Comcast (CMCSA) 10-K risk factor changes: FY2024 vs FY2023

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

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

- 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 entertainment, including from social networking and user-generated content, [removed: and] [added: as well as tourism,] recreational [removed: activities.][added: activities and lodging.]

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

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

For example, cooperation between competitors may allow them to offer [added: a range of products and services, including aggregating certain content into a stand-alone offering, offering] free or lower cost DTC streaming [removed: and other OTT] services, potentially on an exclusive basis, through unlimited data-usage plans for [removed: internet or] [added: broadband and] wireless [removed: phone] services or [removed: to bundle] [added: bundling] DTC streaming [removed: and other OTT] services on their [removed: platform.][added: platforms.]

[removed: Our businesses’] [added: In addition, our] ability to compete effectively [removed: 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 [removed: have been, and will likely] continue to [removed: be, developed that further] challenge existing business [removed: models and] [added: models,] increase the number of competitors that our businesses [removed: face.][added: face, and have driven, and will continue to drive, changes in consumer behavior as consumers seek control over when, where and how they consume content and access communications services, and how much or for how long they pay for such content.]

| Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | | [removed: 20] [added: 18] | | | | | |

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)]

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

The continuing trend of content [removed: owners] [added: owners, including us with Peacock,] delivering their content directly to consumers, rather than through, or in addition to, traditional video distribution [removed: channels, continues to disrupt] [added: channels also disrupts] traditional media distribution business [removed: models despite our efforts to adapt our video service offerings and offer new services, such as Peacock and NOW.][added: models.]

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

[removed: This in turn has reduced] [added: In addition to reducing] traditional television viewership, [removed: and] [added: these trends] when coupled with time-shifting technologies, such as DVR and on demand services, [removed: has] [added: have] caused, and likely will continue to cause, audience ratings declines for our television networks.

In addition, [added: media companies may determine not to license popular content to us, and] as more content owners offer their content directly to consumers through their own platforms, they may reduce the quantity and quality of the content they license to our linear television networks or Peacock.

[removed: On the other hand, this practice] [added: Moreover, we] may [removed: also negatively impact our results of operations] [added: generate lower revenue] when we [removed: keep] [added: opt to retain] our content for our own use, including for Peacock, rather than licensing it to third parties who pay [removed: us] licensing fees for such content.

We [added: also] compete [removed: for the sale of advertising time] with [removed: 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, [added: television networks] and [added: stations, and] all other advertising platforms.

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

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

[removed: In addition,] [added: We compete for the sale of advertising time with digital properties, including an increasing number of ad-supported DTC streaming service providers as] advertisers have shifted, and may continue to shift, a [added: larger] portion of their total expenditures to digital [removed: media, including DTC streaming service providers and other online content providers, and this trend may continue or accelerate.][added: media.]

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

[removed: In addition,] [added: While we have adapted some of our video and content offerings to compete in the evolving media distribution landscape, such as by offering Peacock and NOW,] there [added: also] can be no assurance that [removed: Peacock] [added: we] will [removed: continue] [added: be able] to [added: successfully compete or that Peacock will] grow or sustain its revenue or user base, successfully compete as a [removed: standalone] [added: stand-alone] DTC streaming service or fully offset decreases to our linear television networks’ results of [removed: operations as the media distribution business model continues to change.][added: operations.]

| | | | [removed: 21] [added: 19] | | | Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | |

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

There can be no assurance that revenue [added: generated] from these contracts will exceed our costs for the [removed: rights, as well as the other costs] [added: rights and] of producing and distributing the programming.

Part of 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 [removed: increasing] demands for payment and other concessions from local broadcast television stations.

For all of these types of arrangements, our ability to renew agreements on [removed: favorable] [added: acceptable] terms may be affected by evolving market dynamics and industry consolidation.

Our businesses depend on using and protecting certain intellectual property rights and on not [removed: infringing] [added: infringing, misappropriating or otherwise violating] the intellectual property rights of others.

Legal challenges to our intellectual property rights and claims of intellectual property [removed: infringement] [added: infringement, misappropriation or other violation] by third parties could require that we enter into royalty or licensing agreements on unfavorable terms, incur substantial monetary liability, or be enjoined preliminarily or permanently from further use of the intellectual property in question, from importing into the United States or other jurisdictions in which we operate hardware or software that uses such intellectual property or from the continuation of our businesses as currently conducted.

Moreover, if we are unable to [removed: obtain] [added: obtain,] or continue to [removed: obtain] [added: obtain,] licenses from our vendors and other third parties on reasonable terms, [added: or at all,] our businesses could be adversely affected.

| Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | | [removed: 22] [added: 20] | | | | | |

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

If any of these vendors experience operating or financial difficulties, including as a result of cybersecurity [added: vulnerabilities or] incidents, [added: faulty software updates,] or any other supply chain compliance-related issues, if our demand exceeds their capacity or if they breach or terminate their agreements with us or are otherwise unable to meet our specifications or provide the equipment, products or services we need in a timely manner (or at all), or at reasonable prices, our ability to provide some products or services may be adversely affected and we may incur additional costs.

Our success is, to a large extent, dependent on our ability to acquire, develop, adopt and leverage new and existing technologies, and our competitors’ use of certain types of [removed: technology] [added: technology, including AI,] and equipment may provide them with a competitive advantage.

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

| | | | [removed: 23] [added: 21] | | | Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | |

In the ordinary course of our business, there are constant attempts by [removed: third] [added: unauthorized] parties to cause systems-related events and security incidents and to identify and exploit vulnerabilities in security architecture and system design.

These incidents include computer [removed: hackings,] [added: hacking,] cyber attacks, computer viruses, worms or other destructive or disruptive software, denial of service attacks, phishing attacks, [added: malware, ransomware,] malicious social [removed: engineering] [added: engineering, theft, misconduct, fraud] and other malicious activities.

Incidents can be caused inadvertently by us or our third-party vendors, such as process [removed: breakdowns and] [added: breakdowns, human error, software or hardware failures or] vulnerabilities in security architecture or system design.

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

- Our wireless and voice services compete with both telecommunications and wireless telecommunication providers.

Some of these competitors could also have preferential access to customer data or other competitive information.

Shifting content consumption patterns also may result in lower demand for home entertainment products or theatrical attendance.

To meet the changing preferences of our consumer markets, we must consistently create, acquire, market and distribute a broad array of content and theme park attractions.

Competition for popular content, particularly for sports programming, is intense.

The inability to enter into or renew some or all of these contracts on acceptable terms could reduce the reach of our programming, which could adversely affect our results of operations and businesses.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

We also create content for licensing to third parties and to our linear television networks or Peacock.

The inability to license such content on acceptable terms or at all could negatively impact our business.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

Our use or adoption of new and emerging technologies may also increase our exposure to intellectual property claims.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

Due to applicable laws, regulations and contractual obligations, we may be held responsible for cybersecurity breaches or incidents experienced by such third parties in relation to the information we share with them.

Due to the complexity and interconnectedness of our systems and those of our third-party vendors, the process of enhancing our protective measures can itself create a risk of systems disruptions and security issues.

In addition, despite efforts to detect unlawful intrusions, attacks can persist for an extended period of time before being detected, and following detection, it may take considerable time to understand the nature, scope, impact and timing of the incident.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

Weak economic conditions may also cause governments and regulators to impose additional tax or product affordability regulations, which could have a negative impact on our results of operations.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

Applying existing laws in novel ways to new technologies, including streaming services and AI, may also affect our business.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

Federal agencies have considered adopting new regulations for communications services, including broadband, although it is uncertain whether those initiatives will continue under the new Administration.

Regulators in various international jurisdictions are similarly considering changes to telecommunications and media requirements.

DTC streaming and other OTT services have driven, and will continue to drive, changes in consumer behavior as consumers seek more control over when, where and how they consume content and access communications services, and how much they pay for such content.

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

We also may be unable to license popular third-party content if media companies determine that licensing the content to us is not in their strategic best interests.

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

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.

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

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.

Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our [removed: [2022] [added: [2023] Annual Report on Form [removed: 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1166691/000116669123000010/cmcsa-20221231.htm)] [added: 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1166691/000116669124000011/cmcsa-20231231.htm)] for management’s discussion and analysis of our [removed: consolidated] financial condition and results of operations for fiscal year [removed: 2022 compared] [added: 2022, including comparison] to fiscal year [removed: 2021.][added: 2023.]

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

[removed: ][added: ]

Refer to the “Non-GAAP Financial Measures” section on page [removed: 47] [added: 44] 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.

| [removed: 2023] [added: 2024] Revenue and Adjusted EBITDA Segment Contribution(a) | | |

[removed:  ][added:  ]

| Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | | [removed: 32] [added: 30] | | | | | |

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)]

[removed: 2023 Developments][added: | | | | 2023 | | | | | | | | | | | | | | | | | |]

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

| ] [added: Legend.jpg](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/cmcsa-20241231_g11.jpg)] | | | ] [added: Legend(2).jpg](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/cmcsa-20241231_g12.jpg)] | | |

| Residential Connectivity & Platforms | | | [added: | | |] Media | | |

| •Revenue remained consistent [removed: with the prior year] due to decreases in [removed: video, advertising] [added: video] and other revenue, offset by increases in domestic broadband, [added: domestic wireless,] international connectivity and [removed: domestic wireless] [added: advertising] revenue. •Adjusted EBITDA increased primarily due to [removed: decreases] [added: a decrease] in [removed: other expenses and] programming [removed: expenses.] [added: expenses, while revenue remained consistent.] •Adjusted EBITDA margin increased from [removed: 36.1%] [added: 37.5%] to [removed: 37.5%.] [added: 38.2%.] Business Services Connectivity •Revenue increased due to [removed: increases] [added: an increase] in revenue from [removed: small business, medium-sized and] enterprise [added: solutions offerings and small business] customers. •Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses. •Adjusted EBITDA margin [removed: was consistent at 57.2%.] [added: decreased from 57.2% to 56.7%.] Customer Metrics •Total customer relationships decreased by [removed: 288,000] [added: 527,000] to [removed: 52.1] [added: 51.6] million. •Domestic broadband customers decreased by [removed: 66,000] [added: 411,000] to [removed: 32.3] [added: 31.8] million. •Domestic wireless lines increased by [removed: 1.3] [added: 1.2] million to [removed: 6.6] [added: 7.8] million. •Domestic video customers decreased by [removed: 2.0] [added: 1.6] million to [removed: 14.1] [added: 12.5] million. [added: •Domestic homes and businesses passed increased by 1.2 million to 63.7 million. Capital Expenditures •Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure.] | | | [added: | | |] •Revenue [removed: decreased] [added: increased] primarily due to the impact of [removed: our broadcasts of] the [removed: Beijing Olympics, Super Bowl and FIFA World Cup] [added: Paris Olympics] in [removed: 2022.] [added: 2024.] Excluding [removed: $1.7] [added: $1.9] billion of [added: incremental] revenue associated with [removed: these events,] [added: this event,] revenue increased due to increases in domestic distribution and international networks [removed: revenue, partially offset by decreases in domestic advertising and other] revenue. •Adjusted EBITDA [removed: decreased] [added: increased] primarily due to [removed: a decrease] [added: an increase] in revenue, [removed: which was] partially offset by [removed: a decrease] [added: an increase] in programming and production costs driven by [removed: events in 2022 and higher Peacock programming costs in 2023.] [added: the Paris Olympics.] •Peacock generated revenue and costs and expenses of [removed: $3.4] [added: $4.9] billion and [removed: $6.1] [added: $6.7] billion in [removed: 2023,] [added: 2024,] respectively, [added: including the Paris Olympics,] compared to [removed: $2.1] [added: $3.4] billion and [removed: $4.6] [added: $6.1] billion in [removed: 2022,] [added: 2023,] respectively. Paid subscribers increased by [removed: 10] [added: 5] million to [removed: 31] [added: 36] million in [removed: 2023.] [added: 2024.] Studios •Revenue decreased [added: primarily] due to [removed: a decrease] [added: decreases] in [added: theatrical and] content licensing [removed: revenue primarily driven by] [added: revenue. 2023 included] the [added: impact of the] Writers Guild and SAG work [removed: stoppages in 2023, partially offset by an increase in theatrical revenue.] [added: stoppages.] •Adjusted EBITDA increased due to [removed: decreases] [added: a decrease] in [removed: programming and production] [added: costs] and [removed: marketing] [added: expenses driven by programming] and [removed: promotion expenses,] [added: production,] partially offset by a decrease in revenue. [added: Theme Parks •Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks. •Adjusted EBITDA decreased due to a decrease in revenue and an increase in costs and expenses. •Capital expenditures continues to reflect significant spending for the development of Epic Universe in Orlando.] | | |

| | | | [removed: 33] [added: 31] | | | Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | |

- Repurchased a total of [removed: 262] [added: 212] million shares of our Class A common stock for [removed: $11.0] [added: $8.6] billion in [removed: 2023] [added: 2024] compared to 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.]

