cybersecurity is among the risks identified for Board-level oversight as a result of our most recent ERM assessment, with our Audit Committee of the Board being responsible for overseeing our policies, practices and assessments with respect to cybersecurity.

The Board and/or our Audit Committee receive regular updates throughout the year on cybersecurity.

Each of our Board and Audit Committee separately receives an annual report on cybersecurity matters and related risk exposures from our primary businesses’ Chief Information Security Officers (“CISOs”) and Chief Technology Officers or other similar officers (“CTOs”).

When covered during an Audit Committee meeting, the chair of the Audit Committee reports on its discussion to the full Board.

Our Audit Committee also receives regular updates on our cybersecurity posture throughout the year, as appropriate.

In addition to this Board-level oversight, our Cybersecurity Leadership Council (“CLC”) oversees our cybersecurity strategy and is responsible for overseeing and managing our cybersecurity risk.

The CLC includes our Chief Financial Officer (“CFO”), Chief Legal Officer, head of Internal Audit, and lead internal securities counsel, as well as the CISOs, CTOs, CFOs and General Counsels of our primary businesses.

Given the complex and varied nature of our businesses, the Connectivity & Platforms and Content & Experiences businesses each have a dedicated CISO who we believe is appropriately qualified to assess and manage cybersecurity risks.

The Connectivity & Platforms CISO has served in various roles in product security and privacy at our company since 2016, held various leadership and technical positions in Fortune 500 companies before joining our company, and has educational degrees in computer science and electrical engineering.

The Content & Experiences CISO has served in various roles in information security at our company since 2018, held various roles in managing security operation center service portfolios and information security before joining our company, and has educational degrees in management and business organizational management and management information systems and services.

The CLC conducts regular meetings throughout the year during which CISOs provide updates and report on meaningful cybersecurity risks, threats, incidents and vulnerabilities in accordance with the CLC’s reporting framework, as well as related priorities, mitigation and remediation activities, financial and employee resource levels, regulatory compliance, technology trends and third-party provider risks.

To help inform this reporting framework, our primary businesses maintain incident response plans and other policies and procedures designed to respond to, mitigate and remediate cybersecurity incidents according to a defined set of severity ratings based on the potential impact to our business, information technology systems, network or data, including data held or information technology (“IT”) services provided by third-party vendors or other service providers.

Network and information systems and other technologies, including those that are related to our network management, customer service operations and programming delivery and are embedded in our products and services, are critical to our business activities.

We also obtain certain confidential, proprietary and personal information about our customers, personnel and vendors, that in many cases is provided or made available to third-party vendors who agree to protect it.

As a result, we have multiple layers of security designed to detect and block cybersecurity events, as well as a dedicated team of cybersecurity personnel, which assist our CISOs in helping to assess, identify, monitor, detect and manage cybersecurity risks, threats, vulnerabilities and incidents.

In the normal course, we engage assessors, consultants and other third parties to assist in various cyber-related matters.

For example, an outside consulting firm conducts a National Institute of Standards and Technology and International Organization for Standardization based cybersecurity capability maturity assessment every three years, which is reviewed with the Audit Committee, and our security teams leverage third-party advisors, as appropriate.

We also perform penetration tests, data recovery testing, security audits and risk assessments throughout the year.

Our cybersecurity program also incorporates intelligence sharing capabilities about emerging threats within the telecommunications industry and other industries through collaboration with peer companies and specialized consultants and through public-private partnerships with government intelligence agencies.

We hold cybersecurity trainings for our employees and request that key vendors do the same.

| | | | | | | | | |

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

| Comcast 2023 Annual Report on Form 10-K | | | 28 | | | | | |

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

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

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

See “Item 1A: Risk Factors” above for additional information on risks related our business, including for example risks related to cyber attacks, information and system breaches, and technology disruptions and failures; our reliance on using and protecting certain intellectual property rights; keeping pace with technological developments; legal and regulatory developments; and obtaining hardware, software and operational support from third-party vendors.

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

We [added: also] own or lease buildings throughout the [removed: United States] [added: Connectivity & Platforms markets] that contain [added: administrative space,] retail stores and customer service centers, [removed: warehouses] and [removed: administrative space.][added: warehouses.]

