Comcast (CMCSA) 10-K risk factor changes: FY2025 vs FY2024

For a more detailed description of the competition facing our businesses, see Item 1: Business and refer to the “Competition” [removed: discussion] [added: discussions] within that section.

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

[removed: Broadband-deployment] [added: Domestic broadband-deployment] funding initiatives at the federal and state level may result in other service providers deploying new subsidized internet access networks within our footprint, and in cases where we receive subsidies, may impose constraints on how we conduct our businesses.

- 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 [added: content or technologies such as AI that can rapidly produce large volumes of] content, as well as tourism, recreational activities and lodging.

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

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

| [removed: Comcast 2024 Annual Report on Form 10-K] | | | [removed: 18] [added: 19] | | | [added: Comcast 2025 Annual Report on Form 10-K] | | |

[Table of [removed: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)][added: Contents](#i5048451c6842499082b1a12b34e222fe_7)]

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

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

[removed: Lower] [added: In addition, lower] audience ratings and reduced viewership, which many of our linear television networks have experienced, and likely will continue to experience, as well as the level of popularity of Peacock, affect advertisers’ willingness to purchase advertising from us and the rates paid.

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

Competition for popular content, particularly for sports [removed: programming,] [added: rights,] is intense.

| [removed: | | | 19 | | |] Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | | [added: 20 | | | | | |]

The number of subscribers to our television networks has [removed: been,] [added: decreased,] and likely will continue to [removed: be, reduced] [added: decrease,] as a result of [removed: fewer subscribers to multichannel video providers as the media distribution business model changes.][added: reduced viewing of linear television.]

In addition, our broadcast television [removed: networks] [added: stations] depend on their ability to secure and maintain network affiliation agreements with third-party local broadcast television stations in the markets where we do not own the affiliated local broadcast television station.

For all of these types of arrangements, our ability to renew agreements on acceptable terms [added: and/or in a timely manner] may be affected by evolving market [removed: dynamics] [added: dynamics, government regulations] and industry consolidation.

| [removed: Comcast 2024 Annual Report on Form 10-K] | | | [removed: 20] [added: 21] | | | [added: Comcast 2025 Annual Report on Form 10-K] | | |

The legal landscape for new technologies, including AI, remains uncertain, and legal developments could impact our ability to protect [added: our intellectual property] against [added: uses by] unauthorized [removed: third-party use,] [added: third parties, including generative AI developers,] misappropriation, reproduction or infringement or impact our ability to deploy new technologies.

If any U.S. or [removed: international] [added: foreign] laws intended to combat piracy and protect intellectual property rights are repealed or weakened or are not adequately enforced, or if the legal system fails to adapt to new technologies that facilitate piracy, we may be unable to effectively protect our rights, the value of our intellectual property may be negatively impacted and our costs of enforcing our rights may increase.

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

| [removed: | | | 21 | | |] Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | | [added: 22 | | | | | |]

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

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

Repercussions of these [removed: incidents, some of which we] [added: incidents] have [removed: experienced] in the [removed: past, could] [added: past included and may in the future] include [removed: litigation] [added: legal proceedings] or [removed: cause regulators to impose] significant [removed: fines] [added: regulatory fines, oversight] or other remedial measures, including with respect to relevant [removed: customer] [added: consumer] privacy rules, or otherwise have an adverse effect on our company.

| [removed: Comcast 2024 Annual Report on Form 10-K] | | | [removed: 22] [added: 23] | | | [added: Comcast 2025 Annual Report on Form 10-K] | | |

From time to time, we make acquisitions and investments and may pursue other strategic initiatives, such as the [removed: proposed Spin-off.][added: Separation of Versant.]

In connection with such acquisitions and strategic initiatives, we may incur significant or unanticipated [removed: expenses,] [added: expenses and dyssynergies,] fail to realize anticipated benefits and synergies, have difficulty incorporating an acquired or new line of business, disrupt relationships with current and new employees, customers and vendors, incur significant debt, divert the attention of management from our current operations, or have to delay or not proceed with announced transactions or initiatives.

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

| [removed: | | | 23 | | |] Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | | [added: 24 | | | | | |]

Our businesses are subject to various federal, state, local and [removed: federal] [added: foreign] laws and regulations.

In the United States in particular, the Communications Act and FCC [removed: rules and] regulations [added: and policies] affect significant aspects of our communications businesses.

| [removed: Comcast 2024 Annual Report on Form 10-K] | | | [removed: 24] [added: 25] | | | [added: Comcast 2025 Annual Report on Form 10-K] | | |

For example, Congress has approved tens of billions of dollars in [removed: new] funding for broadband deployment and adoption initiatives, and [added: it] may from time to time consider other proposals that address communications issues, including whether it should rewrite the Communications Act to account for changes in the communications marketplace.

Federal agencies have considered adopting new regulations for communications services, including broadband, [removed: although it is uncertain whether those initiatives will continue under the new Administration.][added: from time to time.]

We are subject from time to time to a number of lawsuits both in the United States and in foreign countries, including claims relating to competition, intellectual property rights (including [added: copyrights, trademarks and] patents), employment and labor matters, personal injury and property damage, [added: defamation, disparagement, libel,] free speech, [added: negligence,] customer privacy, regulatory requirements, advertising, marketing and selling practices, and credit and collection issues.

Greater constraints on the use of arbitration to resolve certain of these disputes [added: also] could adversely affect our business.

Our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and [removed: CEO] [added: Co-CEO] has considerable influence over our company through his beneficial ownership of our Class B common stock.

These potentially material transactions include mergers or consolidations involving us, transactions (such as a sale of all or substantially all of our assets) or issuances of securities that require shareholder approval, transactions that result in any person or group owning shares representing more than 10% of the combined voting power of the resulting or surviving corporation, issuances of Class B common stock or securities exercisable or convertible into Class B common stock, and amendments to our articles of incorporation or [removed: by-laws] [added: bylaws] that would limit the rights of holders of our Class B common stock.

Roberts, our chairman and [removed: CEO,] [added: Co-CEO,] beneficially owns all of the outstanding shares of our Class B common stock and, accordingly, has considerable influence over our company and the potential ability to transfer effective control by selling the Class B common stock, which could be at a premium.

The popularity of many of these content distribution platforms has changed, and we expect will continue to change, consumers’ expectations of video content, video aggregation services and the value of our video services, their willingness to pay for such content and services, their perception of quality entertainment and their tolerance for commercial interruptions.

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

If our networks do not attract sufficient viewers, both new and existing multichannel video providers may be reluctant to distribute our networks or may decide to distribute our networks with significantly less favorable terms.

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[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

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If the Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to significant tax liability.

We have received an opinion of Davis Polk & Wardwell LLP that the Separation qualified as non-taxable for U.S. federal income tax purposes.

Notwithstanding the opinion, the IRS or a court could determine that the Separation should be treated as taxable.

If the Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to substantial U.S. and/or applicable non-U.S. taxes as a result, and we could incur significant liabilities under applicable law.

If the failure to qualify is caused by any action taken by Versant, Versant is required to indemnify us for any resulting tax liabilities.

Adverse outcomes in any lawsuits or investigations could result in significant monetary damages or injunctive relief that could adversely affect our businesses, results of operations or financial condition.

In addition, regardless of the ultimate merit or outcome of such lawsuits, investigations or claims, these proceedings may have an adverse impact on our business as a result of legal costs, diversion of the attention of management and other personnel, harm to our reputation and other factors.

| | | | | | | | | |

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

| Comcast 2025 Annual Report on Form 10-K | | | 26 | | | | | |

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

We may incur significant expenses defending any such suit or government charge and may be required to pay amounts or otherwise change our operations in ways that could adversely impact our businesses, results of operations or financial condition.

Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our [removed: [2023] [added: [2024] Annual Report on Form [removed: 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1166691/000116669124000011/cmcsa-20231231.htm)] [added: 10-K](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/cmcsa-20241231.htm)] for management’s discussion and analysis of our financial condition and results of operations for fiscal year [removed: 2022,] [added: 2024,] including comparison to fiscal year 2023.