Raised our dividend by $0.08 to [removed: $1.16] [added: $1.24] per share on an annualized basis in January [removed: 2023] [added: 2024] and paid $4.8 billion of dividends in [removed: 2023.][added: 2024.]

- [removed: Exercised] [added: In] the [added: fourth quarter of 2023, we exercised our] put right [added: requiring Disney] to [removed: sell] [added: purchase] our [removed: 33%] interest in Hulu [removed: in the fourth quarter of 2023] and received $8.6 [added: billion, representing $9.2] billion [added: for our share] of [removed: net pre-tax proceeds relating to the] [added: Hulu’s] minimum equity [removed: value, net] [added: value presented as an advance on the sale] of [added: our investment in our consolidated balance sheet, less $557 million for our share of prior] capital calls.

[removed: Additional] [added: We expect to receive additional] proceeds for [removed: any excess of] the [removed: fair value] [added: sale] of our interest [removed: over the minimum equity value will be due] [added: in Hulu] following the final determination of Hulu’s fair value pursuant to a third-party appraisal [removed: process.][added: process, at which time we will recognize the sale of our interest.]

See Note [removed: 8.][added: 7.]

| Year ended December 31 (in millions, except per share data) | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | | [removed: 2021] | | | Change [removed: 2022] [added: 2023] to [removed: 2023] [added: 2024] | | | [removed: Change 2021 to 2022] | | |

| Programming and production | | | [removed: 36,762] [added: 37,026] | | | [removed: 38,213] [added: 36,762] | | | [removed: 38,450] | | | [removed: (3.8)] [added: 0.7] | | | [removed: (0.6)] | | |

| Marketing and promotion | | | [removed: 7,971] [added: 8,073] | | | [removed: 8,506] [added: 7,971] | | | [removed: 7,695] | | | [removed: (6.3)] [added: 1.3] | | | [removed: 10.5] | | |

| Other operating and administrative | | | [removed: 39,190] [added: 40,533] | | | [removed: 38,263] [added: 39,190] | | | [removed: 35,619] | | | [removed: 2.4] [added: 3.4] | | | [removed: 7.4] | | |

| Investment and other income (loss), net | | | [removed: 1,252] [added: (490)] | | | [removed: (861)] [added: 1,252] | | | [removed: 2,557] | | | NM | | | [removed: NM] | | |

| Income before income taxes | | | [removed: 20,478] [added: 18,673] | | | [removed: 9,284] [added: 20,478] | | | [removed: 19,093] | | | [removed: 120.6] [added: (8.8)] | | | [removed: (51.4)] | | |

| Income tax expense | | | [removed: (5,371) | | | (4,359) | | | (5,259)] [added: 2,796] | | | [removed: 23.2] [added: 5,371] | | | [removed: (17.1)] | | |

| Less: Net income (loss) attributable to noncontrolling interests | | | [removed: (282)] [added: (315)] | | | [removed: (445)] [added: (282)] | | | [removed: (325)] | | | [removed: (36.8)] [added: 12.0] | | | [removed: 36.9] | | |

| Net income attributable to Comcast Corporation | | | $ | [removed: 15,388 | | $ | 5,370] [added: 16,192] | | $ | [removed: 14,159 | | 186.5 |] [added: 15,388] | [removed: %] | [removed: (62.1)] | | [removed: %] |

| Basic earnings per common share attributable to Comcast Corporation shareholders | | | $ | [removed: 3.73] [added: 4.17] | | $ | [removed: 1.22] [added: 3.73] | | [removed: $] | [removed: 3.09] | | [removed: NM] [added: 11.7] | | [added: %] | [removed: (60.5)] | | [removed: %] |

| Diluted earnings per common share attributable to Comcast Corporation shareholders | | | $ | [removed: 3.71] [added: 4.14] | | $ | [removed: 1.21] [added: 3.71] | | [removed: $] | [removed: 3.04] | | [removed: NM] [added: 11.7] | | [added: %] | [removed: (60.2)] | | [removed: %] |

| Weighted-average number of common shares outstanding - basic | | | [removed: 4,122] [added: 3,885] | | | [removed: 4,406] [added: 4,122] | | | [removed: 4,584] | | | [removed: (6.4)] [added: (5.8)] | | % | [removed: (3.9)] | | [removed: %] |

| Weighted average number of common shares outstanding - diluted | | | [removed: 4,148] [added: 3,908] | | | [removed: 4,430] [added: 4,148] | | | [removed: 4,654] | | | [removed: (6.4)] [added: (5.8)] | | % | [removed: (4.8)] | | [removed: %] |

| Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | | [removed: 34] [added: 32] | | | | | |

[removed: ][added: ]

The following graph illustrates the contributions to the change in consolidated costs and expenses, excluding depreciation [removed: expense,] [added: expense and] amortization expense, [removed: and goodwill and long-lived asset impairments,] made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including adjustments and eliminations.

[removed: ][added: ]

Amortization expense from acquisition-related intangible assets totaled [removed: $2.3] [added: $2.7] billion and [removed: $2.2] [added: $2.3] billion in [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

| | | | [removed: 35] [added: 33] | | | Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | |

Consolidated interest expense increased in [removed: 2023] [added: 2024] compared to [removed: 2022] [added: 2023] primarily due to an increase in average debt outstanding and higher weighted-average interest [removed: rates,] [added: rates in the current year,] partially offset by [removed: increased capitalized interest.][added: interest expense in the prior year associated with a collateralized obligation that was repaid in the fourth quarter of 2023.]

Consolidated investment and other income (loss), net increased in [removed: 2023] [added: 2024] compared to [removed: 2022.][added: 2023.]

The discussion and analysis that follows includes the results of the cable television networks and complementary digital assets proposed to be included in the Spin-off and does not reflect or give effect to what our results of operations and financial condition may be following the Spin-off, if consummated.

2024 Developments

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

- In November 2024, we announced our intention to create SpinCo, a new independent publicly traded company through a tax-free spin-off.

We are targeting to complete the Spin-off by the end of 2025, subject to the satisfaction of customary conditions.

There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing.

| Revenue | | | $ | 123,731 | | $ | 121,572 | | | | | 1.8 | | % | | | |

| Depreciation | | | 8,729 | | | 8,854 | | | | | | (1.4) | | | | | |

| Amortization | | | 6,072 | | | 5,482 | | | | | | 10.8 | | | | | |

| Total costs and expenses | | | 100,434 | | | 98,258 | | | | | | 2.2 | | | | | |

| Operating income | | | 23,297 | | | 23,314 | | | | | | (0.1) | | | | | |

| Interest expense | | | (4,134) | | | (4,087) | | | | | | 1.2 | | | | | |

| Net income | | | 15,877 | | | 15,107 | | | | | | 5.1 | | | | | |

| Adjusted EBITDA(a) | | | $ | 38,069 | | $ | 37,633 | | | | | 1.2 | | % | | | |

Refer to the “Non-GAAP Financial Measures” section on page 44 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](#ia8555b4da9c1428ea91f8f8e7517528b_7)

Consolidated depreciation and amortization expense increased in 2024 compared to 2023 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, partially offset by a decrease in depreciation of our international property and equipment and a decrease in the amortization of software.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

The decrease in income tax expense in 2024 was primarily driven by a tax benefit from an internal corporate reorganization completed in 2024, as well as lower domestic income before income taxes.

The changes in net income (loss) attributable to noncontrolling interests in 2024 compared to 2023 was primarily due to our regional sports networks.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

| | | | | | | | | | | | | 2023 to 2024 | | | | | | | | | | | |

| Residential Connectivity & Platforms | | | $ | 71,574 | | $ | 71,946 | | | | | (0.5) | | % | (1.0) | | % | | | | | | |

| Business Services Connectivity | | | 9,701 | | | 9,255 | | | | | | 4.8 | | | 4.8 | | | | | | | | |

| Residential Connectivity & Platforms | | | $ | 27,338 | | $ | 26,948 | | | | | 1.4 | | % | 1.2 | | % | | | | | | |

| Business Services Connectivity | | | 5,500 | | | 5,291 | | | | | | 3.9 | | | 4.0 | | | | | | | | |

| Total Connectivity & Platforms Adjusted EBITDA | | | $ | 32,838 | | $ | 32,239 | | | | | 1.9 | | % | 1.7 | | % | | | | | | |

In addition, government funding for the Affordable Connectivity Program, which provided a monthly discount towards broadband service for eligible low-income households, expired during the second quarter of 2024, which had a negative impact on our residential domestic broadband customer relationships.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

| Residential customers | | | 29,373 | | | 29,748 | | | | | | (375) | | | (64) | | | | | |

| | | | | | | | | | | | | 2023 to 2024 | | | | | | | | | | | |

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

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

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

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 to 2024 | | | | | | | | | | | | | | | | | |

| Programming(a) | | | | | | | | | | | | | | | | | | | | | | | | $ | 16,881 | | $ | 18,067 | | | | | | | | (6.6) | | % | (7.1) | | % | | | | | | |

| Technical and support(b) | | | | | | | | | | | | | | | | | | | | | | | | 7,617 | | | 7,416 | | | | | | | | | 2.7 | | | 2.3 | | | | | | | | |

| Direct product costs(c) | | | | | | | | | | | | | | | | | | | | | | | | 6,607 | | | 6,146 | | | | | | | | | 7.5 | | | 6.0 | | | | | | | | |

| Marketing and promotion(d) | | | | | | | | | | | | | | | | | | | | | | | | 4,772 | | | 4,720 | | | | | | | | | 1.1 | | | 0.6 | | | | | | | | |

| Customer service(e) | | | | | | | | | | | | | | | | | | | | | | | | 2,732 | | | 2,783 | | | | | | | | | (1.9) | | | (2.3) | | | | | | | | |

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.

| | | | | | |

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

| 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. | | |

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

| Revenue | | | $ | 121,572 | | $ | 121,427 | | $ | 116,385 | | 0.1 | | % | 4.3 | | % |

| Depreciation | | | 8,854 | | | 8,724 | | | 8,628 | | | 1.5 | | | 1.1 | | |

| Amortization | | | 5,482 | | | 5,097 | | | 5,176 | | | 7.5 | | | (1.5) | | |

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

| Total costs and expenses | | | 98,258 | | | 107,385 | | | 95,568 | | | (8.5) | | | 12.4 | | |

| Operating income | | | 23,314 | | | 14,041 | | | 20,817 | | | 66.0 | | | (32.5) | | |

| Interest expense | | | (4,087) | | | (3,896) | | | (4,281) | | | 4.9 | | | (9.0) | | |

| Net income | | | 15,107 | | | 4,925 | | | 13,833 | | | NM | | | (64.4) | | |

| Adjusted EBITDA(a) | | | $ | 37,633 | | $ | 36,459 | | $ | 34,708 | | 3.2 | | % | 5.0 | | % |

Percentage changes that are considered not meaningful are denoted with NM.