[removed: NBCUniversal’s corporate] [added: Our Content & Experiences business and NBCUniversal] headquarters are located in New York, New York at 30 Rockefeller Plaza and [added: its] surrounding [removed: campus and] [added: campus, which] include offices and [removed: studios, which are] [added: studios] used by [removed: Headquarters and Other and] the Media segment.

We own substantially all of the space we occupy at 30 Rockefeller [removed: Plaza.][added: Plaza, and we lease the spaces in the surrounding campus.]

We also own or lease [added: additional] offices, studios, production facilities, screening rooms, retail operations, warehouse space, satellite transmission receiving facilities and data centers in numerous locations in the United States and around the [removed: world, including property for our owned local broadcast television stations.][added: world.]

| Connectivity & Platforms Business | | |

Our principal physical assets for the operations of the Residential Connectivity & Platforms and the Business Services Connectivity segments consist of operating plant and equipment, including our HFC network in the United States.

Refer to Item 1: Business: Network and Technology for additional information.

Our Connectivity & Platforms business headquarters is located in One Comcast Center, Philadelphia, Pennsylvania.

We also own the Comcast Technology Center, which is a center for our technology and engineering workforce located adjacent to the Comcast Center, and our Sky headquarters, located in Middlesex, United Kingdom.

| Content & Experiences Business | | |

Other principal locations supporting our Media segment operations include our leased Telemundo headquarters and production facilities in Miami, Florida, as well as our Universal City location in Los Angeles, California and our owned CNBC headquarters and production facilities located in Englewood Cliffs, New Jersey.

Refer to Item 1: Business: Studios Segment and Theme Parks Segment for information on properties used in those respective segment operations.

Additionally, we own the Comcast Technology Center, which is adjacent to the Comcast Center, 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 have leases for numerous business offices, warehouses and properties throughout the United States that house divisional information technology operations.

| | | |

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

| Cable Communications Segment | | |

Our principal physical assets consist of operating plant and equipment, including cable system signal receiving, encoding and decoding devices, headends and distribution networks.

Our distribution network consists primarily of headends, content distribution servers, coaxial and fiber-optic cables, lasers, routers, switches and related electronic equipment.

Our cable plant and related equipment generally are connected to utility poles under pole rental agreements with local public utilities, although in some areas the distribution cable is buried in underground ducts or trenches.

The physical components of cable systems require periodic maintenance and replacement.

Our cable system signal reception sites, which consist primarily of antenna towers and headends, and our microwave facilities are located on owned and leased parcels of land, and we own or lease space on the towers on which certain of our equipment is located.

We own most of our service vehicles.

Our broadband network consists of fiber-optic cables owned or leased by us and related equipment.

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

In addition, we maintain network operations centers with equipment necessary to monitor and manage the status of our services and network.

We also own a building that houses our digital media center.

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

| | | | | | | | | |

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

| Comcast 2022 Annual Report on Form 10-K | | | 32 | | | | | |

[Table of Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)

| NBCUniversal Segments | | |

We also lease space in 10 Rockefeller Plaza that includes *The Today Show* studio, production facilities and offices used by the Media segment.

Telemundo’s leased headquarters and production facilities are located in Miami, Florida and are used by the Media segment and Headquarters and Other.

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

Our owned CNBC headquarters and production facilities and disaster recovery center are located in Englewood Cliffs, New Jersey and are used by the Media segment and Headquarters and Other.

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

| Sky Segment | | |

Sky’s principal physical assets consist of operating plant and equipment, including leased satellite system signal receiving, encoding and decoding devices, and owned and leased headends and distribution networks, including coaxial, fiber-optic cables and other related equipment.

In the United Kingdom, Sky uses a combination of its own core fiber network and wholesaling arrangements over third-party telecommunication providers’ networks as the core network and also accesses the “last mile” network from third-party network operators for a fee to provide its services to customers.

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.

We also own or lease offices, production facilities and studios, broadcasting facilities, customer support centers and retail stores throughout Europe, including in the United Kingdom, Ireland, Germany, Italy and Austria.