[removed: ][added: ]

Refer to the “Non-GAAP Financial Measures” section on page [removed: 44] [added: 46] 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: 2024] [added: 2025] Revenue and Adjusted EBITDA Segment Contribution(a) | | |

[removed:  ][added:  ]

| Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | | [removed: 30] [added: 32] | | | | | |

[Table of [removed: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)][added: Contents](#i5048451c6842499082b1a12b34e222fe_7)]

[removed: 2024 Developments][added: | | | | 2024 | | | | | | | | | | | | | | | | | |]

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

| ] [added: Legend.jpg](https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231_g11.jpg)] | | | ] [added: Legend(2).jpg](https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231_g12.jpg)] | | |

| •Revenue [removed: remained consistent] [added: decreased] due to decreases in [removed: video and] [added: video,] other [added: and advertising] revenue, [added: partially] offset by increases in domestic [removed: broadband, domestic wireless,] [added: wireless and] international connectivity [removed: and advertising] revenue. •Adjusted EBITDA [removed: increased] [added: decreased] primarily due to a decrease in [removed: programming expenses, while] revenue [removed: remained consistent.] [added: and an increase in other costs and expenses, partially offset by a decrease in programming expenses.] •Adjusted EBITDA margin [removed: increased] [added: decreased] from [removed: 37.5%] [added: 38.2%] to [removed: 38.2%.] [added: 37.7%.] Business Services Connectivity •Revenue increased due to an increase in revenue from enterprise 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 decreased from [removed: 57.2%] [added: 56.7%] to [removed: 56.7%.] [added: 55.9%.] Customer Metrics •Total customer relationships decreased by [removed: 527,000] [added: 967,000] to [removed: 51.6] [added: 50.8] million. •Domestic broadband customers decreased by [removed: 411,000] [added: 711,000] to [removed: 31.8] [added: 31.3] million. •Domestic wireless lines increased by [removed: 1.2] [added: 1.5] million to [removed: 7.8] [added: 9.3] million. •Domestic video customers decreased by [removed: 1.6] [added: 1.3] million to [removed: 12.5] [added: 11.3] million. •Domestic homes and businesses passed increased by [removed: 1.2] [added: 1.3] million to [removed: 63.7] [added: 65.0] million. Capital Expenditures •Total Connectivity & Platforms capital expenditures [removed: remained consistent at $8.3] [added: increased 5.3% to $8.7] billion, reflecting increased spending on [removed: line extensions and support capital, offset by decreased spending on] customer premise [removed: equipment and] [added: equipment,] scalable [removed: infrastructure.] [added: infrastructure and support capital.] | | | | | | •Revenue [removed: increased] [added: decreased] primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in [added: international networks,] domestic distribution and [removed: international networks] [added: other revenue, partially offset by a decrease in domestic advertising] revenue. •Adjusted EBITDA increased primarily due to [removed: an increase in revenue, partially offset by an increase] [added: a decrease] in programming and production costs driven by the Paris [removed: Olympics.] [added: Olympics, partially offset by a decrease in revenue.] •Peacock generated revenue and costs and expenses of [removed: $4.9] [added: $5.4] billion and [removed: $6.7] [added: $6.5] billion in [removed: 2024,] [added: 2025,] respectively, [removed: including the Paris Olympics,] compared to [removed: $3.4] [added: $4.9] billion and [removed: $6.1] [added: $6.7] billion in [removed: 2023, respectively.] [added: 2024, respectively, including the Paris Olympics.] Paid subscribers increased by [removed: 5] [added: 8] million to [removed: 36] [added: 44] million in [removed: 2024.] [added: 2025.] Studios •Revenue [removed: decreased] [added: increased] primarily due to [removed: decreases] [added: an increase] in [removed: theatrical and] content [removed: licensing] [added: licensing, partially offset by a decrease in theatrical] revenue. [removed: 2023 included the impact of the Writers Guild and SAG work stoppages.] •Adjusted EBITDA [removed: increased] [added: decreased] due to [removed: a decrease] [added: an increase] in costs and expenses driven by [added: marketing and promotion and] programming and production, partially offset by [removed: a decrease] [added: an increase] in revenue. Theme Parks •Revenue [removed: decreased] [added: increased primarily] due to [removed: decreases] [added: an increase] in revenue at our [removed: domestic] theme [removed: parks, as well as] [added: parks in Orlando, driven by] the [removed: negative impact] [added: opening] of [removed: foreign currency at our international theme parks.] [added: Epic Universe in May 2025.] •Adjusted EBITDA [removed: decreased] [added: increased] due to [removed: a decrease] [added: an increase] in [removed: revenue and] [added: revenue, partially offset by] an increase in costs and expenses. •Capital expenditures [removed: continues] [added: continued] to reflect significant spending for the development of Epic Universe in [removed: Orlando.] [added: Orlando ahead of its opening.] | | |

| | | | [removed: 31] [added: 33] | | | Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | |

- Repurchased a total of [removed: 212] [added: 205] million shares of our Class A common stock for [removed: $8.6] [added: $6.8] billion in [removed: 2024] [added: 2025] compared to 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.]

Raised our dividend by $0.08 to [removed: $1.24] [added: $1.32] per share on an annualized basis in January [removed: 2024] [added: 2025] and paid [removed: $4.8] [added: $4.9] billion of dividends in [removed: 2024.][added: 2025.]

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

| Year ended December 31 (in millions, except per share data) | | | [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | | | | | Change [removed: 2023] [added: 2024] to [removed: 2024] [added: 2025] | | | | | |

| Revenue | | | $ | [removed: 123,731] [added: 123,707] | | $ | [removed: 121,572] [added: 123,731] | | | | | [removed: 1.8] [added: —] | | % | | | |

| Programming and production | | | [removed: 37,026] [added: 34,951] | | | [removed: 36,762] [added: 37,026] | | | | | | [removed: 0.7] [added: (5.6)] | | | | | |

| Marketing and promotion | | | [removed: 8,073] [added: 8,862] | | | [removed: 7,971] [added: 8,073] | | | | | | [removed: 1.3] [added: 9.8] | | | | | |

| Other operating and administrative | | | [removed: 40,533] [added: 43,013] | | | [removed: 39,190] [added: 40,533] | | | | | | [removed: 3.4] [added: 6.1] | | | | | |

| Depreciation | | | [removed: 8,729 | | | 8,854 | | |] [added: 9,327] | | | [removed: (1.4)] [added: 8,729] | | | | | |

| Amortization | | | [removed: 6,072 | | | 5,482 | | |] [added: 6,884] | | | [removed: 10.8] [added: 6,072] | | | | | |

| Total costs and expenses | | | [removed: 100,434] [added: 103,035] | | | [removed: 98,258] [added: 100,434] | | | | | | [removed: 2.2] [added: 2.6] | | | | | |

| [removed: Operating income | | | 23,297 | | | 23,314] [added: Operating income] | | | [added: $] | [added: 20,672] | | [removed: (0.1)] [added: $] | [added: 23,297] | | | | |

| Interest expense | | | [removed: (4,134) | | | (4,087) | | |] [added: 4,409] | | | [removed: 1.2] [added: 4,134] | | | | | |

| Investment and other income (loss), net | | | [removed: (490)] [added: 9,503] | | | [removed: 1,252] [added: (490)] | | | | | | NM | | | | | |

| Income before income taxes | | | [removed: 18,673] [added: 25,766] | | | [removed: 20,478] [added: 18,673] | | | | | | [removed: (8.8)] [added: 38.0] | | | | | |

| Income tax expense | | | [removed: (2,796) | | | (5,371) | | |] [added: 6,106] | | | [removed: (48.0)] [added: 2,796] | | | | | |

| Net income | | | [removed: 15,877] [added: 19,660] | | | [removed: 15,107] [added: 15,877] | | | | | | [removed: 5.1] [added: 23.8] | | | | | |

| Less: Net income (loss) attributable to noncontrolling interests | | | [removed: (315)] [added: (338)] | | | [removed: (282)] [added: (315)] | | | | | | [removed: 12.0] [added: 7.3] | | | | | |

| Net income attributable to Comcast Corporation | | | $ | [removed: 16,192] [added: 19,998] | | $ | [removed: 15,388 | | | | | 5.2 |] [added: 16,192] | [removed: %] | | | |

| Basic earnings per common share attributable to Comcast Corporation shareholders | | | $ | [removed: 4.17] [added: 5.41] | | $ | [removed: 3.73] [added: 4.17] | | | | | [removed: 11.7] [added: 29.7] | | % | | | |

| Diluted earnings per common share attributable to Comcast Corporation shareholders | | | $ | [removed: 4.14] [added: 5.39] | | $ | [removed: 3.71] [added: 4.14] | | | | | [removed: 11.7] [added: 30.1] | | % | | | |

| Weighted-average number of common shares outstanding - basic | | | [removed: 3,885] [added: 3,699] | | | [removed: 4,122] [added: 3,885] | | | | | | [removed: (5.8)] [added: (4.8)] | | % | | | |

| Weighted average number of common shares outstanding - diluted | | | [removed: 3,908] [added: 3,709] | | | [removed: 4,148] [added: 3,908] | | | | | | [removed: (5.8)] [added: (5.1)] | | % | | | |

| Adjusted [removed: EBITDA(a)] [added: EBITDA] | | | $ | [removed: 38,069] [added: 37,384] | | $ | [removed: 37,633 | | | | | 1.2 |] [added: 38,069] | [removed: %] | | | |

| Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | | [removed: 32] [added: 34] | | | | | |

[removed: ][added: ]

[removed: ][added: ]

Consolidated depreciation and amortization expense increased in [removed: 2024] [added: 2025] compared to [removed: 2023] [added: 2024] primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, [removed: partially offset by a decrease in] [added: increased] depreciation [added: due to the opening] of [removed: our international property and equipment and a decrease] [added: Epic Universe] in [added: May 2025, impairments of certain long-lived assets in 2025 and] the [removed: amortization] [added: impact] of [removed: software.][added: foreign currency.]

The discussion and analysis that follows includes the results of the cable television networks and complementary digital platforms included in Versant as the Separation did not occur until 2026.

Refer to Note 16 for additional information.

2025 Developments

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

- In June 2025, we sold our interest in Hulu, at which time we recognized the sale of our interest with a pre-tax gain of $9.4 billion (see Note 8).