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

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

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

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

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

The increase in income tax expense in 2023 was primarily driven by higher income before income taxes and the effect of a change in our net deferred tax liabilities as a result of the enactment of state tax law changes, which resulted in a $286 million benefit in the prior year.

The changes in net income (loss) attributable to noncontrolling interests in 2023 compared to 2022 was primarily due to decreases in losses at Universal Beijing Resort (see Note 8), partially offset by increases in losses in our Xumo streaming platform joint venture in the current year.

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

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

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

Global economic conditions and consumer sentiment have in the past, and may continue to, adversely impact demand for our products and services and our results of operations.

| Residential customers | | | 29,748 | | | 29,812 | | | 29,583 | | | (64) | | | 230 | | | 1,257 | | |

Previously reported total Sky customer relationships of approximately 23 million as of December 31, 2022 also included approximately 5 million customer relationships receiving Sky services in Germany now included in Corporate and Other.

(d)Customer metrics for 2022 and 2021 have been updated to reflect the new segment presentation, and to align methodologies for counting business customer metrics to: (1) include locations receiving our services outside of our distribution system and (2) now count certain customers based on the number of locations receiving services, including arrangements whereby third parties provide connectivity services leveraging our distribution system.

These changes in methodology resulted in increases of 161,000 and 175,000 relationships as of December 31, 2021 and 2022, respectively.

These changes in methodology were not material to any period presented.

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

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

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

| Programming(a) | | | | | | | | | | | | | | | | | | | | | | | | $ | 18,067 | | $ | 18,500 | | | | | $ | 20,542 | | | | | (2.3) | | % | (2.5) | | % | (9.9) | | % | (7.0) | | % |

| Technical and support(b) | | | | | | | | | | | | | | | | | | | | | | | | 7,416 | | | 7,721 | | | | | | 7,682 | | | | | | (3.9) | | | (4.1) | | | 0.5 | | | 2.4 | | |

| Direct product costs(c) | | | | | | | | | | | | | | | | | | | | | | | | 6,146 | | | 5,598 | | | | | | 4,901 | | | | | | 9.8 | | | 9.4 | | | 14.2 | | | 21.0 | | |

| Marketing and promotion(d) | | | | | | | | | | | | | | | | | | | | | | | | 4,720 | | | 5,101 | | | | | | 5,180 | | | | | | (7.5) | | | (7.7) | | | (1.5) | | | 1.0 | | |

| Customer service(e) | | | | | | | | | | | | | | | | | | | | | | | | 2,783 | | | 2,870 | | | | | | 3,018 | | | | | | (3.0) | | | (3.1) | | | (4.9) | | | (2.7) | | |

The effect of our interest rate derivative financial instruments to our consolidated interest expense was [removed: a decrease] [added: an increase] of [removed: $56] [added: $49] million in [removed: 2023,] [added: 2024,] a decrease of [removed: $66] [added: $56] million in [removed: 2022] [added: 2023] and a decrease of [removed: $2] [added: $66] million in [removed: 2021.][added: 2022.]

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: 2023.][added: 2024.]

We estimate interest rates on variable rate [removed: 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: 2023,] [added: 2024,] plus the applicable borrowing margin.

| (in billions) | | | [removed: 2024 | | |] 2025 | | | 2026 | | | 2027 | | | 2028 | | | [added: 2029 | | |] Thereafter | | | Total | | | Estimated Fair Value as of December 31, [removed: 2023] [added: 2024] | | |

| Average interest rate(a) | | | [removed: 3.7] [added: 2.9] | | % | [removed: 3.2] [added: 1.7] | | % | [removed: 1.7] [added: 3.3] | | % | [removed: 3.2] [added: 4.0] | | % | [removed: 4.0] [added: 3.7] | | % | [removed: 3.7] [added: 3.8] | | % | [removed: 3.5] [added: 3.6] | | % | | | |

| 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 | | $ | (0.2) | |

| Average pay rate | | | — | | % | [removed: —] [added: 6.5] | | % | [removed: 6.2] [added: 6.3] | | % | [removed: 6.1] [added: 6.8] | | % | [removed: 6.5] [added: —] | | % | — | | % | [removed: 6.3] [added: 6.6] | | % | | | |

| 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 | | % | | | |

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

| [removed: | | | 57 | | |] Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | | [added: 54 | | | | | |]

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)]

These changes could adversely affect the U.S. dollar equivalent value of our non-U.S. dollar operations, which could negatively affect our business, financial condition [removed: and] [added: or] results of operations in a given period or in specific territories.

We [added: also] enter into foreign currency forward contracts that change in value as currency exchange rates fluctuate to protect the functional currency equivalent value of non-functional currency denominated assets, liabilities, commitments, and forecasted non-functional currency revenue and expenses.

We use cross-currency swaps as [added: fair value and] cash flow hedges for certain debt obligations denominated in a currency other than the functional currency of the issuer.

Cross-currency swaps effectively convert foreign currency denominated debt to debt denominated in the functional currency, which hedge currency exchange risks associated with foreign currency denominated [removed: cash flows such as interest and principal debt repayments.][added: debt.]

We have analyzed our foreign currency exposure related to our foreign operations as of December 31, [removed: 2023,] [added: 2024,] 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: 2023] [added: 2024] net income attributable to Comcast Corporation.

As of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] we were not required to post collateral under the terms of these agreements, nor did we hold any collateral under the terms of these agreements.

| [removed: Comcast 2023 Annual Report on Form 10-K] | | | [removed: 58] [added: 55] | | | [added: Comcast 2024 Annual Report on Form 10-K] | | |

We had no variable rate debt outstanding as of December 31, 2024.

| Fixed-rate debt | | | $ | 4.9 | | $ | 4.9 | | $ | 5.7 | | $ | 7.0 | | $ | 4.8 | | $ | 77.7 | | $ | 105.1 | | $ | 89.8 | |

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

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

Certain of these derivatives are designated as fair value hedges, including foreign currency forwards designated as fair value hedges on our foreign currency intercompany loans receivable.

See Note 6 for additional information.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

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

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

| Average interest rate | | | 6.0 | | % | — | | % | — | | % | — | | % | — | | % | — | | % | 6.0 | | % | | | |

Additionally, we had a $5.2 billion variable rate term loan presented separately as a collateralized obligation that was repaid in December 2023.

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

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

As of December 31, 2023 and 2022, we had cross-currency swaps designated as cash flow hedges on $797 million and $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 $211 million and $274 million, respectively.

As of December 31, 2023 and 2022, the amount of foreign currency denominated debt designated as hedges of our net investment in foreign subsidiaries was $7.4 billion and $7.6 billion, respectively, and the notional amount of cross-currency swaps designated as hedges of our net investment in foreign subsidiaries was $2.8 billion and $2.5 billion, respectively.

As of December 31, 2023 and 2022, the aggregate estimated fair value of these cross-currency swaps was a net liability of $3 million and a net asset of $108 million, respectively.

The amount of pre-tax gains (losses) related to net investment hedges recognized in the cumulative translation adjustments component of other comprehensive income (loss) were gains of $316 million in 2023, losses of $397 million in 2022 and gains of $760 million in 2021.

We deliver broadband, wireless, video and voice services primarily under the Xfinity, Comcast [removed: Business and] [added: Business,] Sky [added: and NOW] 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.

For additional information on our businesses and segments, [removed: 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.

Our domestic broadband [removed: services] [added: offerings] have a range of service [removed: levels that include downstream speeds] [added: levels, including] up to [removed: 1.2 gigabits per second] [added: gigabit-plus downstream speeds that we offer] across nearly our entire [removed: footprint on our HFC network.][added: footprint.]

In connection with a multiyear network transformation plan, in 2022 we began rolling out downstream speeds of up to 2 gigabits per [removed: second,] [added: second to our residential customers,] which are now available to approximately [removed: a third] [added: 50%] of our [removed: footprint on our] HFC [removed: network, and in 2023, we began deploying DOCSIS 4.0 in select markets.][added: network footprint.]

We also deploy [removed: fiber-to-the-premises,] [added: fiber-to-the-premises] with symmetrical speed offerings ranging up to 10 gigabits per second to [added: residential] customers who request that service, subject to local construction [removed: constraints.][added: constraints, and up to 100 gigabits per second to business customers.]

As part of our low-income broadband adoption program, we offer qualifying domestic customers [removed: high-speed] broadband services at discounted rates through our Internet Essentials and Internet Essentials Plus services, with downstream speeds of up to [removed: 50] [added: 75] and 100 megabits per second, respectively.

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

| | | | 1 | | | Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)]

The map below highlights our domestic [removed: HFC] network footprint and the markets where we had 250,000 or more domestic residential broadband customers as of December 31, [removed: 2023.][added: 2024.]

[removed: ][added: ]

As part of our domestic and international broadband services, we offer [added: to customers] our advanced, proprietary wireless gateways [removed: to customers] that combine an internet modem with a Wi-Fi router to deliver reliable internet speeds and enhanced coverage through an in-and-out-of-home Wi-Fi network.

In addition, customers may personalize and manage their Wi-Fi network and connected [removed: home] [added: devices] with our mobile apps and online portal.

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

We earn commission revenue from the sale of [removed: certain] DTC streaming services [added: when sold with our broadband services or] through [removed: the Xumo Stream Box and] our [removed: other] video [removed: platforms.][added: platforms, including X1 and Sky Q.]

Our domestic wireless services are offered 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 customers that subscribe to our [added: qualifying] broadband services.

[removed: Domestic] [added: We offer domestic] customers [removed: may choose to pay for] services on an unlimited data plan, on shared data plans or per gigabyte of data [removed: used, and international customers may choose to pay for services on various gigabyte plans.][added: used.]

| Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | | 2 | | | | | |

We offer video services to residential and business customers primarily through our X1 platform in the United States over our [removed: 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 [removed: a] voice-activated remote [removed: control.][added: controls.]

We also offer DTC streaming services marketed [removed: using] [added: under] the NOW brand, with an offering in the United States that launched in 2023.

Our international NOW service offerings include packages for monthly access to entertainment, sports and [removed: movies] [added: movie] programming, as well as daily pass options for sports programming.

Our domestic NOW TV service is only offered to [added: qualifying] 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.

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

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

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

[removed: We offer] [added: Our domestic] broadband [removed: services primarily over our HFC network with] [added: offerings have] a range of service [removed: levels that include downstream speeds up to 1.25 gigabits per second, as well as] [added: levels, including] fiber-based services that deliver symmetrical speeds ranging up to 100 gigabits per second.

We [removed: have] also [removed: launched small] [added: have certain] business connectivity service offerings in the United Kingdom.

Our small business broadband, wireline voice and wireless service offerings are similar to those provided to our residential customers and [removed: additionally] [added: also] include cloud-based cybersecurity services, wireless backup connectivity, advanced Wi-Fi solutions, video monitoring services and other cloud-based services.