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

| Other | | |

The Wells Fargo Center, a large, multipurpose arena in Philadelphia, Pennsylvania that we own is the principal physical operating asset used by our other businesses.

| | | | [removed: 33] [added: 29] | | | Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)][added: Contents](#i1446b223eebe480292467fde0a61d371_7)]

[removed: |] Dividends [removed: Declared | | | | | | | | | | | | | | |]

| [removed: 2022] | | | [added: 2019] | | | [added: 2020] | | | 2021 | | | [added: 2022] | | | [added: 2023 | | |]

Record holders as of January 15, [removed: 2023] [added: 2024] are presented in the table below.

| Class A Common Stock | | | [removed: 336,649] [added: 320,193] | | |

The table below summarizes Comcast’s common stock repurchases during [removed: 2022.][added: 2023.]

[removed: (a)Effective January 1,] [added: (a)In September] 2022, our Board of Directors [removed: increased our] [added: approved a] share repurchase program authorization [removed: to $10] [added: of $20] billion.

In [removed: September 2022,] [added: January 2024,] our Board of Directors approved a new share repurchase program authorization of [removed: $20] [added: $15] billion, [removed: effective September 13, 2022.][added: which has no expiration date.]

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

| Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | | [removed: 34] [added: 30] | | | | | |

[Table of [removed: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)][added: Contents](#i1446b223eebe480292467fde0a61d371_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: 2022] [added: 2023] 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 [removed: cable, communications] [added: transmission] and [added: distribution and] media industries.

This peer group consists of our Class A common stock and the common stock of AT&T Inc., Charter Communications, Inc., [removed: DISH Network Corporation] [added: Fox Corp.] (Class A), Lumen Technologies, Inc., [added: Paramount Global (Class B),] T-Mobile US, [removed: Inc. and] [added: Inc.,] Verizon Communications [removed: Inc. (the “transmission and distribution subgroup”); and] [added: Inc.,] Warner Bros.

Discovery Inc. [removed: (formerly Discovery Inc. Class A), Paramount Global (formerly ViacomCBS Inc.) (Class B)] and The Walt Disney Company (the [removed: “media subgroup”).][added: “New Peer Group”).]

The comparison assumes $100 was invested on December 31, [removed: 2017] [added: 2018] in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends.

[removed: ][added: ]

Market Information

Holders

Refer to Liquidity and Capital Resources in Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information.

Share Repurchases

| First Quarter 2023 | | | 52,545,035 | | | $ | 38.06 | | 52,545,035 | | | $ | 1,999,999,325 | | $ | 14,000,000,855 | |

| Second Quarter 2023 | | | 50,509,440 | | | $ | 39.60 | | 50,509,440 | | | $ | 1,999,999,962 | | $ | 12,000,000,893 | |

| Third Quarter 2023 | | | 77,464,030 | | | $ | 45.18 | | 77,464,030 | | | $ | 3,500,000,652 | | $ | 8,500,000,241 | |

| October 1-31, 2023 | | | 44,347,247 | | | $ | 42.84 | | 44,347,247 | | | $ | 1,899,957,474 | | $ | 6,600,042,767 | |

| November 1-30, 2023 | | | 22,423,430 | | | $ | 42.14 | | 22,423,430 | | | $ | 944,948,397 | | $ | 5,655,094,370 | |

| December 1-31, 2023 | | | 15,161,912 | | | $ | 43.21 | | 15,161,912 | | | $ | 655,093,867 | | $ | 5,000,000,503 | |

| Total | | | 262,451,094 | | | $ | 41.91 | | 262,451,094 | | | $ | 10,999,999,677 | | $ | 5,000,000,503 | |

Following the change in our segment reporting in 2023, we have updated the peer group presented to simplify the calculation, to remove DISH Network Corporation (Class A) due to its smaller market capitalization and to add Fox Corp. The peer group presented in our 2022 Annual Report on Form 10-K was constructed as a composite peer group in which the subgroup of transmission and distribution industry peer companies listed above, along with DISH Network, and the subgroup of media industry peer companies listed above, were weighted based on the respective revenue of our transmission and distribution and media businesses, or 65% and 35%, respectively in the current year (the “Prior Peer Group”).