- On January 2, 2026, we completed the Separation of Versant into an independent, publicly traded company and we made a pro rata distribution of 100% of the shares of Versant common stock to Comcast shareholders in which each Comcast shareholder received 1 share of Versant common stock for every 25 shares of Comcast common stock owned as of the close of business on December 16, 2025 (see Note 16).

Refer to the “Non-GAAP Financial Measures” section on page 46 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](#i5048451c6842499082b1a12b34e222fe_7)

The increase in adjustments in the current year is primarily driven by transaction and transaction-related costs associated with the Separation of Versant that are excluded from Adjusted EBITDA and our segment operating results.

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

Consolidated interest expense increased in 2025 compared to 2024 primarily due to a decrease in capitalized interest driven by the opening of Epic Universe, as well as higher weighted-average interest rates in the current year.

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

| | | | | | | | | | | | | 2024 to 2025 | | | | | | | | | | | |

| Residential Connectivity & Platforms | | | $ | 70,704 | | $ | 71,574 | | | | | (1.2) | | % | (1.9) | | % | | | | | | |

| Total Connectivity & Platforms revenue | | | $ | 80,940 | | $ | 81,275 | | | | | (0.4) | | % | (1.1) | | % | | | | | | |

| Residential Connectivity & Platforms | | | $ | 26,653 | | $ | 27,338 | | | | | (2.5) | | % | (2.8) | | % | | | | | | |

| Business Services Connectivity | | | 5,725 | | | 5,500 | | | | | | 4.1 | | | 4.1 | | | | | | | | |

Our customer relationship additions/(losses) continue to be negatively impacted by an increasingly competitive environment.

We are focused on increasing our residential connectivity revenue.

In 2025, we simplified our broadband pricing structure and began offering a free wireless line for one year to new and existing domestic broadband customers, which we expect will improve customer retention and strengthen our ability to compete for new customers, but will negatively impact average domestic broadband revenue per customer.

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

(c)Beginning in the second quarter of 2025, Business Services Connectivity customer relationships and domestic broadband business customers include connections from the acquisition of Nitel and other conforming changes, resulting in an increase of 124,000 Business Services Connectivity customer relationships and 123,000 domestic broadband business customers as of April 1, 2025.

Because these adjustments were made as of April 1, 2025, they are not reflected in 2024 customer metrics or in net additions/(losses) in 2024 or 2025.

| | | | | | | | | | | | | 2024 to 2025 | | | | | | | | | | | |

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 to 2025 | | | | | | | | | | | | | | | | | |

| Programming(a) | | | | | | | | | | | | | | | | | | | | | | | | $ | 16,007 | | $ | 16,881 | | | | | | | | (5.2) | | % | (6.1) | | % | | | | | | |

| Technical and support(b) | | | | | | | | | | | | | | | | | | | | | | | | 7,610 | | | 7,617 | | | | | | | | | (0.1) | | | (0.7) | | | | | | | | |

| Direct product costs(c) | | | | | | | | | | | | | | | | | | | | | | | | 7,576 | | | 6,607 | | | | | | | | | 14.7 | | | 12.8 | | | | | | | | |

| Marketing and promotion(d) | | | | | | | | | | | | | | | | | | | | | | | | 5,085 | | | 4,772 | | | | | | | | | 6.6 | | | 5.8 | | | | | | | | |

| Customer service(e) | | | | | | | | | | | | | | | | | | | | | | | | 2,755 | | | 2,732 | | | | | | | | | 0.9 | | | 0.2 | | | | | | | | |

| Other(f) | | | | | | | | | | | | | | | | | | | | | | | | 9,532 | | | 9,828 | | | | | | | | | (3.0) | | | (3.8) | | | | | | | | |

Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 to 2025 | | | | | | | | | | | | | | | | | |

| Domestic broadband | | | | | | | | | | | | | | | | | | | | | | | | $ | 25,837 | | $ | 25,660 | | | | | | | | 0.7 | | % | 0.7 | | % | | | | | | |

| Domestic wireless | | | | | | | | | | | | | | | | | | | | | | | | 4,967 | | | 4,273 | | | | | | | | | 16.3 | | | 16.3 | | | | | | | | |

| International connectivity | | | | | | | | | | | | | | | | | | | | | | | | 4,963 | | | 4,503 | | | | | | | | | 10.2 | | | 6.8 | | | | | | | | |

| Total residential connectivity | | | | | | | | | | | | | | | | | | | | | | | | 35,767 | | | 34,435 | | | | | | | | | 3.9 | | | 3.4 | | | | | | | | |

| Video | | | | | | | | | | | | | | | | | | | | | | | | 26,387 | | | 27,791 | | | | | | | | | (5.1) | | | (6.1) | | | | | | | | |

| Advertising | | | | | | | | | | | | | | | | | | | | | | | | 3,712 | | | 4,089 | | | | | | | | | (9.2) | | | (10.3) | | | | | | | | |

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.

- In the fourth quarter of 2023, we exercised our put right requiring Disney to purchase our interest in Hulu and received $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value presented as an advance on the sale of our investment in our consolidated balance sheet, less $557 million for our share of prior capital calls.

We expect to receive additional proceeds for the sale of our interest in Hulu following the final determination of Hulu’s fair value pursuant to a third-party appraisal process, at which time we will recognize the sale of our interest.

- 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.

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

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

A competitive environment, which has increased in recent years, has had negative impacts on our customer relationships additions/(losses).

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.

We believe our residential connectivity revenue will increase as a result of growth in average domestic broadband revenue per customer, as well as increases in domestic wireless and international connectivity revenue.

We also expect continued declines in other revenue related to declines in wireline voice revenue.

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

| Domestic broadband | | | | | | | | | | | | | | | | | | | | | | | | $ | 26,228 | | $ | 25,489 | | | | | | | | 2.9 | | % | 2.9 | | % | | | | | | |

| International connectivity | | | | | | | | | | | | | | | | | | | | | | | | 4,854 | | | 4,207 | | | | | | | | | 15.4 | | | 12.4 | | | | | | | | |

| Total residential connectivity | | | | | | | | | | | | | | | | | | | | | | | | 35,355 | | | 33,359 | | | | | | | | | 6.0 | | | 5.6 | | | | | | | | |

| Video | | | | | | | | | | | | | | | | | | | | | | | | 26,872 | | | 28,797 | | | | | | | | | (6.7) | | | (7.2) | | | | | | | | |

| Advertising | | | | | | | | | | | | | | | | | | | | | | | | 4,089 | | | 3,969 | | | | | | | | | 3.0 | | | 2.1 | | | | | | | | |

| Other | | | | | | | | | | | | | | | | | | | | | | | | 5,259 | | | 5,820 | | | | | | | | | (9.6) | | | (10.2) | | | | | | | | |

| Total revenue | | | | | | | | | | | | | | | | | | | | | | | | 71,574 | | | 71,946 | | | | | | | | | (0.5) | | | (1.0) | | | | | | | | |

| Programming | | | | | | | | | | | | | | | | | | | | | | | | 16,881 | | | 18,067 | | | | | | | | | (6.6) | | | (7.1) | | | | | | | | |

| Other | | | | | | | | | | | | | | | | | | | | | | | | 27,355 | | | 26,932 | | | | | | | | | 1.6 | | | 0.8 | | | | | | | | |

Domestic broadband revenue also includes revenue related to Xumo Stream Boxes and commission revenue from the sale of certain DTC streaming services.

Domestic broadband revenue increased in 2024 primarily due to an increase in average rates.

Other expenses increased in 2024 primarily due to an increase in direct product costs, the impact of foreign currency and higher technical and support costs, partially offset by lower severance charges in 2024 compared to severance and other charges in 2023.

| (in millions) | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | | | | | 2023 | | | | | | | | | Change 2023 to 2024 | | | | | |

| Revenue | | | | | | | | | | | | | | | | | | | | | | | | $ | 9,701 | | | | | $ | 9,255 | | | | | | | | 4.8 | | % | | | |

Severance charges in 2024 were consistent compared to severance and other charges in 2023.

| Media | | | $ | 28,148 | | $ | 25,355 | | | | | 11.0 | | % | | | | | | | | | |

| Studios | | | 11,092 | | | 11,625 | | | | | | (4.6) | | | | | | | | | | | |

| Eliminations | | | (2,798) | | | (2,800) | | | | | | 0.1 | | | | | | | | | | | |

| Media | | | $ | 3,130 | | $ | 2,955 | | | | | 5.9 | | % | | | | | | | | | |

| Studios | | | 1,404 | | | 1,269 | | | | | | 10.7 | | | | | | | | | | | |

| Eliminations | | | 82 | | | 77 | | | | | | 5.9 | | | | | | | | | | | |

The Writers Guild and the SAG work stoppages from May to September 2023 and July to November 2023, respectively, resulted in reduced content licensing revenue at our Studios segment and reduced programming and production costs at both our Studios and Media segments in 2023.

| Other | | | 2,031 | | | 1,983 | | | | | | 2.4 | | | | | |

| Other | | | 4,577 | | | 4,091 | | | | | | 11.9 | | | | | |

The decrease at our networks was primarily due to a decline in the number of subscribers, partially offset by contractual rate increases.