Our [removed: medium-sized and] enterprise [removed: customer] [added: solutions] offerings also include ethernet network services, which connect multiple locations and provide higher downstream and upstream speed options, advanced voice services, and a software-defined networking product.

[removed: Our larger] [added: Larger] enterprises may also receive support services related to Wi-Fi networks, router management, network security, business continuity risks and other services.

| | | | 3 | | | Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | |

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, [removed: coaxial and] fiber-optic [added: and coaxial] cables owned or leased by us, and equipment such as lasers, routers, switches and content distribution servers.

Across nearly our entire domestic footprint, we [removed: currently] leverage DOCSIS 3.1 to offer [added: up to gigabit-plus] downstream broadband speeds [removed: up] to [removed: over a gigabit per second to] residential and business customers.

We offer domestic wireless services using an MVNO agreement that allows us to offer services using Verizon’s wireless network along with our existing network of Wi-Fi hotspots across our [removed: HFC] network.

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

[added: In 2023, we began deploying in select markets] DOCSIS [removed: 4.0] [added: 4.0, which] enables us to deliver multigigabit symmetrical broadband speeds over our existing HFC network.

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

Our investment in virtualizing the network [removed: enables us to] [added: helps] maintain network reliability and operational efficiency regardless of whether we connect a residence using either fiber or our HFC network.

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

In November 2024, we announced our intention to create a new independent publicly traded company (“SpinCo”) comprised primarily of a strong portfolio of domestic cable television networks currently within our Media segment, including USA Network, E!, Syfy, MSNBC, CNBC, Oxygen and the Golf Channel along with complementary digital assets including Fandango, Rotten Tomatoes, GolfNow and SportsEngine, through a tax-free spin-off (the “Spin-off”).

We are targeting to complete the Spin-off by the end of 2025, subject to the satisfaction of customary conditions, including obtaining final approval from our Board of Directors, satisfactory completion of SpinCo financings, receipt of tax opinions and receipt of any regulatory approvals.

There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing.

In 2024, we began offering prepaid domestic broadband services with downstream speeds of up to 200 megabits per second marketed under the NOW brand.

We continue to evolve and enhance our domestic network capabilities, including deploying technology in select markets that will enable us to deliver multigigabit symmetrical broadband speeds (i.e., comparable upstream and downstream speeds), as described in the Network and Technology discussion below.

We offer Xumo Stream Box (formerly Flex) devices to our domestic customers.

We also offer certain bundled DTC streaming services to our broadband customers.

In 2024, we began offering prepaid unlimited data plans marketed under the NOW brand.

We offer international customers services on various gigabyte plans or an unlimited data plan.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

We also enter into representation agreements under which we sell advertising on behalf of third parties both domestically and internationally.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

We offer broadband and wireline voice services in the United Kingdom and Italy using third-party networks.

In many cases, the fee for us to access these networks is on regulated terms.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

We offer Peacock in the United States directly to customers or through arrangements with third parties and our Residential Connectivity & Platforms segment, which offer Peacock to customers on our behalf.

| NBA and WNBA(a) | | | United States, United Kingdom and Italy | | | 2035-36 NBA season and 2036 WNBA season | | |

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

(a) Beginning with the 2025-26 NBA season and 2026 WNBA season, includes the rights to produce and distribute across our networks and on Peacock a specified number of NBA and WNBA regular season and playoff games, the NBA All-Star game and NBA All-Star Saturday Night each season, as well as six NBA Conference Finals series and three WNBA Finals series over the term of the agreements.

A certain number of NBA games will also be distributed in the Spanish language on Telemundo.

The agreement expires after the 2033-34 season, with a termination right available to the NFL after the 2029-30 season.

The agreement also includes rights to additional exclusive games on Peacock.

All of the NFL games are also distributed in the Spanish language on Universo or Telemundo.

(c) Includes the unilateral right by the other party (i.e., the licensor) to the agreement, under certain circumstances, to shorten the term of the agreement by one year.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

Applying existing laws in novel ways to new technologies, including streaming services and artificial intelligence (“AI”), may also affect our business.

Federal agencies have considered adopting new regulations for communications services, including broadband, although it is uncertain whether those initiatives will continue under the new Administration.

Regulators in various international jurisdictions are similarly considering changes to telecommunications and media requirements.

In 2023, the FCC adopted broad rules that prohibit digital discrimination of access to broadband service based on income level, race, ethnicity, color, religion and national origin; this order currently is subject to legal challenge in federal court.

However, a federal appellate court in January 2025 overturned that reclassification, ruling that broadband internet access service is an “information service” under Title I of the Communications Act and that the FCC does not have authority to subject broadband services to utility-style regulations such as rate regulation and market entry and exit requirements under Title II.

As a Title I “information service,” broadband is only subject to light-touch regulation such as broadband disclosure requirements, and deployment, subscription, and pricing reporting requirements.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

Video and Media

In addition, the FCC and other federal agencies can impact the programming networks that we carry, as well as how we price, package, bill and market our video services.

FCC regulations also require cable operators to carry programming transmitted by certain local broadcast television stations (“must-carry” requirement) or to negotiate a “retransmission consent” agreement with certain other stations that will frequently involve payments from cable operators to the station; govern program access by preventing cable networks affiliated with cable operators from favoring affiliated cable operators over competing multichannel video providers; grant licenses to broadcast television stations for 8-year cycles, which may not be renewed on favorable terms, or at all; limit local and national television ownership, as well as foreign ownership in a broadcast television station; and regulate children’s programming.

DOCSIS 4.0 enables us to deliver multigigabit symmetrical broadband speeds (i.e., comparable upstream and downstream speeds) to our domestic customers.

| | | | | | | | | |

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

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.

Our wireless services in the United Kingdom are offered primarily using an arrangement to access network assets from Virgin Media O2.

In connection with a multiyear network transformation plan, in 2022 we began rolling out downstream speeds of up to 2 gigabits per second to our residential customers, 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 offer broadband and wireline voice services primarily using BT Openreach’s network in the United Kingdom and Fastweb and Open Fiber’s networks in Italy, and in many cases, the fee for us to access these networks is on regulated terms.

Many of these competitors also have significant financial resources.

We offer Peacock directly to customers or through wholesale arrangements and select partnerships as part of certain video and other platforms in the United States.

These agreements also include streaming rights, additional exclusive games on Peacock and the Spanish-language U.S. broadcast rights for certain NFL games, which air on Telemundo.

Federal agencies are considering adopting new regulations for communications services, including broadband.

The FCC frequently considers imposing new broadband-related regulations such as those relating to an Open Internet, and from time to time, imposing new regulatory obligations on internet service providers (“ISPs”) such as us.

New broadband regulations, if adopted, may have adverse effects on our businesses.

Broadband Deployment and Adoption Initiatives

There have been, and may continue to be, substantial broadband-deployment funding initiatives at the federal and state level that could subsidize (i) other service providers building networks within our footprint and (ii) potential expansion of our network to new areas.

Federal and state rules for certain funding programs, such as some programs in the American Rescue Plan Act, have been finalized and are being implemented, and we have successfully participated in a number of these programs.

Requirements for participation in other recent programs, such as the Infrastructure Act’s Broadband Equity Access and Deployment program, however, have not been finalized.

We participate in the Affordable Connectivity Program (“ACP”) that Congress created to provide a monthly discount toward broadband service for eligible low-income households starting in 2022.

We cannot predict whether Congress will decide to continue funding the ACP after the initial funding allocation is expended, likely at some point during 2024, or the related impact of any such decision.

Open Internet Regulations

Various forms of Open Internet regulations can significantly affect our broadband services.

The FCC currently recognizes broadband internet access services as “information services” under Title I of the Communications Act subject to a “light touch” regulatory approach rather than to the telecommunications utilities-style regulations from the Communications Act of 1934.

While we have disclosed that we do not, and have committed not to, block, throttle, or discriminate against lawful content, which would likely be part of a Title II framework adopted by the FCC, the FCC also could, under a Title II framework, potentially regulate our customer rates, speeds, data usage thresholds or other terms for internet services and could prohibit or seriously restrict arrangements between us and internet content, applications and service providers, including backbone interconnection arrangements.

In addition, several states have adopted laws or executive orders that impose Open Internet requirements in a variety of ways, and new state legislation may be adopted in the future.

Such attempts by the states to regulate have the potential to create differing and/or conflicting state regulations.

In addition, any FCC action could impact state Open Internet initiatives and prompt litigation.

Congress may also consider legislation addressing these regulations and the regulatory framework for broadband internet access services.

We cannot predict whether or how the rules might be changed, the impact of any potential new legislation or the outcome of any litigation relating to such rule changes or new legislation.

Municipally Owned Broadband Networks

Digital Discrimination

In 2021, Congress enacted the Infrastructure Investment and Jobs Act that, among other things, directed the FCC to adopt rules to facilitate equal access to broadband service by preventing digital discrimination of access to that service based on income level, race, ethnicity, color, religion and national origin.

In 2023, the FCC adopted implementing rules that, among other things, bar policies and practices not justified by genuine issues of technical or economic feasibility that: (1) differentially impact customers’ access to broadband internet access service based on income level or other statutory categories, or (2) are intended to have such differential impact.

The rules apply broadly to all aspects of broadband service that could affect a consumer’s ability to receive and effectively utilize broadband services, including performance characteristics like speeds and capacity, as well as service plan characteristics like data caps and non-technical terms and conditions of service, such as pricing and promotions.

Video

The video marketplace continues to be competitive, particularly with DTC streaming and other OTT service providers.

Cable Pricing and Packaging

While our video services are not subject to rate regulation, certain state entities monitor and challenge in court the marketing and advertising of our services.

The FCC and the Federal Trade Commission (“FTC”) are also considering proposals that, if adopted, would regulate how we market, price and bill for our services.

We cannot predict the outcome of these rulemakings or any current litigation with state entities.

See Note [removed: 15] [added: 14] 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: 2023][added: 2024]

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

As of June 30, [removed: 2023,] [added: 2024,] the aggregate market value of the Comcast Corporation common stock held by non-affiliates of the registrant was [removed: $170.209] [added: $150.621] billion.