| Comcast Class A | | | $ | 134 | | $ | 160 | | $ | 156 | | $ | 111 | | $ | 144 | |

| S&P 500 Stock Index | | | $ | 131 | | $ | 156 | | $ | 200 | | $ | 164 | | $ | 207 | |

| Prior Peer Group | | | $ | 132 | | $ | 147 | | $ | 137 | | $ | 108 | | $ | 120 | |

| New Peer Group | | | $ | 131 | | $ | 147 | | $ | 135 | | $ | 104 | | $ | 114 | |

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

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

| Month Declared: | | | Dividend Per Share | | | | | | Month Declared: | | | Dividend Per Share | | |

| January | | | $ | 0.27 | | | | | January | | | $ | 0.25 | |

| May | | | $ | 0.27 | | | | | May | | | $ | 0.25 | |

| July | | | $ | 0.27 | | | | | July | | | $ | 0.25 | |

| October (paid in January 2023) | | | $ | 0.27 | | | | | October (paid in January 2022) | | | $ | 0.25 | |

| Total | | | $ | 1.08 | | | | | Total | | | $ | 1.00 | |

In January 2023, our Board of Directors approved a 7.4% increase in our dividend to $1.16 per share on an annualized basis.

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

| 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 | |

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

| | | | 2018 | | | 2019 | | | 2020 | | | 2021 | | | 2022 | | |

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

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

| Peer Group Index | | | $ | 93 | | $ | 122 | | $ | 136 | | $ | 127 | | $ | 100 | |

| | | | [removed: 35] [added: 31] | | | Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)][added: Contents](#i1446b223eebe480292467fde0a61d371_7)]

| [Report of [removed: Management](#i32dd93cb8ddc47f59d0fb05d0020c46f_208)] [added: Management](#i1446b223eebe480292467fde0a61d371_208)] | | | [removed: [64](#i32dd93cb8ddc47f59d0fb05d0020c46f_208)] [added: [60](#i1446b223eebe480292467fde0a61d371_208)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i32dd93cb8ddc47f59d0fb05d0020c46f_211)] [added: Firm](#i1446b223eebe480292467fde0a61d371_211)] | | | [removed: [65](#i32dd93cb8ddc47f59d0fb05d0020c46f_211)] [added: [61](#i1446b223eebe480292467fde0a61d371_211)] | | |

| [Consolidated [removed: Statement] [added: Statements] of [removed: Income](#i32dd93cb8ddc47f59d0fb05d0020c46f_214)] [added: Income](#i1446b223eebe480292467fde0a61d371_214)] | | | [removed: [67](#i32dd93cb8ddc47f59d0fb05d0020c46f_214)] [added: [63](#i1446b223eebe480292467fde0a61d371_214)] | | |

| [Consolidated [removed: Statement] [added: Statements] of Comprehensive [removed: Income](#i32dd93cb8ddc47f59d0fb05d0020c46f_217)] [added: Income](#i1446b223eebe480292467fde0a61d371_217)] | | | [removed: [68](#i32dd93cb8ddc47f59d0fb05d0020c46f_217)] [added: [64](#i1446b223eebe480292467fde0a61d371_217)] | | |

| [Consolidated [removed: Statement] [added: Statements] of Cash [removed: Flows](#i32dd93cb8ddc47f59d0fb05d0020c46f_220)] [added: Flows](#i1446b223eebe480292467fde0a61d371_220)] | | | [removed: [69](#i32dd93cb8ddc47f59d0fb05d0020c46f_220)] [added: [65](#i1446b223eebe480292467fde0a61d371_220)] | | |

| [Consolidated Balance [removed: Sheet](#i32dd93cb8ddc47f59d0fb05d0020c46f_223)] [added: Sheets](#i1446b223eebe480292467fde0a61d371_223)] | | | [removed: [70](#i32dd93cb8ddc47f59d0fb05d0020c46f_223)] [added: [66](#i1446b223eebe480292467fde0a61d371_223)] | | |