The effect of our interest rate derivative financial instruments to our consolidated interest expense was an increase of [removed: $49] [added: $45] million in [removed: 2024, a decrease] [added: 2025, an increase] of [removed: $56] [added: $49] million in [removed: 2023] [added: 2024] and a decrease of [removed: $66] [added: $56] million in [removed: 2022.][added: 2023.]

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: 2024.][added: 2025.]

We estimate interest rates on variable rate [added: 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: 2024,] [added: 2025,] plus the applicable borrowing margin.

| (in billions) | | | [removed: 2025 | | |] 2026 | | | 2027 | | | 2028 | | | 2029 | | | [removed: Thereafter] [added: 2030] | | | [added: Thereafter(a) | | |] Total | | | Estimated Fair Value as of December 31, [removed: 2024] [added: 2025] | | |

| Average interest [removed: rate(a)] [added: rate(b)] | | | [removed: 2.9] [added: 2.1] | | % | [removed: 1.7] [added: 2.9] | | % | [removed: 3.3] [added: 4.0] | | % | [removed: 4.0] [added: 3.5] | | % | [removed: 3.7] [added: 3.4] | | % | [removed: 3.8] [added: 4.0] | | % | [removed: 3.6] [added: 3.8] | | % | | | |

| Notional [removed: amount(b)] [added: amount(c)] | | | $ | [removed: —] [added: 1.3] | | $ | [removed: 1.3] [added: 0.3] | | $ | [removed: 0.3] [added: 1.0] | | $ | [removed: 1.0] [added: —] | | $ | — | | $ | — | | $ | 2.5 | | $ | [removed: (0.2)] [added: (0.1)] | |

| 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 | | % | | | |

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

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

See Notes [removed: 1 and] [added: 1,] 6 [added: and 16] for additional information.

| Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | | [removed: 54] [added: 56] | | | | | |

[Table of [removed: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)][added: Contents](#i5048451c6842499082b1a12b34e222fe_7)]

We have analyzed our foreign currency exposure related to our foreign operations as of December 31, [removed: 2024,] [added: 2025,] 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: 2024] [added: 2025] net income attributable to Comcast Corporation.

As of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] 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: 55] [added: 57] | | | Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | |

| Fixed-rate debt | | | $ | 5.9 | | $ | 5.0 | | $ | 5.7 | | $ | 4.8 | | $ | 4.8 | | $ | 75.4 | | $ | 101.6 | | $ | 87.1 | |

| Variable-rate debt | | | $ | — | | $ | — | | $ | — | | $ | 0.1 | | $ | 0.1 | | $ | 3.0 | | $ | 3.2 | | $ | 3.2 | |

| Average interest rate | | | 2.5 | | % | 2.5 | | % | 2.5 | | % | 2.5 | | % | 2.5 | | % | 2.5 | | % | 2.5 | | % | | | |

| Average pay rate | | | 6.1 | | % | 5.9 | | % | 6.4 | | % | — | | % | — | | % | — | | % | 6.2 | | % | | | |

(a)Subsequent to December 31, 2025, Versant’s $1.0 billion aggregate principal amount of 7.25% fixed-rate senior secured notes due January 2031 was removed from our consolidated balance sheet as a result of the Separation.

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

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

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

| Average pay rate | | | — | | % | 6.5 | | % | 6.3 | | % | 6.8 | | % | — | | % | — | | % | 6.6 | | % | | | |

- Residential and business video services, [added: advertising, residential voice services, and] Sky-branded entertainment television networks [removed: and advertising]

[removed: In 2024, we began offering] [added: We also offer] prepaid domestic broadband services with downstream speeds of up to 200 megabits per second marketed under the NOW [removed: brand.][added: brand and offer monthly access to our network of Wi-Fi hotspots.]

[removed: We also offer monthly] [added: Broadband customers have] access to our network of Wi-Fi hotspots.

| | | | 1 | | | Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)][added: Contents](#i5048451c6842499082b1a12b34e222fe_7)]

We [added: also] offer Xumo Stream Box [removed: (formerly Flex)] devices to our domestic [added: broadband] customers.

The Xumo Stream Box provides access to and integration of [removed: streaming] content [removed: and music] from [removed: certain] internet-based [removed: apps, including direct-to-consumer streaming services (“DTC streaming services”) such as Peacock, Disney+ and Netflix,] [added: apps] and [removed: certain] pay-per-view and video on demand programming that is available over the [removed: internet.][added: internet, similar to the integrated content provided through our X1 platform.]

We also offer certain bundled DTC streaming services to our [added: domestic and international] broadband customers.

The map below highlights our domestic network footprint [added: by zip code] and the markets where we had 250,000 or more domestic residential broadband customers as of December 31, [removed: 2024.][added: 2025.]

][added: v1.23.26.jpg](https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231_g2.jpg)]

Our international broadband services primarily include [removed: fiber-to-the-cabinet offerings, and increasingly] fiber-to-the-premises [added: and fiber-to-the-cabinet] offerings.

As part of our domestic and international broadband services, we offer [removed: to] customers our advanced, proprietary wireless gateways 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.

We offer [removed: domestic customers] services [removed: on an unlimited data plan, on shared data] [added: to international customers through various gigabyte] plans or [removed: per gigabyte of] [added: an unlimited] data [removed: used.][added: plan.]

[removed: In 2024, we began offering] [added: We also offer] prepaid unlimited data plans marketed under the NOW brand.

Customers may either bring their own [added: wireless] device or purchase [added: wireless] devices from us with the option to pay upfront or finance the purchase interest-free over 24 [added: to 36] months for domestic customers and over 24 to 48 months for international customers.

| Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | | 2 | | | | | |

[removed: We offer] [added: Our] video services [removed: to residential and business customers] [added: are provided] primarily through our X1 platform in the United States over our network, and through our Sky Q platform [removed: internationally] in the United Kingdom and Italy using a combination of satellite transmission and broadband connections.

[removed: We offer a range of] [added: Our] video packages [added: range] from [added: a] basic [removed: linear service] to full linear [removed: service, which] [added: service and] typically include free-to-air [removed: networks and] [added: networks,] a [removed: range] [added: variety] of other linear television networks including premium, sports and news [removed: networks.][added: networks, and certain direct-to-consumer streaming services (“DTC streaming services”) such as Peacock, Disney+ and Netflix.]

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

[removed: NOW] [added: We also offer international and domestic DTC streaming] services [added: marketed under the NOW brand, which] provide video content over the internet and do not require a set-top box.

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

[removed: We also offer] [added: Our] video services [added: are also offered] in the United Kingdom and Italy over a broadband connection without the need for a satellite dish.

Our Business Services Connectivity segment consists [added: primarily] of [removed: our] [added: offerings under the Comcast Business brand, including] domestic service offerings for small [removed: businesses, which] [added: businesses that] include broadband, wireline voice and wireless services, [removed: as well as our] [added: and domestic and international] enterprise solutions offerings for medium-sized customers and larger [removed: enterprises.][added: enterprises with multiple locations.]

Our domestic broadband offerings have a range of service levels, including fiber-based services that deliver symmetrical speeds ranging up to 100 gigabits per [removed: second.][added: second, with up to 400 gigabits per second for certain customers.]

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

| | | | 3 | | | Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | |

[removed: The segments within our] [added: Our] Connectivity & Platforms [removed: business] [added: businesses] use our HFC network in the United States, which we believe is sufficiently flexible and scalable to support our future technology requirements and enables us to continue to grow capacity and capabilities over time.

[removed: Across nearly our entire domestic footprint, we leverage] [added: - Leveraging] DOCSIS 3.1 to offer up to gigabit-plus downstream broadband speeds to residential and business [added: customers, with multigigabit downstream broadband speeds available to approximately 60% of our residential] customers.

[removed: We also deploy] [added: - Deploying] fiber-to-the-premises with symmetrical speed offerings ranging up to 10 gigabits per second to residential customers who request that service, subject to local construction constraints, and up to 100 gigabits per second to business [added: customers, with up to 400 gigabits per second to certain business] customers.

[removed: We offer] [added: - Offering] 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 network.

[removed: We continue to extend] [added: - Extending] our [removed: network’s reach] [added: network] to new homes and [removed: businesses] [added: businesses, both] within [removed: our] existing [removed: service areas, as well as edging-out to] [added: markets and into] new service [removed: areas to expand the number of homes and businesses passed, and] [added: areas, with] a [removed: significant] [added: growing] portion of new [removed: homes and businesses passed are] [added: passings] connected with fiber.

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

The related operating plant and equipment used to provide our video and connectivity services [removed: include] [added: includes] leased satellite system signal receiving, encoding and decoding devices, and owned and leased headends and distribution networks, including coaxial, fiber-optic cables and other related equipment.

We offer wireless services in the United Kingdom using a combination of a [removed: third-party’s] [added: third party’s] network and our own mobile core network.

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

These platforms are based on our global technology platform and integrate linear television networks, [removed: owned and third-party] DTC streaming services and other internet-based apps, and on demand programming into a unified experience with voice-activated [removed: remote control] [added: remote-control] search and interactive features.