As of January 15, [removed: 2024,] [added: 2025,] there were [removed: 3,962,412,964] [added: 3,771,578,226] shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)]

[removed: 2023] [added: 2024] Annual Report on Form 10-K

| Item 1 | | | [removed: [Business](#i1446b223eebe480292467fde0a61d371_13)] [added: [Business](#ia8555b4da9c1428ea91f8f8e7517528b_13)] | | | [removed: [1](#i1446b223eebe480292467fde0a61d371_13)] [added: [1](#ia8555b4da9c1428ea91f8f8e7517528b_13)] | | |

| Item 1A | | | [Risk [removed: Factors](#i1446b223eebe480292467fde0a61d371_85)] [added: Factors](#ia8555b4da9c1428ea91f8f8e7517528b_79)] | | | [removed: [20](#i1446b223eebe480292467fde0a61d371_85)] [added: [18](#ia8555b4da9c1428ea91f8f8e7517528b_79)] | | |

| Item 1B | | | [Unresolved Staff [removed: Comments](#i1446b223eebe480292467fde0a61d371_88)] [added: Comments](#ia8555b4da9c1428ea91f8f8e7517528b_82)] | | | [removed: [27](#i1446b223eebe480292467fde0a61d371_88)] [added: [25](#ia8555b4da9c1428ea91f8f8e7517528b_82)] | | |

| Item 2 | | | [removed: [Properties](#i1446b223eebe480292467fde0a61d371_91)] [added: [Properties](#ia8555b4da9c1428ea91f8f8e7517528b_88)] | | | [removed: [29](#i1446b223eebe480292467fde0a61d371_91)] [added: [27](#ia8555b4da9c1428ea91f8f8e7517528b_88)] | | |

| Item 3 | | | [Legal [removed: Proceedings](#i1446b223eebe480292467fde0a61d371_94)] [added: Proceedings](#ia8555b4da9c1428ea91f8f8e7517528b_91)] | | | [removed: [29](#i1446b223eebe480292467fde0a61d371_94)] [added: [27](#ia8555b4da9c1428ea91f8f8e7517528b_91)] | | |

| Item 4 | | | [Mine Safety [removed: Disclosures](#i1446b223eebe480292467fde0a61d371_97)] [added: Disclosures](#ia8555b4da9c1428ea91f8f8e7517528b_94)] | | | [removed: [29](#i1446b223eebe480292467fde0a61d371_97)] [added: [27](#ia8555b4da9c1428ea91f8f8e7517528b_94)] | | |

| Item 5 | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i1446b223eebe480292467fde0a61d371_103)] [added: Securities](#ia8555b4da9c1428ea91f8f8e7517528b_100)] | | | [removed: [30](#i1446b223eebe480292467fde0a61d371_103)] [added: [28](#ia8555b4da9c1428ea91f8f8e7517528b_100)] | | |

| Item 7 | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i1446b223eebe480292467fde0a61d371_109)] [added: Operations](#ia8555b4da9c1428ea91f8f8e7517528b_106)] | | | [removed: [32](#i1446b223eebe480292467fde0a61d371_109)] [added: [30](#ia8555b4da9c1428ea91f8f8e7517528b_106)] | | |

| Item 7A | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i1446b223eebe480292467fde0a61d371_202)] [added: Risk](#ia8555b4da9c1428ea91f8f8e7517528b_178)] | | | [removed: [57](#i1446b223eebe480292467fde0a61d371_202)] [added: [54](#ia8555b4da9c1428ea91f8f8e7517528b_178)] | | |

| Item 8 | | | [Comcast Corporation Financial Statements and Supplementary [removed: Data](#i1446b223eebe480292467fde0a61d371_205)] [added: Data](#ia8555b4da9c1428ea91f8f8e7517528b_181)] | | | [removed: [59](#i1446b223eebe480292467fde0a61d371_205)] [added: [56](#ia8555b4da9c1428ea91f8f8e7517528b_181)] | | |

| Item 9 | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i1446b223eebe480292467fde0a61d371_292)] [added: Disclosure](#ia8555b4da9c1428ea91f8f8e7517528b_274)] | | | [removed: [92](#i1446b223eebe480292467fde0a61d371_292)] [added: [92](#ia8555b4da9c1428ea91f8f8e7517528b_274)] | | |

| Item 9A | | | [Controls and [removed: Procedures](#i1446b223eebe480292467fde0a61d371_295)] [added: Procedures](#ia8555b4da9c1428ea91f8f8e7517528b_277)] | | | [removed: [92](#i1446b223eebe480292467fde0a61d371_295)] [added: [92](#ia8555b4da9c1428ea91f8f8e7517528b_277)] | | |

| Item 9B | | | [Other [removed: Information](#i1446b223eebe480292467fde0a61d371_298)] [added: Information](#ia8555b4da9c1428ea91f8f8e7517528b_280)] | | | [removed: [92](#i1446b223eebe480292467fde0a61d371_298)] [added: [92](#ia8555b4da9c1428ea91f8f8e7517528b_280)] | | |

| Item 9C | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i1446b223eebe480292467fde0a61d371_301)] [added: Inspections](#ia8555b4da9c1428ea91f8f8e7517528b_286)] | | | [removed: [92](#i1446b223eebe480292467fde0a61d371_301)] [added: [92](#ia8555b4da9c1428ea91f8f8e7517528b_286)] | | |

| Item 10 | | | [Directors, Executive Officers and Corporate [removed: Governance](#i1446b223eebe480292467fde0a61d371_307)] [added: Governance](#ia8555b4da9c1428ea91f8f8e7517528b_292)] | | | [removed: [93](#i1446b223eebe480292467fde0a61d371_307)] [added: [93](#ia8555b4da9c1428ea91f8f8e7517528b_292)] | | |

| Item 11 | | | [Executive [removed: Compensation](#i1446b223eebe480292467fde0a61d371_310)] [added: Compensation](#ia8555b4da9c1428ea91f8f8e7517528b_295)] | | | [removed: [93](#i1446b223eebe480292467fde0a61d371_310)] [added: [93](#ia8555b4da9c1428ea91f8f8e7517528b_295)] | | |

| Item 12 | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i1446b223eebe480292467fde0a61d371_313)] [added: Matters](#ia8555b4da9c1428ea91f8f8e7517528b_298)] | | | [removed: [94](#i1446b223eebe480292467fde0a61d371_313)] [added: [94](#ia8555b4da9c1428ea91f8f8e7517528b_298)] | | |

| Item 13 | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i1446b223eebe480292467fde0a61d371_316)] [added: Independence](#ia8555b4da9c1428ea91f8f8e7517528b_301)] | | | [removed: [94](#i1446b223eebe480292467fde0a61d371_316)] [added: [94](#ia8555b4da9c1428ea91f8f8e7517528b_301)] | | |

| Item 14 | | | [Principal Accountant Fees and [removed: Services](#i1446b223eebe480292467fde0a61d371_319)] [added: Services](#ia8555b4da9c1428ea91f8f8e7517528b_304)] | | | [removed: [94](#i1446b223eebe480292467fde0a61d371_319)] [added: [94](#ia8555b4da9c1428ea91f8f8e7517528b_304)] | | |

| Item 15 | | | [Exhibits and Financial Statement [removed: Schedules](#i1446b223eebe480292467fde0a61d371_325)] [added: Schedules](#ia8555b4da9c1428ea91f8f8e7517528b_310)] | | | [removed: [95](#i1446b223eebe480292467fde0a61d371_325)] [added: [95](#ia8555b4da9c1428ea91f8f8e7517528b_310)] | | |

| Item 16 | | | [Form 10-K [removed: Summary](#i1446b223eebe480292467fde0a61d371_328)] [added: Summary](#ia8555b4da9c1428ea91f8f8e7517528b_313)] | | | [removed: [98](#i1446b223eebe480292467fde0a61d371_328)] [added: [98](#ia8555b4da9c1428ea91f8f8e7517528b_313)] | | |

This Annual Report on Form 10-K is for the year ended December 31, [removed: 2023.][added: 2024.]

| 3.250% Notes due 2032 | | | | | | CMCS32A | | | | | | The Nasdaq Stock Market LLC | | |

| 3.550% Notes due 2036 | | | | | | CMCS36A | | | | | | The Nasdaq Stock Market LLC | | |

| 5.250% Notes due 2040 | | | | | | CMCS40A | | | | | | The Nasdaq Stock Market LLC | | |

| Item 1C | | | [Cybersecurity](#ia8555b4da9c1428ea91f8f8e7517528b_85) | | | [26](#ia8555b4da9c1428ea91f8f8e7517528b_85) | | |

| Item 6 | | | [\[Reserved\]](#ia8555b4da9c1428ea91f8f8e7517528b_103) | | | [29](#ia8555b4da9c1428ea91f8f8e7517528b_103) | | |

| [Signatures](#ia8555b4da9c1428ea91f8f8e7517528b_316) | | | | | | [99](#ia8555b4da9c1428ea91f8f8e7517528b_316) | | |

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

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

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

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

| | | | [removed: 27] [added: 25] | | | Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)]

Our [removed: 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 [removed: being responsible for] overseeing our policies, practices and assessments with respect to cybersecurity.

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 [removed: risk.][added: risks.]

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

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

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

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 [removed: (“IT”)] services provided by third-party vendors or other service providers.

We [removed: also] [added: frequently] obtain certain confidential, proprietary [removed: and] [added: and/or] personal information about our customers, personnel and vendors, [removed: that] [added: which] 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, [removed: which] [added: who] assist our CISOs in helping to assess, identify, monitor, detect and manage cybersecurity risks, threats, vulnerabilities and incidents.

For example, an outside consulting firm conducts a National Institute of Standards and Technology and International Organization for [removed: Standardization based] [added: 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.

| Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | | [removed: 28] [added: 26] | | | | | |

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)]

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 [removed: HFC] network in the United States.

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, [removed: California and] [added: California,] our owned CNBC headquarters and production facilities located in Englewood Cliffs, New [removed: Jersey.][added: Jersey and our leased NBC Sports headquarters and production facilities in Stamford, Connecticut.]

| | | | [removed: 29] [added: 27] | | | Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)]

Record holders as of January 15, [removed: 2024] [added: 2025] are presented in the table below.

| Class A Common Stock | | | [removed: 320,193] [added: 303,127] | | |

The table below summarizes Comcast’s common stock repurchases during [removed: 2023.][added: 2024.]

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

(a)In September 2022, our Board of Directors approved a share repurchase program authorization of $20 [removed: billion.][added: billion and in January 2024, our Board of Directors terminated the existing program and approved a new program authorization of $15 billion effective as of January 26, 2024, which had no expiration date.]

In January [removed: 2024,] [added: 2025,] our Board of Directors [added: terminated this existing program and] approved a new [removed: share repurchase] program authorization of $15 billion, which has no expiration date.

| Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | | [removed: 30] [added: 28] | | | | | |

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_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: 2023] [added: 2024] 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 transmission and distribution and media industries.

Discovery Inc. and The Walt Disney [removed: Company (the “New Peer Group”).][added: Company.]

The comparison assumes $100 was invested on December 31, [removed: 2018] [added: 2019] in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends.

[removed: ][added: ]

| | | | [removed: 2019 | | |] 2020 | | | 2021 | | | 2022 | | | 2023 | | | [added: 2024 | | |]

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

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

| First Quarter 2024 | | | 55,961,536 | | | $ | 43.03 | | 55,961,536 | | | $ | 2,408,046,377 | | $ | 13,186,952,831 | | | | |

| Second Quarter 2024 | | | 56,381,926 | | | $ | 39.29 | | 56,381,926 | | | $ | 2,214,999,556 | | $ | 10,971,953,275 | | | | |

| Third Quarter 2024 | | | 49,913,271 | | | $ | 39.44 | | 49,913,271 | | | $ | 1,968,792,051 | | $ | 9,003,161,225 | | | | |

| October 1-31, 2024 | | | 16,562,668 | | | $ | 41.66 | | 16,562,668 | | | $ | 689,999,638 | | $ | 8,313,161,586 | | | | |

| November 1-30, 2024 | | | 12,943,713 | | | $ | 43.26 | | 12,943,713 | | | $ | 559,999,640 | | $ | 7,753,161,946 | | | | |

| December 1-31, 2024 | | | 20,002,768 | | | $ | 39.89 | | 20,002,768 | | | $ | 797,999,685 | | $ | 6,955,162,262 | | | | |

| Total | | | 211,765,882 | | | $ | 40.80 | | 211,765,882 | | | $ | 8,639,836,946 | | $ | 6,955,162,262 | | | | |

| Comcast Class A | | | $ | 119 | | $ | 117 | | $ | 83 | | $ | 107 | | $ | 95 | |

| S&P 500 Stock Index | | | $ | 118 | | $ | 152 | | $ | 125 | | $ | 157 | | $ | 197 | |

| Peer Group | | | $ | 112 | | $ | 103 | | $ | 79 | | $ | 87 | | $ | 103 | |

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

| 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 | |

| | | | [removed: 31] [added: 29] | | | Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)]