| [Consolidated [removed: Statement] [added: Statements] of Changes in [removed: Equity](#i32dd93cb8ddc47f59d0fb05d0020c46f_226)] [added: Equity](#i1446b223eebe480292467fde0a61d371_226)] | | | [removed: [71](#i32dd93cb8ddc47f59d0fb05d0020c46f_226)] [added: [67](#i1446b223eebe480292467fde0a61d371_226)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i32dd93cb8ddc47f59d0fb05d0020c46f_229)] [added: Statements](#i1446b223eebe480292467fde0a61d371_229)] | | | [removed: [72](#i32dd93cb8ddc47f59d0fb05d0020c46f_229)] [added: [68](#i1446b223eebe480292467fde0a61d371_229)] | | |

| [Note 1: Summary of Significant Accounting [removed: Policies](#i32dd93cb8ddc47f59d0fb05d0020c46f_232)] [added: Policies](#i1446b223eebe480292467fde0a61d371_232)] | | | [removed: [72](#i32dd93cb8ddc47f59d0fb05d0020c46f_232)] [added: [68](#i1446b223eebe480292467fde0a61d371_232)] | | |

| [Note 2: Segment [removed: Information](#i32dd93cb8ddc47f59d0fb05d0020c46f_235)] [added: Information](#i1446b223eebe480292467fde0a61d371_235)] | | | [removed: [73](#i32dd93cb8ddc47f59d0fb05d0020c46f_235)] [added: [69](#i1446b223eebe480292467fde0a61d371_235)] | | |

| [Note 3: [removed: Revenue](#i32dd93cb8ddc47f59d0fb05d0020c46f_238)] [added: Revenue](#i1446b223eebe480292467fde0a61d371_238)] | | | [removed: [75](#i32dd93cb8ddc47f59d0fb05d0020c46f_238)] [added: [71](#i1446b223eebe480292467fde0a61d371_238)] | | |

| [Note 4: Programming and Production [removed: Costs](#i32dd93cb8ddc47f59d0fb05d0020c46f_244)] [added: Costs](#i1446b223eebe480292467fde0a61d371_244)] | | | [removed: [80](#i32dd93cb8ddc47f59d0fb05d0020c46f_244)] [added: [74](#i1446b223eebe480292467fde0a61d371_244)] | | |

| [Note 5: Income [removed: Taxes](#i32dd93cb8ddc47f59d0fb05d0020c46f_247)] [added: Taxes](#i1446b223eebe480292467fde0a61d371_247)] | | | [removed: [82](#i32dd93cb8ddc47f59d0fb05d0020c46f_247)] [added: [76](#i1446b223eebe480292467fde0a61d371_247)] | | |

| [Note 6: Long-Term [removed: Debt](#i32dd93cb8ddc47f59d0fb05d0020c46f_250)] [added: Debt](#i1446b223eebe480292467fde0a61d371_250)] | | | [removed: [84](#i32dd93cb8ddc47f59d0fb05d0020c46f_250)] [added: [79](#i1446b223eebe480292467fde0a61d371_250)] | | |

| [Note 7: Significant [removed: Transactions](#i32dd93cb8ddc47f59d0fb05d0020c46f_253)] [added: Transactions](#i1446b223eebe480292467fde0a61d371_256)] | | | [removed: [86](#i32dd93cb8ddc47f59d0fb05d0020c46f_253)] [added: [81](#i1446b223eebe480292467fde0a61d371_256)] | | |

| [Note 8: Investments and Variable Interest [removed: Entities](#i32dd93cb8ddc47f59d0fb05d0020c46f_259)] [added: Entities](#i1446b223eebe480292467fde0a61d371_262)] | | | [removed: [86](#i32dd93cb8ddc47f59d0fb05d0020c46f_259)] [added: [81](#i1446b223eebe480292467fde0a61d371_262)] | | |

| [Note 9: Property and [removed: Equipment](#i32dd93cb8ddc47f59d0fb05d0020c46f_262)] [added: Equipment](#i1446b223eebe480292467fde0a61d371_265)] | | | [removed: [89](#i32dd93cb8ddc47f59d0fb05d0020c46f_262)] [added: [84](#i1446b223eebe480292467fde0a61d371_265)] | | |