[removed: We provide] [added: Our Connectivity & Platforms businesses also focus on technology initiatives related to broadband and wireless services that leverage] our [added: global technology platform, including providing our] customers with in-and-out-of-home Wi-Fi, the ability to manage their Wi-Fi network and connected home with our mobile apps and online portal, advanced security technology, and other features.

To offer video services, Residential Connectivity & Platforms licenses substantial amounts of linear television programming from [added: both] third parties and [removed: from] our Media segment.

The fees associated with [removed: these] distribution agreements [added: from programmers] are generally based on the number of subscribers receiving the television network programming and a per subscriber fee, although programming expenses for certain television networks are based on a fixed fee.

[removed: Additionally, certain of our] [added: Some] agreements [added: also] include [removed: the] rights to offer such programming through multiple delivery platforms, such as through our on demand services, online portal, mobile apps, the Xumo Stream Box, [removed: and] [added: or] our NOW and NOW TV streaming services.

On January 2, 2026, we completed the previously announced separation of Versant Media Group, Inc. (“Versant”) into an independent, publicly traded company with its Class A common stock listed on The Nasdaq Stock Market under the ticker symbol “VSNT” (the “Separation”).

The Versant business is comprised of certain of our former cable television networks, including MS NOW (formerly MSNBC), CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen, and complementary digital platforms, including GolfNow, Fandango, Rotten Tomatoes and SportsEngine.

The Versant business was not operated as a distinct business unit or division of Comcast.

The Separation was structured to qualify as a tax-free spin-off for U.S. federal income tax purposes and achieved through the transfer of assets and liabilities comprising the Versant business to Versant and its subsidiaries, followed by the distribution on January 2, 2026 of 100% of the shares of Versant common stock to shareholders of Comcast as of the close of business on the record date of December 16, 2025 (the “Distribution”).

For additional information, refer to Note 16 to the consolidated financial statements included in this Annual Report on Form 10-K.

The Versant businesses were included in Comcast’s Media segment and consolidated results for all periods presented, and accordingly the discussion that follows includes the Versant businesses unless otherwise indicated.

We offer services to domestic customers through unlimited data plans.

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

We offer video services to residential and business customers.

X1 and Sky Q are cloud-based platforms that leverage set-top boxes and voice-activated remote controls to provide integrated features, including search functionality, that operate across content in customers’ video service packages; streaming content and music from internet-based apps, including DTC streaming services; and pay-per-view and video on demand programming that is available for no additional cost or to rent or buy.

Our business services connectivity offerings in the United Kingdom are operated under the Sky Business brand.

Our domestic wireless services are offered to business customers over Verizon’s wireless network and beginning in 2026, we will also use T-Mobile’s wireless network.

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

Our network and its continued evolution include:

- Executing on our multi-year strategy to evolve our existing HFC network, including the rollout of DOCSIS 4.0 in select markets, which allows for multigigabit symmetrical speeds.

We are also virtualizing and automating our core network functions to enhance capacity, efficiency and reliability.

In 2026, our domestic wireless services offered to business customers will also begin using T-Mobile’s wireless network under an MVNO agreement.

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

Certain distribution agreements also include access to the programmer’s DTC streaming service.

and our Studios segment, certain of which are exclusive rights.

Wireless companies and satellite broadband providers have also purchased, and may continue to purchase, spectrum to increase their capacity to provide broadband and wireless services.

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

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We also receive subscription fees for our Peacock DTC streaming service either directly from customers or from companies who sell Peacock to customers on our behalf.

The cable networks listed, with the exception of Bravo, Universo and NBC Sports Network, were contributed to the Versant business in connection with the Separation in January 2026.

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

| NBC Sports Network | | | (b) | | | | | | | | | General sports | | |

(b)NBC Sports Network launched in November 2025 and approximate U.S. household data was not available as of December 31, 2025.

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

Upon the Separation of Versant, Versant assumed some or all contractual rights and responsibilities for certain television rights, including all of the NASCAR and WWE Smackdown agreements.

| MLB | | | United States | | | 2028 season | | |

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

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Our domestic broadcast networks compete with the other broadcast networks in markets across the United States to secure affiliations with

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

The FCC is actively considering changes to its broadcast ownership and network-affiliate rules, and we cannot predict the outcome of those rulemakings or how they will affect our business.

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

U.S. legislation signed into law in July 2025 restored the FCC’s spectrum auction authority until September 2034.

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.

We earn commission revenue from the sale of DTC streaming services when sold with our broadband services or through our video platforms, including X1 and Sky Q.

Broadband customers have access to our expanding network of secure Wi-Fi hotspots.

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

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

The integrated features operate across content in customers’ video service packages and content from internet-based streaming services that customers may access in a manner similar to our Xumo Stream Box.

Customers may also subscribe to digital video recorder (“DVR”) services or access our video on demand services with programming that is available for no additional cost or to rent or buy digitally.

These viewing options are also available through our mobile apps and online portals.

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

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

We continue to evolve and enhance our domestic network capabilities.

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 50% of our HFC network footprint.

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

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

Our investment in virtualizing the network helps maintain network reliability and operational efficiency regardless of whether we connect a residence using either fiber or our HFC network.

Our Connectivity & Platforms business also pursues technology initiatives related to broadband and wireless services that leverage our global technology platform.

Our most significant agreements for the licensing of film and television entertainment content include exclusive rights with Paramount, Warner Bros.

and our Studios segment.

We also receive monthly retail or wholesale subscription fees for Peacock.

We operate a diversified portfolio of cable networks operating predominantly in the United States.

| Universal Kids | | | 43 | | | | | | | | | Children’s entertainment | | |

Much of the federal funding authorized for broadband deployment is conditioned on states agreeing to make it available for potential use by government-owned networks, although the funding prioritizes deployment to unserved and underserved areas and locations.

See Note [removed: 14] [added: 15] 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: 2024][added: 2025]

| | | | | | | ] [added: Logo.jpg](https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231_g1.jpg)] | | | | | | | | |

As of June 30, [removed: 2024,] [added: 2025,] the aggregate market value of the Comcast Corporation common stock held by non-affiliates of the registrant was [removed: $150.621] [added: $130.745] billion.

As of January 15, [removed: 2025,] [added: 2026,] there were [removed: 3,771,578,226] [added: 3,588,401,619] shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

[Table of [removed: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)][added: Contents](#i5048451c6842499082b1a12b34e222fe_7)]

[removed: 2024] [added: 2025] Annual Report on Form 10-K

| Item 1 | | | [removed: [Business](#ia8555b4da9c1428ea91f8f8e7517528b_13)] [added: [Business](#i5048451c6842499082b1a12b34e222fe_13)] | | | [removed: [1](#ia8555b4da9c1428ea91f8f8e7517528b_13)] [added: [1](#i5048451c6842499082b1a12b34e222fe_13)] | | |

| Item 1A | | | [Risk [removed: Factors](#ia8555b4da9c1428ea91f8f8e7517528b_79)] [added: Factors](#i5048451c6842499082b1a12b34e222fe_79)] | | | [removed: [18](#ia8555b4da9c1428ea91f8f8e7517528b_79)] [added: [19](#i5048451c6842499082b1a12b34e222fe_79)] | | |

| Item 1B | | | [Unresolved Staff [removed: Comments](#ia8555b4da9c1428ea91f8f8e7517528b_82)] [added: Comments](#i5048451c6842499082b1a12b34e222fe_82)] | | | [removed: [25](#ia8555b4da9c1428ea91f8f8e7517528b_82)] [added: [27](#i5048451c6842499082b1a12b34e222fe_82)] | | |

| Item 1C | | | [removed: [Cybersecurity](#ia8555b4da9c1428ea91f8f8e7517528b_85)] [added: [Cybersecurity](#i5048451c6842499082b1a12b34e222fe_85)] | | | [removed: [26](#ia8555b4da9c1428ea91f8f8e7517528b_85)] [added: [27](#i5048451c6842499082b1a12b34e222fe_85)] | | |

| Item 2 | | | [removed: [Properties](#ia8555b4da9c1428ea91f8f8e7517528b_88)] [added: [Properties](#i5048451c6842499082b1a12b34e222fe_88)] | | | [removed: [27](#ia8555b4da9c1428ea91f8f8e7517528b_88)] [added: [28](#i5048451c6842499082b1a12b34e222fe_88)] | | |

| Item 3 | | | [Legal [removed: Proceedings](#ia8555b4da9c1428ea91f8f8e7517528b_91)] [added: Proceedings](#i5048451c6842499082b1a12b34e222fe_91)] | | | [removed: [27](#ia8555b4da9c1428ea91f8f8e7517528b_91)] [added: [29](#i5048451c6842499082b1a12b34e222fe_91)] | | |

| Item 4 | | | [Mine Safety [removed: Disclosures](#ia8555b4da9c1428ea91f8f8e7517528b_94)] [added: Disclosures](#i5048451c6842499082b1a12b34e222fe_94)] | | | [removed: [27](#ia8555b4da9c1428ea91f8f8e7517528b_94)] [added: [29](#i5048451c6842499082b1a12b34e222fe_94)] | | |