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

| [Consolidated Statements of [removed: Income](#i1446b223eebe480292467fde0a61d371_214)] [added: Income](#ia8555b4da9c1428ea91f8f8e7517528b_190)] | | | [removed: [63](#i1446b223eebe480292467fde0a61d371_214)] [added: [61](#ia8555b4da9c1428ea91f8f8e7517528b_190)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i1446b223eebe480292467fde0a61d371_217)] [added: Income](#ia8555b4da9c1428ea91f8f8e7517528b_193)] | | | [removed: [64](#i1446b223eebe480292467fde0a61d371_217)] [added: [62](#ia8555b4da9c1428ea91f8f8e7517528b_193)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i1446b223eebe480292467fde0a61d371_220)] [added: Flows](#ia8555b4da9c1428ea91f8f8e7517528b_196)] | | | [removed: [65](#i1446b223eebe480292467fde0a61d371_220)] [added: [63](#ia8555b4da9c1428ea91f8f8e7517528b_196)] | | |

| [Consolidated Balance [removed: Sheets](#i1446b223eebe480292467fde0a61d371_223)] [added: Sheets](#ia8555b4da9c1428ea91f8f8e7517528b_199)] | | | [removed: [66](#i1446b223eebe480292467fde0a61d371_223)] [added: [64](#ia8555b4da9c1428ea91f8f8e7517528b_199)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#i1446b223eebe480292467fde0a61d371_226)] [added: Equity](#ia8555b4da9c1428ea91f8f8e7517528b_202)] | | | [removed: [67](#i1446b223eebe480292467fde0a61d371_226)] [added: [65](#ia8555b4da9c1428ea91f8f8e7517528b_202)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i1446b223eebe480292467fde0a61d371_229)] [added: Statements](#ia8555b4da9c1428ea91f8f8e7517528b_205)] | | | [removed: [68](#i1446b223eebe480292467fde0a61d371_229)] [added: [66](#ia8555b4da9c1428ea91f8f8e7517528b_205)] | | |

| [Note 1: Summary of Significant Accounting [removed: Policies](#i1446b223eebe480292467fde0a61d371_232)] [added: Policies](#ia8555b4da9c1428ea91f8f8e7517528b_208)] | | | [removed: [68](#i1446b223eebe480292467fde0a61d371_232)] [added: [66](#ia8555b4da9c1428ea91f8f8e7517528b_208)] | | |

| [Note 2: Segment [removed: Information](#i1446b223eebe480292467fde0a61d371_235)] [added: Information](#ia8555b4da9c1428ea91f8f8e7517528b_214)] | | | [removed: [69](#i1446b223eebe480292467fde0a61d371_235)] [added: [67](#ia8555b4da9c1428ea91f8f8e7517528b_214)] | | |

| [Note 4: Programming and Production [removed: Costs](#i1446b223eebe480292467fde0a61d371_244)] [added: Costs](#ia8555b4da9c1428ea91f8f8e7517528b_226)] | | | [removed: [74](#i1446b223eebe480292467fde0a61d371_244)] [added: [73](#ia8555b4da9c1428ea91f8f8e7517528b_226)] | | |

| [Note 5: Income [removed: Taxes](#i1446b223eebe480292467fde0a61d371_247)] [added: Taxes](#ia8555b4da9c1428ea91f8f8e7517528b_229)] | | | [removed: [76](#i1446b223eebe480292467fde0a61d371_247)] [added: [76](#ia8555b4da9c1428ea91f8f8e7517528b_229)] | | |

| [removed: [Note 8:] [added: Note 7:] Investments and Variable Interest [removed: Entities](#i1446b223eebe480292467fde0a61d371_262) | | | [81](#i1446b223eebe480292467fde0a61d371_262)] [added: Entities] | | |

| [removed: [Note 9:] [added: Note 8:] Property and [removed: Equipment](#i1446b223eebe480292467fde0a61d371_265) | | | [84](#i1446b223eebe480292467fde0a61d371_265)] [added: Equipment] | | |

| [removed: [Note 10:] [added: Note 9:] Goodwill and Intangible [removed: Assets](#i1446b223eebe480292467fde0a61d371_268) | | | [85](#i1446b223eebe480292467fde0a61d371_268)] [added: Assets] | | |

| [removed: [Note 11:] [added: Note 10:] Employee Benefit [removed: Plans](#i1446b223eebe480292467fde0a61d371_271) | | | [87](#i1446b223eebe480292467fde0a61d371_271)] [added: Plans] | | |

| [removed: [Note 12: Equity](#i1446b223eebe480292467fde0a61d371_274) | | | [88](#i1446b223eebe480292467fde0a61d371_274)] [added: Note 11: Equity] | | |

| [removed: [Note 13:] [added: Note 12:] Share-Based [removed: Compensation](#i1446b223eebe480292467fde0a61d371_280) | | | [89](#i1446b223eebe480292467fde0a61d371_280)] [added: Compensation] | | |

| [removed: [Note 14:] [added: Note 13:] Supplemental Financial [removed: Information](#i1446b223eebe480292467fde0a61d371_283) | | | [89](#i1446b223eebe480292467fde0a61d371_283)] [added: Information] | | |

| [removed: [Note 15:] [added: Note 14:] Commitments and [removed: Contingencies](#i1446b223eebe480292467fde0a61d371_286) | | | [90](#i1446b223eebe480292467fde0a61d371_286)] [added: Contingencies] | | |

| [removed: | | | 59 | | |] Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | | [added: 56 | | | | | |]

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)]

Based on this evaluation, our management concluded that the system of internal control over financial reporting was effective as of December 31, [removed: 2023.][added: 2024.]

| [removed: Comcast 2023 Annual Report on Form 10-K] | | | [removed: 60] [added: 57] | | | [added: Comcast 2024 Annual Report on Form 10-K] | | |

To the [added: Shareholders and] Board of Directors [removed: and Shareholders] of

We have audited the accompanying consolidated balance sheets of Comcast Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] 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: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

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

The Company’s [added: Residential] Connectivity & Platforms [removed: businesses generate] [added: segment generates] revenue from customers that subscribe to broadband and wireless connectivity services, video services and wireline voice services.

| [removed: | | | 61 | | |] Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | | [added: 58 | | | | | |]

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 [added: Residential] Connectivity & Platforms [removed: businesses,] [added: segment,] 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.

- We tested the effectiveness of [removed: management’s] controls in the revenue recognition processes, including those in place to (a) establish revenue recognition accounting [removed: policies,] [added: policies for bundled services,] (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.

| [removed: Comcast 2023 Annual Report on Form 10-K] | | | [removed: 62] [added: 59] | | | [added: Comcast 2024 Annual Report on Form 10-K] | | |

| Year ended December 31 (in millions, except per share data) | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Revenue | | | $ | [removed: 121,572] [added: 123,731] | | | | | $ | [removed: 121,427] [added: 121,572] | | | | | $ | [removed: 116,385] [added: 121,427] | |

| Programming and production | | | [removed: 36,762] [added: 37,026] | | | | | | [removed: 38,213] [added: 36,762] | | | | | | [removed: 38,450] [added: 38,213] | | |

| Marketing and promotion | | | [removed: 7,971] [added: 8,073] | | | | | | [removed: 8,506] [added: 7,971] | | | | | | [removed: 7,695] [added: 8,506] | | |

| Other operating and administrative | | | [removed: 39,190] [added: 40,533] | | | | | | [removed: 38,263] [added: 39,190] | | | | | | [removed: 35,619] [added: 38,263] | | |

| Depreciation | | | [removed: 8,854] [added: 8,729] | | | | | | [removed: 8,724] [added: 8,854] | | | | | | [removed: 8,628] [added: 8,724] | | |

| [Report of Management](#ia8555b4da9c1428ea91f8f8e7517528b_184) | | | [57](#ia8555b4da9c1428ea91f8f8e7517528b_184) | | |

| [Report of Independent Registered Public Accounting Firm](#ia8555b4da9c1428ea91f8f8e7517528b_187) | | | [58](#ia8555b4da9c1428ea91f8f8e7517528b_187) | | |

| [Note 3: Revenue](#ia8555b4da9c1428ea91f8f8e7517528b_220) | | | [70](#ia8555b4da9c1428ea91f8f8e7517528b_220) | | |

| [Note 6: Debt](#ia8555b4da9c1428ea91f8f8e7517528b_232) | | | [78](#ia8555b4da9c1428ea91f8f8e7517528b_232) | | |

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

- We tested the allocation of revenue for bundled services by selecting a sample of subscriber invoices, evaluating management’s determination of the transaction price and the distinct performance obligations, and recalculating the allocation of transaction price to each performance obligation based on the respective stand-alone selling prices.

We also developed an expectation of aggregate domestic residential revenue from subscribers based on cash received during the year.

Goodwill - Refer to Note 9 to the financial statements.

The Company’s evaluation of goodwill for impairment is performed at the reporting unit level.

To determine its reporting units, the Company evaluates the components one level below the segment level and aggregates the components if they have similar economic characteristics.

The Company performed a quantitative assessment of goodwill for the Media reporting unit, which involved a comparison of the fair value of the Media 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 billion as of December 31, 2024, of which $20 billion was allocated to the Media reporting unit.

Based on the quantitative assessment, the estimated fair value of the Media reporting unit exceeded its carrying value and no impairment was recognized.

We identified the goodwill impairment assessment of the Media reporting unit as a critical audit matter because of the significant judgments made by management to estimate the fair value of the Media reporting unit.

This required a high degree of auditor judgment and an increased extent of effort, when performing audit procedures to evaluate management’s conclusion related to the aggregation of components into a single reporting unit and the reasonableness of management’s estimates and assumptions related to the selection of the discount rate, revenue growth rate and Adjusted EBITDA margin included in future expected cash flows for the Media reporting unit.

Our audit procedures to evaluate the determination of the reporting unit as well as the discount rate, revenue growth rate and Adjusted EBITDA margin included in future expected cash flows used by management to estimate the fair value of the Media reporting unit included the following, among others:

- We tested the effectiveness of controls over management’s goodwill impairment evaluation, including those over (a) the accounting policies regarding identification of the unit of account for goodwill and (b) the determination of the fair value of Media, 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 Adjusted EBITDA margin by comparing prior year forecasts to actual results in the respective years.

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

- We evaluated the reasonableness of management’s current forecasts of future revenue and Adjusted EBITDA margin 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.

Income Taxes - Refer to Note 5 to the financial statements.

*Critical Audit Matter Description*

The Company completed an internal corporate reorganization which resulted in a federal net capital loss of $9.1 billion, which can be carried back three years.

Given capital gains recognized in prior federal income tax returns, the Company recognized an income tax benefit and a corresponding refund receivable of $1.9 billion.

We identified the accounting for the tax benefit as a critical audit matter due to the significant judgment required to (1) determine whether the tax position’s technical merits are more-likely-than-not to be sustained and (2) measure the amount of the tax benefit that qualifies for recognition.

Auditing the Company’s accounting for this position required a high degree of auditor judgment, specialized knowledge, and involvement of our tax specialists.

*How the Critical Audit Matter Was Addressed in the Audit*

Our audit procedures related to the tax benefit associated with the internal corporate reorganization included the following, among others:

- We tested the effectiveness of controls over management’s determination of the tax position and the measurement of the tax benefit.

- With the assistance of our tax specialists, we:

◦Evaluated management’s memoranda and third-party opinions used by management to support its position and the related accounting impacts.

We assessed the consistency of management’s position with our interpretation of the relevant laws and regulations.

◦Assessed management’s methods and assumptions used in calculating the capital loss and measuring the tax benefit.