| [Note 10: Goodwill and Intangible [removed: Assets](#i32dd93cb8ddc47f59d0fb05d0020c46f_265)] [added: Assets](#i1446b223eebe480292467fde0a61d371_268)] | | | [removed: [90](#i32dd93cb8ddc47f59d0fb05d0020c46f_265)] [added: [85](#i1446b223eebe480292467fde0a61d371_268)] | | |

| [Note 11: Employee Benefit [removed: Plans](#i32dd93cb8ddc47f59d0fb05d0020c46f_268)] [added: Plans](#i1446b223eebe480292467fde0a61d371_271)] | | | [removed: [92](#i32dd93cb8ddc47f59d0fb05d0020c46f_268)] [added: [87](#i1446b223eebe480292467fde0a61d371_271)] | | |

| [Note 13: Share-Based [removed: Compensation](#i32dd93cb8ddc47f59d0fb05d0020c46f_277)] [added: Compensation](#i1446b223eebe480292467fde0a61d371_280)] | | | [removed: [94](#i32dd93cb8ddc47f59d0fb05d0020c46f_277)] [added: [89](#i1446b223eebe480292467fde0a61d371_280)] | | |

| [Note 14: Supplemental Financial [removed: Information](#i32dd93cb8ddc47f59d0fb05d0020c46f_280)] [added: Information](#i1446b223eebe480292467fde0a61d371_283)] | | | [removed: [95](#i32dd93cb8ddc47f59d0fb05d0020c46f_280)] [added: [89](#i1446b223eebe480292467fde0a61d371_283)] | | |

| [Note 15: Commitments and [removed: Contingencies](#i32dd93cb8ddc47f59d0fb05d0020c46f_283)] [added: Contingencies](#i1446b223eebe480292467fde0a61d371_286)] | | | [removed: [95](#i32dd93cb8ddc47f59d0fb05d0020c46f_283)] [added: [90](#i1446b223eebe480292467fde0a61d371_286)] | | |

| | | | [removed: 63] [added: 59] | | | Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i32dd93cb8ddc47f59d0fb05d0020c46f_7)][added: Contents](#i1446b223eebe480292467fde0a61d371_7)]

Based on this evaluation, our management concluded that the system of internal control over financial reporting was effective as of December 31, [removed: 2022.][added: 2023.]

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

| Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | | [removed: 64] [added: 60] | | | | | |

We have audited the accompanying consolidated balance sheets of Comcast Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] 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: 2022,] [added: 2023,] 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: 2022,] [added: 2023,] 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: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2022,] [added: 2023,] 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: 2022,] [added: 2023,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

[removed: Sky Goodwill] [added: Connectivity & Platforms Revenue Recognition] - Refer to Note [removed: 10] [added: 3] to the financial statements

| | | | [removed: 65] [added: 61] | | | Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | |

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

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

| Comcast [removed: 2022] [added: 2023] Annual Report on Form 10-K | | | [removed: 66] [added: 62] | | | | | |

Consolidated [removed: Statement] [added: Statements] of Income

| Year ended December 31 (in millions, except per share data) | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Revenue | | | $ | [removed: 121,427] [added: 121,572] | | | | | $ | [removed: 116,385] [added: 121,427] | | | | | $ | [removed: 103,564] [added: 116,385] | |

| Programming and production | | | [removed: 38,213] [added: 36,762] | | | | | | [removed: 38,450] [added: 38,213] | | | | | | [removed: 33,121] [added: 38,450] | | |

| [Note 12: Equity](#i1446b223eebe480292467fde0a61d371_274) | | | [88](#i1446b223eebe480292467fde0a61d371_274) | | |

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

The Company’s Connectivity & Platforms businesses generate revenue from customers that subscribe to broadband and wireless connectivity services, video services and wireline voice services.

These services are offered to customers individually and as bundled services at a discounted rate.

The processing and recording of revenue are reliant upon multiple information technology (IT) systems.

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

Given the volume of data and the number of IT systems, subjective auditor judgment was involved in evaluating the sufficiency of audit evidence over revenue recognition for bundled services within the Connectivity & Platforms businesses, including the involvement of professionals with expertise in IT to identify, test, and evaluate the Company’s systems and automated controls used in processing revenue transactions.