| Item 5 | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ia8555b4da9c1428ea91f8f8e7517528b_100)] [added: Securities](#i5048451c6842499082b1a12b34e222fe_100)] | | | [removed: [28](#ia8555b4da9c1428ea91f8f8e7517528b_100)] [added: [30](#i5048451c6842499082b1a12b34e222fe_100)] | | |

| Item 6 | | | [removed: [\[Reserved\]](#ia8555b4da9c1428ea91f8f8e7517528b_103)] [added: [\[Reserved\]](#i5048451c6842499082b1a12b34e222fe_103)] | | | [removed: [29](#ia8555b4da9c1428ea91f8f8e7517528b_103)] [added: [31](#i5048451c6842499082b1a12b34e222fe_103)] | | |

| Item 7 | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ia8555b4da9c1428ea91f8f8e7517528b_106)] [added: Operations](#i5048451c6842499082b1a12b34e222fe_106)] | | | [removed: [30](#ia8555b4da9c1428ea91f8f8e7517528b_106)] [added: [32](#i5048451c6842499082b1a12b34e222fe_106)] | | |

| Item 7A | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ia8555b4da9c1428ea91f8f8e7517528b_178)] [added: Risk](#i5048451c6842499082b1a12b34e222fe_184)] | | | [removed: [54](#ia8555b4da9c1428ea91f8f8e7517528b_178)] [added: [56](#i5048451c6842499082b1a12b34e222fe_184)] | | |

| Item 8 | | | [Comcast Corporation Financial Statements and Supplementary [removed: Data](#ia8555b4da9c1428ea91f8f8e7517528b_181)] [added: Data](#i5048451c6842499082b1a12b34e222fe_187)] | | | [removed: [56](#ia8555b4da9c1428ea91f8f8e7517528b_181)] [added: [58](#i5048451c6842499082b1a12b34e222fe_187)] | | |

| Item 9 | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ia8555b4da9c1428ea91f8f8e7517528b_274)] [added: Disclosure](#i5048451c6842499082b1a12b34e222fe_283)] | | | [removed: [92](#ia8555b4da9c1428ea91f8f8e7517528b_274)] [added: [94](#i5048451c6842499082b1a12b34e222fe_283)] | | |

| Item 9A | | | [Controls and [removed: Procedures](#ia8555b4da9c1428ea91f8f8e7517528b_277)] [added: Procedures](#i5048451c6842499082b1a12b34e222fe_286)] | | | [removed: [92](#ia8555b4da9c1428ea91f8f8e7517528b_277)] [added: [94](#i5048451c6842499082b1a12b34e222fe_286)] | | |

| Item 9B | | | [Other [removed: Information](#ia8555b4da9c1428ea91f8f8e7517528b_280)] [added: Information](#i5048451c6842499082b1a12b34e222fe_289)] | | | [removed: [92](#ia8555b4da9c1428ea91f8f8e7517528b_280)] [added: [94](#i5048451c6842499082b1a12b34e222fe_289)] | | |

| Item 9C | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ia8555b4da9c1428ea91f8f8e7517528b_286)] [added: Inspections](#i5048451c6842499082b1a12b34e222fe_295)] | | | [removed: [92](#ia8555b4da9c1428ea91f8f8e7517528b_286)] [added: [95](#i5048451c6842499082b1a12b34e222fe_295)] | | |

| Item 10 | | | [Directors, Executive Officers and Corporate [removed: Governance](#ia8555b4da9c1428ea91f8f8e7517528b_292)] [added: Governance](#i5048451c6842499082b1a12b34e222fe_301)] | | | [removed: [93](#ia8555b4da9c1428ea91f8f8e7517528b_292)] [added: [96](#i5048451c6842499082b1a12b34e222fe_301)] | | |

| Item 11 | | | [Executive [removed: Compensation](#ia8555b4da9c1428ea91f8f8e7517528b_295)] [added: Compensation](#i5048451c6842499082b1a12b34e222fe_304)] | | | [removed: [93](#ia8555b4da9c1428ea91f8f8e7517528b_295)] [added: [96](#i5048451c6842499082b1a12b34e222fe_304)] | | |

| Item 12 | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ia8555b4da9c1428ea91f8f8e7517528b_298)] [added: Matters](#i5048451c6842499082b1a12b34e222fe_307)] | | | [removed: [94](#ia8555b4da9c1428ea91f8f8e7517528b_298)] [added: [96](#i5048451c6842499082b1a12b34e222fe_307)] | | |

| Item 13 | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ia8555b4da9c1428ea91f8f8e7517528b_301)] [added: Independence](#i5048451c6842499082b1a12b34e222fe_310)] | | | [removed: [94](#ia8555b4da9c1428ea91f8f8e7517528b_301)] [added: [97](#i5048451c6842499082b1a12b34e222fe_310)] | | |

| Item 14 | | | [Principal Accountant Fees and [removed: Services](#ia8555b4da9c1428ea91f8f8e7517528b_304)] [added: Services](#i5048451c6842499082b1a12b34e222fe_313)] | | | [removed: [94](#ia8555b4da9c1428ea91f8f8e7517528b_304)] [added: [97](#i5048451c6842499082b1a12b34e222fe_313)] | | |

| Item 15 | | | [Exhibits and Financial Statement [removed: Schedules](#ia8555b4da9c1428ea91f8f8e7517528b_310)] [added: Schedules](#i5048451c6842499082b1a12b34e222fe_319)] | | | [removed: [95](#ia8555b4da9c1428ea91f8f8e7517528b_310)] [added: [98](#i5048451c6842499082b1a12b34e222fe_319)] | | |

This Annual Report on Form 10-K is for the year ended December 31, [removed: 2024.][added: 2025.]

| Item 16 | | | [Form 10-K Summary](#i5048451c6842499082b1a12b34e222fe_322) | | | [101](#i5048451c6842499082b1a12b34e222fe_322) | | |

| [Signatures](#i5048451c6842499082b1a12b34e222fe_325) | | | | | | [102](#i5048451c6842499082b1a12b34e222fe_325) | | |

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

| Item 16 | | | [Form 10-K Summary](#ia8555b4da9c1428ea91f8f8e7517528b_313) | | | [98](#ia8555b4da9c1428ea91f8f8e7517528b_313) | | |

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

| | | | | | | | | |

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

| | | | 25 | | | Comcast 2024 Annual Report on Form 10-K | | |

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

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

| [removed: Comcast 2024 Annual Report on Form 10-K] | | | [removed: 26] [added: 27] | | | [added: Comcast 2025 Annual Report on Form 10-K] | | |

[Table of [removed: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)][added: Contents](#i5048451c6842499082b1a12b34e222fe_7)]

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

Other principal locations supporting our Media segment operations include our leased Telemundo headquarters and production facilities in Miami, Florida, as well as our [added: owned] Universal City location in Los Angeles, California, our [removed: owned CNBC] [added: leased NBC Sports] headquarters and production facilities [removed: located] in [removed: Englewood Cliffs, New Jersey] [added: Stamford, Connecticut,] and our [removed: leased NBC Sports] [added: owned CNBC] headquarters and production facilities [added: located] in [removed: Stamford, Connecticut.][added: Englewood Cliffs, New Jersey which is owned by Versant following the Separation on January 2, 2026.]

Refer to Item 1: Business: Studios Segment and Theme Parks Segment for information on properties used in [added: the operations of] those respective [removed: segment operations.][added: segments.]

| | | | | | | | | |

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

| Comcast 2025 Annual Report on Form 10-K | | | 28 | | | | | |

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

| | | | [removed: 27] [added: 29] | | | Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)][added: Contents](#i5048451c6842499082b1a12b34e222fe_7)]

Record holders as of January 15, [removed: 2025] [added: 2026] are presented in the table below.

| Class A Common Stock | | | [removed: 303,127] [added: 286,748] | | |

The table below summarizes Comcast’s common stock repurchases during [removed: 2024.][added: 2025.]

[removed: (a)In September 2022, our Board of Directors approved a share repurchase program authorization of $20 billion and in] [added: In] January [removed: 2024,] [added: 2025,] our Board of Directors terminated the existing program and approved a new [removed: program] [added: share repurchase] authorization of $15 billion effective as of January [removed: 26, 2024,] [added: 31, 2025,] which [removed: had] [added: has] no expiration date.

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

We expect to repurchase additional shares of our Class A common stock under this [removed: authorization] [added: authorization,] in the open market or in private transactions, subject to market and other conditions.

| Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | | [removed: 28] [added: 30] | | | | | |

[Table of [removed: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)][added: Contents](#i5048451c6842499082b1a12b34e222fe_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: 2024] [added: 2025] 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.

This peer group consists of our Class A common stock and the common stock of AT&T Inc., Charter Communications, Inc., Fox Corp. (Class A), Lumen Technologies, Inc., Paramount [removed: Global] [added: Skydance Corporation] (Class [removed: B),] [added: B) (formerly Paramount Global prior to the merger with Skydance Media on August 7, 2025),] T-Mobile US, Inc., Verizon Communications Inc., Warner Bros.

The comparison assumes $100 was invested on December 31, [removed: 2019] [added: 2020] in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends.