◦Recalculated the tax basis of the entities included in the calculation of the capital loss by comparing the amounts to supporting evidence and evaluating the appropriateness of management’s assumptions used to determine the tax basis.

January 31, 2025

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

| [Report of Management](#i1446b223eebe480292467fde0a61d371_208) | | | [60](#i1446b223eebe480292467fde0a61d371_208) | | |

| [Note 3: Revenue](#i1446b223eebe480292467fde0a61d371_238) | | | [71](#i1446b223eebe480292467fde0a61d371_238) | | |

| [Note 6: Long-Term Debt](#i1446b223eebe480292467fde0a61d371_250) | | | [79](#i1446b223eebe480292467fde0a61d371_250) | | |

| [Note 7: Significant Transactions](#i1446b223eebe480292467fde0a61d371_256) | | | [81](#i1446b223eebe480292467fde0a61d371_256) | | |

Film and Television Costs - Refer to Note 4 to the financial statements

The Company amortizes capitalized film and television production costs that are predominantly monetized on an individual basis using the individual film forecast computation method, which amortizes such costs using the ratio of current period revenue to the total remaining revenue forecasted to be realized, also known as “ultimate revenue.” The estimates of ultimate revenue have a significant impact on the rate at which capitalized costs are amortized.

The determination of ultimate revenue for capitalized film and television costs requires the Company to make significant estimates of future revenue based on the distribution strategy and historical performance of similar content, as well as factors unique to the content itself.

Given the judgments necessary to estimate ultimate revenue, auditing these estimates involved especially subjective judgment.

Our audit procedures related to forecasts of ultimate revenue for individual film or television productions included the following, among others:

- We tested the effectiveness of management’s controls over its amortization of film and television costs, including controls over forecasts of ultimate revenue.

- We evaluated management’s 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.

- 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.

◦Evaluated the historical accuracy of management’s forecast of future revenues by comparing actual results to management’s historical estimates of ultimate revenue.

- 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

| Acquisitions, net of cash acquired | | | — | | | | | | (12) | | | | | | (1,374) | | |

| Other | | | 558 | | | | | | 258 | | | | | | 451 | | |

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

| Long-term debt, less current portion | | | 95,021 | | | | | | 93,068 | | |

| Collateralized obligation | | | — | | | | | | 5,172 | | |

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

| | | |

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

Reclassifications have been made to our consolidated financial statements and related notes for the prior years to conform to classifications used in 2023.

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

The collateralized obligation related to our investment in Hulu is discussed in Note 8 and our other long-term debt is discussed in Note 6.

Derivative Financial Instruments

We use derivative financial instruments to manage our exposure to the risks associated with fluctuations in foreign exchange rates and interest rates.

Our derivative financial instruments are recorded in our consolidated balance sheets at fair value.

We designate certain derivative instruments as fair value hedges of recognized assets or liabilities, such as non-functional currency receivables and payables, or as cash flow hedges of forecasted transactions, including foreign currency denominated cash flows associated with non-functional currency debt and non-functional currency revenue and expenses.

We also designate certain derivative and non-derivative instruments as hedges of our net investments in certain foreign subsidiaries.

For derivatives not designated as hedges, changes in fair value are recognized in earnings.

Refer to Note 6 for further information on certain derivative instruments related to debt and intercompany funding arrangements.

The impact of our remaining derivative financial instruments was not material to our consolidated financial statements in any of the periods presented.

Segment Disclosures

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

We are currently evaluating the impact the adoption of the new accounting guidance will have on our segment disclosures in Note 2.

In December 2023, the FASB issued updated accounting guidance related to income tax disclosures.

We are currently evaluating the impact the adoption of the new accounting guidance will have on our income tax disclosures in Note 5.

Refer to Management’s Report on Internal Control Over Financial Reporting on page [removed: 60.][added: 57.]

Refer to Report of Independent Registered Public Accounting Firm on page [removed: 61.][added: 58.]

On January 28, 2025, the Company’s Board of Directors adopted Amended and Restated Bylaws of the Company, effective immediately.

The Amended and Restated Bylaws were amended to specify that proposals of business that would have an adverse effect on the rights, powers or preferences of a class of capital stock that require consent of one or more classes of stock in order to be effected may be made only by the Board or holder(s) of any class of capital stock that would be adversely affected.

The Amended and Restated Bylaws also incorporate other minor clean-up and conforming changes.

The foregoing description is qualified in its entirety by reference to the Amended and Restated Bylaws, which are filed as Exhibit 3.2 to this Annual Report on Form 10-K and incorporated herein by reference.

On January 29, 2024, our Board of Directors approved a change of our registered office provider, and we filed a Change of Registered Office (the “Certificate of Change”) with the Department of State of the Commonwealth of Pennsylvania to effectuate the change.

A copy of the Certificate of Change is filed as Exhibit 3.1.1 to this Annual Report on Form 10-K.

| Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | | 92 | | | | | |

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)]

We refer to this proxy statement as the [removed: 2024] [added: 2025] Proxy Statement.

| Brian L. Roberts | | | [removed: 64] [added: 65] | | | 1986 | | | Chairman and Chief Executive Officer | | |

| Michael J. Cavanagh | | | [removed: 58] [added: 59] | | | 2015 | | | President | | |

| Jason S. Armstrong | | | [removed: 47] [added: 48] | | | 2023 | | | Chief Financial Officer | | |

| Jennifer Khoury | | | [removed: 50] [added: 51] | | | 2023 | | | Chief Communications Officer | | |

| Daniel C. Murdock | | | [removed: 50] [added: 51] | | | 2017 | | | Executive Vice President; Chief Accounting Officer and Controller | | |

| Thomas J. Reid | | | [removed: 59] [added: 60] | | | 2019 | | | Chief Legal Officer and Secretary | | |

As of December 31, [removed: 2023,] [added: 2024,] Mr. Roberts had sole voting power over approximately 331/3% of the combined voting power of our two classes of common stock.

We incorporate the information required by this item by reference to our [removed: 2024] [added: 2025] Proxy Statement.

| | | | 93 | | | Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)]

We incorporate the information required by this item by reference to our [removed: 2024] [added: 2025] Proxy Statement.

We incorporate the information required by this item by reference to our [removed: 2024] [added: 2025] Proxy Statement.

We incorporate the information required by this item relating to our principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34), by reference to our [removed: 2024] [added: 2025] Proxy Statement.

| Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | | 94 | | | | | |

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)]

(a) Our consolidated financial statements are filed as a part of this report on Form 10-K in Item 8, Financial Statements and Supplementary Data, and a list of Comcast’s consolidated financial statements are found on page [removed: 59] [added: 56] of this report.

| [removed: [3.1](http://www.sec.gov/Archives/edgar/data/1166691/000095010315009516/dp61838_ex0301.htm)] [added: [3.1](https://www.sec.gov/Archives/edgar/data/1166691/000095010315009516/dp61838_ex0301.htm)] | | | | | | Amended and Restated Articles of Incorporation of Comcast Corporation (incorporated by reference to Exhibit 3.1 to Comcast’s Current Report on Form 8-K filed on December 15, 2015). | | |

| [3.1.1](https://www.sec.gov/Archives/edgar/data/1166691/000116669124000011/exhibit311-pachangeofreg.htm) | | | | | | Certificate of a Change of Registered Office [removed: Provider.] [added: Provider (incorporated by reference to Exhibit 3.1.1 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2023).] | | |

| [removed: [3.2](https://www.sec.gov/Archives/edgar/data/1166691/000095010322021407/dp185899_0301.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1166691/000095010323008707/dp195127_ex1001.htm)[1](https://www.sec.gov/Archives/edgar/data/1166691/000095010323008707/dp195127_ex1001.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000095010323008707/dp195127_ex1001.htm)] | | | | | | [removed: Amended and Restated By-Laws of] Comcast Corporation [added: 2023 Omnibus Equity Incentive Plan, effective June 7, 2023] (incorporated by reference to Exhibit [removed: 3.1] [added: 10.1] to Comcast’s Current Report on Form 8-K filed on [removed: December 27, 2022).] [added: June 9, 2023).] | | |

| [removed: [4.1](http://www.sec.gov/Archives/edgar/data/1166691/000095015903000238/exhibit4-1.txt)] [added: [4.1](https://www.sec.gov/Archives/edgar/data/1166691/000095015903000238/exhibit4-1.txt)] | | | | | | Specimen Class A Common Stock Certificate (incorporated by reference to Exhibit 4.1 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2002). | | |

| [removed: [4.2](http://www.sec.gov/Archives/edgar/data/1166691/000119312509033975/dex44.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/1166691/000119312509033975/dex44.htm)] | | | | | | Indenture, dated January 7, 2003, between Comcast Corporation, the subsidiary guarantor party thereto, and The Bank of New York Mellon (f/k/a The Bank of New York), as trustee (incorporated by reference to Exhibit 4.4 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2008). | | |

| [removed: [4.3](http://www.sec.gov/Archives/edgar/data/1166691/000119312509033975/dex45.htm)] [added: [4.3](https://www.sec.gov/Archives/edgar/data/1166691/000119312509033975/dex45.htm)] | | | | | | First Supplemental Indenture, dated March 25, 2003, to the Indenture between Comcast Corporation, the subsidiary guarantors party thereto, and The Bank of New York Mellon (f/k/a The Bank of New York), as trustee, dated January 7, 2003 (incorporated by reference to Exhibit 4.5 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2008). | | |

| [removed: [4.4](http://www.sec.gov/Archives/edgar/data/1166691/000095010309002175/dp14665_8k-ex0401.htm)] [added: [4.4](https://www.sec.gov/Archives/edgar/data/1166691/000095010309002175/dp14665_8k-ex0401.htm)] | | | | | | Second Supplemental Indenture, dated August 31, 2009, to the Indenture between Comcast Corporation, the subsidiary guarantors party thereto, and The Bank of New York Mellon, as Trustee, dated January 7, 2003, as supplemented by a First Supplemental Indenture dated March 25, 2003 (incorporated by reference to Exhibit 4.1 to Comcast’s Current Report on Form 8-K filed on September 2, 2009). | | |

| [removed: [4.5](http://www.sec.gov/Archives/edgar/data/1166691/000119312513191930/d525898dex44.htm)] [added: [4.5](https://www.sec.gov/Archives/edgar/data/1166691/000119312513191930/d525898dex44.htm)] | | | | | | Third Supplemental Indenture, dated March 27, 2013, to the Indenture between Comcast Corporation, the subsidiary guarantors party thereto, and The Bank of New York Mellon (f/k/a The Bank of New York), as trustee, dated January 7, 2003, as supplemented by a First Supplemental Indenture dated March 25, 2003 and a second Supplemental Indenture dated August 31, 2009 (incorporated by reference to Exhibit 4.4 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013). | | |

| [removed: [4.6](http://www.sec.gov/Archives/edgar/data/902739/000119312515354626/d98958dex41.htm)] [added: [4.6](https://www.sec.gov/Archives/edgar/data/902739/000119312515354626/d98958dex41.htm)] | | | | | | Fourth Supplemental Indenture, dated October 1, 2015, to the Indenture dated January 7, 2003 between Comcast Corporation, the subsidiary guarantors party thereto, and The Bank of New York Mellon (f/k/a The Bank of New York), as trustee, as supplemented by a First Supplemental Indenture dated March 25, 2003, a second Supplemental Indenture dated August 31, 2009 and a Third Supplemental Indenture dated March 27, 2013 (incorporated by reference to Exhibit 4.1 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015). | | |