Our audit procedures related to the judgments necessary to determine the appropriate recognition and processing of revenue included the following, among others:

- We tested the effectiveness of management’s controls in the revenue recognition processes, including those in place to (a) establish revenue recognition accounting policies, (b) record revenue, including any related discounts, in accordance with the established accounting policies, and (c) reconcile the various systems to the Company’s general ledger.

- With the assistance of our IT specialists, we:

◦Identified the relevant systems and databases used to process revenue transactions and tested the relevant IT controls over each of those systems and databases.

◦Performed testing of automated business controls over revenue from domestic residential and business customers.

- We tested the accuracy and completeness of the subscriber information used in our audit procedures by selecting a sample of the subscribers, and for those selections agreeing the selected subscriber information to supporting documentation.

- We developed expectations of revenue at a disaggregated level based on historical transaction prices, changes in stand-alone selling prices and current year volumes.

We compared those estimates to revenue recognized by the Company.

- For selected film and television titles, we:

◦Tested certain inputs and assumptions used to estimate ultimate revenue, including agreeing box office performance to third party sources, and recalculating estimated future revenue for licensing arrangements based on contractual terms.

- We developed expectations of amortization expense at a disaggregated level based on historical revenue patterns and compared those estimates to amortization recognized by the Company.

January 31, 2024

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

| Other comprehensive income (loss), net of tax (expense) benefit: | | | | | | | | | | | | | | | | | |

| Other comprehensive income (loss) | | | 1,338 | | | | | | (4,120) | | | | | | (397) | | |

| Less: Net income (loss) attributable to noncontrolling interests | | | (282) | | | | | | (445) | | | | | | (325) | | |

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

| Net income | | | $ | 15,107 | | | | | $ | 4,925 | | | | | $ | 13,833 | |

| Advance on sale of investment | | | 8,610 | | | | | | — | | | | | | — | | |

| Repayment of collateralized obligation | | | (5,175) | | | | | | — | | | | | | — | | |

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

| Investments | | | 9,385 | | | | | | 7,740 | | |

| Advance on sale of investment | | | 9,167 | | | | | | — | | |

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

| Share-based compensation | | | 1,063 | | | | | | 1,055 | | | | | | 1,037 | | | | | | | | | | | | | | | | | | | | | | | |

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

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

[Table of Contents](#i1446b223eebe480292467fde0a61d371_7)

Segment Disclosures

In November 2023, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to annual and interim segment disclosures.

The updated accounting guidance, among other things, requires disclosure of certain significant segment expenses.

We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2024.

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

| | | | | | | | | |

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

Comcast Corporation

The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of the Sky reporting unit to its carrying value.

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

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

The goodwill balance was $58.5 billion as of December 31, 2022, of which $18.1 billion was allocated to the Sky reporting unit.

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 identified goodwill for Sky as a critical audit matter because of the significant judgments made by management to estimate the fair value of the Sky reporting unit.

This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to the selection of the discount rate and forecasts of future expected cash flows for the Sky reporting unit.

Our audit procedures related to the discount rate and forecasts of future expected cash flows used by management to estimate the fair value of Sky included the following, among others:

- We tested the effectiveness of controls over management’s goodwill impairment evaluation, including those over the determination of the fair value of Sky, such as controls related to management’s selection of the discount rate and forecasts of future expected cash flows.

- With the assistance of our fair value specialists, we evaluated the reasonableness of the (1) valuation methodology and (2) discount rate, including testing the source information underlying the determination of the discount rate, testing the mathematical accuracy of the calculation, and developing a range of independent estimates and comparing those to the discount rate selected by management.

- 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.

- We evaluated the reasonableness of management’s current revenue and cash flow forecasts by comparing such forecasts to historical results and 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.

February 3, 2023

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

| Purchase of spectrum | | | — | | | | | | — | | | | | | (459) | | |

| Investments | | | 7,250 | | | | | | 8,082 | | |

| Investment securing collateralized obligation | | | 490 | | | | | | 605 | | |

| Cumulative effects of adoption of accounting standards | | | — | | | | | | — | | | | | | (124) | | | | | | | | | | | | | | | | | | | | | | | |

Government Assistance

In November 2021, the Financial Accounting Standards Board issued new accounting guidance related to the disclosure of certain types of government assistance.