[removed: ][added: ]

| | | | [removed: 2020 | | |] 2021 | | | 2022 | | | 2023 | | | 2024 | | | [added: 2025 | | |]

| Comcast Class A | | | $ | [removed: 119] [added: 98] | | $ | [removed: 117] [added: 70] | | $ | [removed: 83] [added: 90] | | $ | [removed: 107] [added: 79] | | $ | [removed: 95] [added: 66] | |

| Peer Group | | | $ | [removed: 112] [added: 92] | | $ | [removed: 103] [added: 71] | | $ | [removed: 79] [added: 78] | | $ | [removed: 87] [added: 92] | | $ | [removed: 103] [added: 96] | |

| First Quarter 2025 | | | 56,218,710 | | | $ | 35.94 | | 56,218,710 | | | 2,020,441,339 | | | $ | 13,630,195,971 | | | | |

| Second Quarter 2025 | | | 49,283,221 | | | $ | 34.49 | | 49,283,221 | | | 1,700,000,362 | | | $ | 11,930,195,608 | | | | |

| Third Quarter 2025 | | | 46,014,962 | | | $ | 33.49 | | 46,014,962 | | | 1,540,953,870 | | | $ | 10,389,241,739 | | | | |

| October 1-31, 2025 | | | 26,229,159 | | | $ | 29.70 | | 26,229,159 | | | 778,980,958 | | | $ | 9,610,260,781 | | | | |

| November 1-30, 2025 | | | 21,614,618 | | | $ | 27.25 | | 21,614,618 | | | 588,995,965 | | | $ | 9,021,264,815 | | | | |

| December 1-31, 2025 | | | 5,715,904 | | | $ | 27.12 | | 5,715,904 | | | 154,997,061 | | | $ | 8,866,267,754 | | | | |

| Total | | | 205,076,574 | | | $ | 33.08 | | 205,076,574 | | | $ | 6,784,369,555 | | $ | 8,866,267,754 | | | | |

| S&P 500 Stock Index | | | $ | 129 | | $ | 105 | | $ | 133 | | $ | 166 | | $ | 196 | |

| 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 | | | | |

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

| | | | [removed: 29] [added: 31] | | | Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | |

[Table of [removed: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)][added: Contents](#i5048451c6842499082b1a12b34e222fe_7)]

| [Report of Independent Registered Public Accounting [removed: Firm](#ia8555b4da9c1428ea91f8f8e7517528b_187)] [added: Firm](#i5048451c6842499082b1a12b34e222fe_193)] | | | [removed: [58](#ia8555b4da9c1428ea91f8f8e7517528b_187)] [added: [60](#i5048451c6842499082b1a12b34e222fe_193)] | | |

| [Consolidated Statements of [removed: Income](#ia8555b4da9c1428ea91f8f8e7517528b_190)] [added: Income](#i5048451c6842499082b1a12b34e222fe_196)] | | | [removed: [61](#ia8555b4da9c1428ea91f8f8e7517528b_190)] [added: [62](#i5048451c6842499082b1a12b34e222fe_196)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#ia8555b4da9c1428ea91f8f8e7517528b_193)] [added: Income](#i5048451c6842499082b1a12b34e222fe_199)] | | | [removed: [62](#ia8555b4da9c1428ea91f8f8e7517528b_193)] [added: [63](#i5048451c6842499082b1a12b34e222fe_199)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ia8555b4da9c1428ea91f8f8e7517528b_196)] [added: Flows](#i5048451c6842499082b1a12b34e222fe_202)] | | | [removed: [63](#ia8555b4da9c1428ea91f8f8e7517528b_196)] [added: [64](#i5048451c6842499082b1a12b34e222fe_202)] | | |

| [Consolidated Balance [removed: Sheets](#ia8555b4da9c1428ea91f8f8e7517528b_199)] [added: Sheets](#i5048451c6842499082b1a12b34e222fe_205)] | | | [removed: [64](#ia8555b4da9c1428ea91f8f8e7517528b_199)] [added: [65](#i5048451c6842499082b1a12b34e222fe_205)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#ia8555b4da9c1428ea91f8f8e7517528b_202)] [added: Equity](#i5048451c6842499082b1a12b34e222fe_208)] | | | [removed: [65](#ia8555b4da9c1428ea91f8f8e7517528b_202)] [added: [66](#i5048451c6842499082b1a12b34e222fe_208)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ia8555b4da9c1428ea91f8f8e7517528b_205)] [added: Statements](#i5048451c6842499082b1a12b34e222fe_211)] | | | [removed: [66](#ia8555b4da9c1428ea91f8f8e7517528b_205)] [added: [67](#i5048451c6842499082b1a12b34e222fe_211)] | | |

| [Note 1: Summary of Significant Accounting [removed: Policies](#ia8555b4da9c1428ea91f8f8e7517528b_208)] [added: Policies](#i5048451c6842499082b1a12b34e222fe_214)] | | | [removed: [66](#ia8555b4da9c1428ea91f8f8e7517528b_208)] [added: [67](#i5048451c6842499082b1a12b34e222fe_214)] | | |

| [Note 2: Segment [removed: Information](#ia8555b4da9c1428ea91f8f8e7517528b_214)] [added: Information](#i5048451c6842499082b1a12b34e222fe_220)] | | | [removed: [67](#ia8555b4da9c1428ea91f8f8e7517528b_214)] [added: [68](#i5048451c6842499082b1a12b34e222fe_220)] | | |

| [Note 4: Programming and Production [removed: Costs](#ia8555b4da9c1428ea91f8f8e7517528b_226)] [added: Costs](#i5048451c6842499082b1a12b34e222fe_232)] | | | [removed: [73](#ia8555b4da9c1428ea91f8f8e7517528b_226)] [added: [74](#i5048451c6842499082b1a12b34e222fe_232)] | | |

| [Note 5: Income [removed: Taxes](#ia8555b4da9c1428ea91f8f8e7517528b_229)] [added: Taxes](#i5048451c6842499082b1a12b34e222fe_235)] | | | [removed: [76](#ia8555b4da9c1428ea91f8f8e7517528b_229)] [added: [77](#i5048451c6842499082b1a12b34e222fe_235)] | | |

| [removed: [Note 7:] [added: Note 8:] Investments and Variable Interest [removed: Entities](#ia8555b4da9c1428ea91f8f8e7517528b_244) | | | [81](#ia8555b4da9c1428ea91f8f8e7517528b_244)] [added: Entities] | | |

| [removed: [Note 8:] [added: Note 9:] Property and [removed: Equipment](#ia8555b4da9c1428ea91f8f8e7517528b_247) | | | [84](#ia8555b4da9c1428ea91f8f8e7517528b_247)] [added: Equipment] | | |

| [removed: [Note 9:] [added: Note 10:] Goodwill and Intangible [removed: Assets](#ia8555b4da9c1428ea91f8f8e7517528b_250) | | | [85](#ia8555b4da9c1428ea91f8f8e7517528b_250)] [added: Assets] | | |

| [removed: [Note 10:] [added: Note 11:] Employee Benefit [removed: Plans](#ia8555b4da9c1428ea91f8f8e7517528b_253) | | | [87](#ia8555b4da9c1428ea91f8f8e7517528b_253)] [added: Plans] | | |

| [removed: [Note 11: Equity](#ia8555b4da9c1428ea91f8f8e7517528b_256) | | | [88](#ia8555b4da9c1428ea91f8f8e7517528b_256)] [added: Note 12: Equity] | | |

| [removed: [Note 12:] [added: Note 13:] Share-Based [removed: Compensation](#ia8555b4da9c1428ea91f8f8e7517528b_262) | | | [89](#ia8555b4da9c1428ea91f8f8e7517528b_262)] [added: Compensation] | | |

| [removed: [Note 13:] [added: Note 14:] Supplemental Financial [removed: Information](#ia8555b4da9c1428ea91f8f8e7517528b_265) | | | [90](#ia8555b4da9c1428ea91f8f8e7517528b_265)] [added: Information] | | |

| [removed: [Note 14:] [added: Note 15:] Commitments and [removed: Contingencies](#ia8555b4da9c1428ea91f8f8e7517528b_268) | | | [90](#ia8555b4da9c1428ea91f8f8e7517528b_268)] [added: Contingencies] | | |

| Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | | [removed: 56] [added: 58] | | | | | |

[Table of [removed: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)][added: Contents](#i5048451c6842499082b1a12b34e222fe_7)]

[removed: Management’s] [added: Management’s] Report on Internal Control Over Financial [removed: Reporting][added: Reporting]

Based on this evaluation, our management concluded that the system of internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

| | | | [removed: 57] [added: 59] | | | Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | |

We have audited the accompanying consolidated balance sheets of Comcast Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] 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: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

Critical Audit [removed: Matters][added: Matter]

The critical audit [removed: matters] [added: matter] communicated below [removed: are matters] [added: is a matter] arising from the current-period audit of the financial statements that [removed: were] [added: was] communicated or required to be communicated to the audit committee and that (1) [removed: relate] [added: relates] to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matters] [added: matter] below, providing [added: a] separate [removed: opinions] [added: opinion] on the critical audit [removed: matters] [added: matter] or on the accounts or disclosures to which [removed: they relate.][added: it relates.]