| [removed: [4.7](http://www.sec.gov/Archives/edgar/data/355069/000119312513370526/d554661dex43.htm)] [added: [4.7](https://www.sec.gov/Archives/edgar/data/355069/000119312513370526/d554661dex43.htm)] | | | | | | Senior Indenture dated September 18, 2013, among Comcast Corporation, the guarantors party thereto and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.3 to Comcast’s Registration Statement on Form S-3 filed September 18, 2013). | | |

| [removed: [4.8](http://www.sec.gov/Archives/edgar/data/902739/000119312515384253/d60854dex44.htm)] [added: [4.8](https://www.sec.gov/Archives/edgar/data/902739/000119312515384253/d60854dex44.htm)] | | | | | | First Supplemental Indenture dated as of November 17, 2015, to the Senior Indenture dated September 18, 2013, among Comcast Corporation, the guarantors party thereto, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.4 to Post Effective Amendment No. 2 to Comcast’s Registration Statement on Form S-3 filed November 23, 2015). | | |

| [removed: [4.9](https://www.sec.gov/Archives/edgar/data/1040573/000119312522205728/d278911ds3asr.htm)] [added: [4.9](https://www.sec.gov/Archives/edgar/data/1040573/000119312522205728/d278911dex44.htm)] | | | | | | Second Supplemental Indenture dated as of July 29, 2022, to the Senior Indenture dated September 18, 2013, among Comcast Corporation, the guarantors party thereto, and The Bank of New York Mellon, as trustee, as supplemented by a First Supplemental Indenture dated November 17, 2015 (incorporated by reference to Exhibit 4.4 to Comcast’s Registration Statement on Form S-3 filed July 29, 2022). | | |

| [removed: [4.10](http://www.sec.gov/Archives/edgar/data/902739/000119312511139191/dex4.htm)] [added: [4.10](https://www.sec.gov/Archives/edgar/data/902739/000119312511139191/dex4.htm)] | | | | | | Indenture, dated as of April 30, 2010, between NBC Universal, Inc. (n/k/a NBCUniversal Media, LLC) and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4 to the Registration Statement on Form S-4 of NBCUniversal Media, LLC (Commission File No. 333-174175) filed on May 13, 2011). | | |

| | | | 95 | | | Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#i1446b223eebe480292467fde0a61d371_7)][added: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)]

| [removed: [4.11](http://www.sec.gov/Archives/edgar/data/1166691/000119312513191930/d525898dex43.htm)] [added: [4.11](https://www.sec.gov/Archives/edgar/data/1166691/000119312513191930/d525898dex43.htm)] | | | | | | First Supplemental Indenture, dated March 27, 2013, to the Indenture between NBCUniversal Media, LLC (f/k/a NBC Universal, Inc.) and The Bank of New York Mellon, as trustee, dated April 30, 2010 (incorporated by reference to Exhibit 4.3 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013). | | |

| [removed: [4.12](http://www.sec.gov/Archives/edgar/data/902739/000119312515354626/d98958dex42.htm)] [added: [4.12](https://www.sec.gov/Archives/edgar/data/902739/000119312515354626/d98958dex42.htm)] | | | | | | Second Supplemental Indenture, dated October 1, 2015, to the Indenture dated April 30, 2010 between NBC Universal, Inc. (n/k/a NBCUniversal Media, LLC) and The Bank of New York Mellon, as trustee, as supplemented by a First Supplemental Indenture dated March 27, 2013 (incorporated by reference to Exhibit 4.2 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015). | | |

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

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

| [removed: [4.15](https://www.sec.gov/Archives/edgar/data/1166691/000116669124000011/ex415-12312023.htm)] [added: [4.15](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex415-12312024.htm)] | | | | | | Description of Comcast Corporation’s securities registered pursuant to Section 12 of the Securities Exchange Act. | | |

| [removed: [10.1](http://www.sec.gov/Archives/edgar/data/1166691/000095010321005001/dp148717_ex1001.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1166691/000095010324006839/dp211362_ex1001.htm)[1](https://www.sec.gov/Archives/edgar/data/1166691/000095010324006839/dp211362_ex1001.htm)] | | | | | | Credit Agreement dated as of [removed: March 30, 2021,] [added: May 17, 2024,] among Comcast Corporation, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, [added: and] Bank of America, N.A., [added: Barclays Bank PLC,] Mizuho Bank, Ltd., Morgan Stanley MUFG Partners, LLC and Wells Fargo Bank, National Association, as co-documentation agents (incorporated by reference to Exhibit 10.1 to Comcast’s Current Report on Form 8-K filed on [removed: March 31, 2021).] [added: May 17, 2024).] | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000009/ex103-12312021.htm)[4*](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000009/ex103-12312021.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000009/ex103-12312021.htm)[2](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000009/ex103-12312021.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000009/ex103-12312021.htm)] | | | | | | Comcast Select Deferred Compensation Plan, as amended and restated effective October 12, 2021 (incorporated by reference to Exhibit 10.3 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2021). | | |

| [removed: [10.5*](http://www.sec.gov/Archives/edgar/data/1166691/000116669120000017/ex104-3312020.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1166691/000116669120000017/ex104-3312020.htm)[3](https://www.sec.gov/Archives/edgar/data/1166691/000116669120000017/ex104-3312020.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669120000017/ex104-3312020.htm)] | | | | | | Comcast Corporation 2003 Stock Option Plan, as amended and restated April 10, 2020 (incorporated by reference to Exhibit 10.4 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020). | | |

| [removed: [10.6*](http://www.sec.gov/Archives/edgar/data/0001166691/000116669121000020/ex102-33121.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/0001166691/000116669121000020/ex102-33121.htm)[4](https://www.sec.gov/Archives/edgar/data/0001166691/000116669121000020/ex102-33121.htm)[*](https://www.sec.gov/Archives/edgar/data/0001166691/000116669121000020/ex102-33121.htm)] | | | | | | Comcast Corporation 2002 Deferred Compensation Plan, as amended and restated effective March 1, 2021 (incorporated by reference to Exhibit 10.2 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021). | | |

| [removed: [10.7*](https://www.sec.gov/Archives/edgar/data/1166691/000116669124000011/ex107-12312023.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex105-12312024.htm)[5](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex105-12312024.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex105-12312024.htm)] | | | | | | Comcast Corporation 2005 Deferred Compensation Plan, as amended and restated effective [removed: February 28, 2023.] [added: May 14, 2024.] | | |

| [removed: [10.8*](http://www.sec.gov/Archives/edgar/data/1166691/000116669121000020/ex101-33121.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000032/ex103-6302023.htm)[8](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000032/ex103-6302023.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000032/ex103-6302023.htm)] | | | | | | Comcast Corporation [removed: 2002 Restricted Stock] [added: Non-Employee Director Compensation] Plan, as amended and restated effective [removed: March 1, 2021] [added: July 11, 2023] (incorporated by reference to Exhibit [removed: 10.1] [added: 10.3] to Comcast’s Quarterly Report on Form 10-Q for the quarter ended [removed: March 31, 2021).] [added: June 30, 2023).] | | |

| [removed: [10.9*](http://www.sec.gov/Archives/edgar/data/902739/000119312516452423/d49239dex1011.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/902739/000119312516452423/d49239dex1011.htm)[7](https://www.sec.gov/Archives/edgar/data/902739/000119312516452423/d49239dex1011.htm)[*](https://www.sec.gov/Archives/edgar/data/902739/000119312516452423/d49239dex1011.htm)] | | | | | | Comcast Corporation 2006 Cash Bonus Plan, as amended and restated effective February 18, 2015 (incorporated by reference to Exhibit 10.11 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2015). | | |

| [removed: [10.10*](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000032/ex103-6302023.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1166691/000119312509166759/dex103.htm)[5](https://www.sec.gov/Archives/edgar/data/1166691/000119312509166759/dex103.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000119312509166759/dex103.htm)] | | | | | | [removed: Comcast Corporation Non-Employee] [added: Form of] Director [removed: Compensation Plan, as amended and restated effective July 11, 2023] [added: Indemnification Agreement] (incorporated by reference to Exhibit 10.3 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended June 30, [removed: 2023).] [added: 2009).] | | |

| [removed: [10.11*](https://www.sec.gov/Archives/edgar/data/1166691/000095010323008707/dp195127_ex1002.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex109-12312024.htm)[9](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex109-12312024.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex109-12312024.htm)] | | | | | | Comcast Corporation 2002 Employee Stock Purchase Plan, as amended and restated effective [removed: June 7, 2023 (incorporated by reference to Exhibit 10.2 to Comcast’s Current Report on Form 8-K filed on June 9, 2023).] [added: May 14, 2024.] | | |

| Comcast [removed: 2023] [added: 2024] Annual Report on Form 10-K | | | 96 | | | | | |

| [removed: [10.1](http://www.sec.gov/Archives/edgar/data/1166691/000116669117000022/ex102-6302017.htm)[4](http://www.sec.gov/Archives/edgar/data/1166691/000116669117000022/ex102-6302017.htm)[*](http://www.sec.gov/Archives/edgar/data/1166691/000116669117000022/ex102-6302017.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1166691/000116669117000022/ex102-6302017.htm)[2](https://www.sec.gov/Archives/edgar/data/1166691/000116669117000022/ex102-6302017.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669117000022/ex102-6302017.htm)] | | | | | | Employment Agreement with Brian L. Roberts, dated as of July 26, 2017 (incorporated by reference to Exhibit 10.2 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017). | | |

| [removed: [10.1](http://www.sec.gov/Archives/edgar/data/902739/000116669120000008/ex1020-12312019.htm)[5](http://www.sec.gov/Archives/edgar/data/902739/000116669120000008/ex1020-12312019.htm)[*](http://www.sec.gov/Archives/edgar/data/902739/000116669120000008/ex1020-12312019.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/902739/000116669120000008/ex1020-12312019.htm)[3](https://www.sec.gov/Archives/edgar/data/902739/000116669120000008/ex1020-12312019.htm)[*](https://www.sec.gov/Archives/edgar/data/902739/000116669120000008/ex1020-12312019.htm)] | | | | | | Amendment No. 1 to Employment Agreement with Brian L. Roberts, dated as of December 16, 2019 (incorporated by reference to Exhibit 10.20 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2019). | | |

| [removed: [10.1](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1015-12312022.htm)[6](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1015-12312022.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1015-12312022.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1015-12312022.htm)[4](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1015-12312022.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1015-12312022.htm)] | | | | | | Employment Agreement dated as of December 27, 2022 between Comcast Corporation and Michael J. Cavanagh (incorporated by reference to Exhibit 10.15 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2022). | | |

| [removed: [10.1](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1016-12312022.htm)[7](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1016-12312022.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1016-12312022.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1016-12312022.htm)[5](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1016-12312022.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1016-12312022.htm)] | | | | | | Employment Agreement dated as of January 6, 2023 between Comcast Corporation and Jason S. Armstrong (incorporated by reference to Exhibit 10.16 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2022). | | |

| [removed: [10.1](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000039/ex101-9302022.htm)[8](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000039/ex101-9302022.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669122000039/ex101-9302022.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1166691/000116669124000048/ex102-6302024.htm)[6](https://www.sec.gov/Archives/edgar/data/1166691/000116669124000048/ex102-6302024.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669124000048/ex102-6302024.htm)] | | | | | | Employment Agreement [removed: dated as of October 25, 2022] between Comcast Corporation and [removed: David N. Watson] [added: Jennifer Khoury, dated as of December 31, 2022] (incorporated by reference to Exhibit [removed: 10.1] [added: 10.2] to Comcast’s Quarterly Report on Form 10-Q for the quarter ended [removed: September] [added: June] 30, [removed: 2022).] [added: 2024).] | | |