Revenue [removed: -] [added: —] Refer to Note 3 to the financial statements.

| Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | | [removed: 58] [added: 60] | | | | | |

Our audit procedures related to the judgments necessary to determine the appropriate recognition and processing of [added: Residential Connectivity & Platforms segment] revenue included the following, among others:

- We developed expectations of [added: residential connectivity and video] revenue at a disaggregated level [removed: based on] [added: using] historical [removed: transaction prices,] [added: amounts,] changes in stand-alone selling prices and current year [removed: volumes.][added: subscriber volumes, and we compared those estimates to revenue recognized by the Company.]

| | | | [removed: 59] [added: 61] | | | Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | |

[removed: Given] [added: This] capital [added: loss could be carried back and applied against capital] gains recognized [removed: in] [added: on our] prior federal income tax [removed: returns, the Company] [added: returns for 2021 through 2023, and as a result, we] recognized an income tax benefit and a corresponding refund receivable of $1.9 [removed: billion.][added: billion in 2024.]

| Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | | [removed: 60] [added: 62] | | | | | |

| Year ended December 31 (in millions, except per share data) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Revenue | | | $ | [removed: 123,731] [added: 123,707] | | | | | $ | [removed: 121,572] [added: 123,731] | | | | | $ | [removed: 121,427] [added: 121,572] | |

| [Management’s Report on Internal Control Over Financial Reporting](#i5048451c6842499082b1a12b34e222fe_190) | | | [59](#i5048451c6842499082b1a12b34e222fe_190) | | |

| [Note 3: Revenue](#i5048451c6842499082b1a12b34e222fe_226) | | | [71](#i5048451c6842499082b1a12b34e222fe_226) | | |

| [Note 6: Debt](#i5048451c6842499082b1a12b34e222fe_238) | | | [80](#i5048451c6842499082b1a12b34e222fe_238) | | |

| [Note 7: Significant Transactions](#i5048451c6842499082b1a12b34e222fe_244) | | | [82](#i5048451c6842499082b1a12b34e222fe_244) | | |

| [Note 16: Subsequent Events](#i5048451c6842499082b1a12b34e222fe_277) | | | [92](#i5048451c6842499082b1a12b34e222fe_277) | | |

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

For domestic residential revenue from subscribers, we also assessed the revenue recorded by comparing cash receipts, adjusted for reconciling items, to revenue recognized by the Company.

February 3, 2026

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

| Less: Net income (loss) attributable to noncontrolling interests | | | (338) | | | | | | (315) | | | | | | (282) | | |

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

| Net income | | | $ | 19,660 | | | | | $ | 15,877 | | | | | $ | 15,107 | |

| Acquisitions, net of cash acquired | | | (1,306) | | | | | | (119) | | | | | | — | | |

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

See Note 16 for additional information.

Certain prior year amounts have been reclassified to conform to the current year presentation.

Refer to Note 3 for a discussion of the changes in our presentation of disaggregated revenue and Note 12 for a discussion of the changes in our presentation of treasury shares.

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

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

Internal-Use Software

In September 2025, the FASB updated the accounting guidance related to internal-use software.

The updated guidance eliminates references to software project stages and clarifies that capitalization of internal-use software costs should begin once management authorizes and commits to funding a software project and it is probable that the project will be completed and used as intended.

The updated guidance is effective for us as of January 1, 2028, and early adoption is permitted.

We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

Government Grants

In December 2025, the FASB issued new accounting guidance on the recognition, measurement and presentation of government grants received by business entities.

The new guidance defines government grants, clarifies their scope and provides a recognition threshold under which a grant is recognized when it is probable the entity will comply with the grant’s conditions and that the grant will be received.

The updated guidance is effective for us as of January 1, 2029, and early adoption is permitted.

We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

Interim Reporting

In December 2025, the FASB issued updated accounting guidance on interim reporting.

The updated guidance establishes a principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity, as well as clarifies the applicability of interim disclosure requirements.

The guidance does not change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements.

The guidance is effective for us beginning in interim periods after January 1, 2028, with early adoption permitted.

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

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

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

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

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

Report of Management

Management’s Report on Financial Statements

Our management is responsible for the preparation, integrity and fair presentation of information in the consolidated financial statements, including estimates and judgments.

The consolidated financial statements presented in this report have been prepared in accordance with accounting principles generally accepted in the United States.

Our management believes the consolidated financial statements and other financial information included in this report fairly present, in all material respects, the financial condition, results of operations and cash flows as of and for the periods presented in this report.

The consolidated financial statements have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report, which is included herein.

Our internal control over financial reporting includes those policies and procedures that:

- Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions and dispositions of our assets.

- Provide reasonable assurance that our transactions are recorded as necessary to permit preparation of our financial statements in accordance with accounting principles generally accepted in the United States, and that our receipts and expenditures are being made only in accordance with authorizations of our management and our directors.

- Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Our system contains self-monitoring mechanisms, and actions are taken to correct deficiencies as they are identified.

Audit Committee Oversight

The Audit Committee of the Board of Directors, which is comprised solely of independent directors, has oversight responsibility for our financial reporting process and the audits of the consolidated financial statements and internal control over financial reporting.

The Audit Committee meets regularly with management and with our internal auditors and independent registered public accounting firm (collectively, the “auditors”) to review matters related to the quality and integrity of our financial reporting, internal control over financial reporting (including compliance matters related to our Code of Conduct), and the nature, extent, and results of internal and external audits.

Our auditors have full and free access and report directly to the Audit Committee.

The Audit Committee recommended, and the Board of Directors approved, that the audited consolidated financial statements be included in this Form 10-K.

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

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

| /s/ BRIAN L. ROBERTS | | | | | | /s/ JASON S. ARMSTRONG | | | | | | /s/ DANIEL C. MURDOCK | | |

| Brian L. Roberts | | | | | | Jason S. Armstrong | | | | | | Daniel C. Murdock | | |

| Chairman and Chief Executive Officer | | | | | | Chief Financial Officer | | | | | | Executive Vice President, Chief Accounting Officer and Controller | | |

Report of Independent Registered Public Accounting Firm

*Critical Audit Matter Description*

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

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

We compared those estimates to revenue recognized by the Company.

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:

Refer to Management’s Report on Internal Control Over Financial Reporting on page [removed: 57.][added: 59.]

Refer to Report of Independent Registered Public Accounting Firm on page [removed: 58.][added: 60.]

Appointment of Gordon Smith

On January 28, 2026, Gordon Smith was appointed as a director of the Company effective February 4, 2026.

The Company’s Board of Directors has determined that Mr. Smith is independent in accordance with applicable Nasdaq rules and the Company’s corporate governance guidelines.

Mr. Smith served as Co-President and Chief Operating Officer of JPMorgan Chase & Co. from 2018 to 2022.

Mr. Smith joined Chase in 2007, serving first as CEO of Chase Card Services until 2011, then as CEO of Auto Finance and Student Lending until 2012, before becoming CEO of Consumer and Community Banking from 2012 to 2021.

Prior to that, he served in various leadership roles at American Express, including in the U.S. Domestic Consumer Card and Global Commercial Card businesses.

He has served as a director of Choice Hotels International, Inc. since 2022 and Humana, Inc. since 2024.

He also currently serves as an operating advisor at Clayton, Dubilier & Rice, LLC.

Mr. Smith’s daughter is an employee of NBCUniversal.

In 2025, she received approximately $272,000 in compensation and also participated in employee benefit plans on the same basis as other similarly situated employees.

Mr. Smith will receive compensation in accordance with the Company’s Non-Employee Director Compensation Plan, filed as Exhibit 10.1 to this Annual Report on Form 10-K, is not yet appointed to any committees, and has entered into the Company’s standard form of director indemnification agreement.

Elimination of Class A Equivalent Preferred Stock

As previously announced, we amended our Amended and Restated Articles of Incorporation (the “Articles”) on December 15, 2025 in connection with our spin-off of Versant by filing with the Department of State of the Commonwealth of Pennsylvania Articles of Amendment (the “Designation Amendment,” filed as Exhibit 3.1.1 to this Annual Report on Form 10-K) to designate a new Class A Equivalent Preferred Stock (the “Preferred Stock”).

Because all of the shares of Preferred Stock were automatically redeemed on January 9, 2026 in exchange for shares of our Class A Common Stock at the redemption rate set forth in the Designation Amendment, no Preferred Stock is currently outstanding.

As a result, on January 30, 2026, we amended the Articles by filing with the Department of State of the Commonwealth of Pennsylvania Articles of Amendment (the “Elimination Amendment”) to eliminate the provisions that had designated the Preferred Stock.

A copy of the Elimination Amendment, which was previously adopted by resolution of the Board of Directors, is filed as Exhibit 3.1.2 to this Annual Report on Form 10-K.

| | | | | | | | | |

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

| Comcast 2025 Annual Report on Form 10-K | | | 94 | | | | | |

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

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.

| [removed: Comcast 2024 Annual Report on Form 10-K] | | | [removed: 92] [added: 95] | | | [added: Comcast 2025 Annual Report on Form 10-K] | | |

[Table of [removed: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)][added: Contents](#i5048451c6842499082b1a12b34e222fe_7)]

We refer to this proxy statement as the [removed: 2025] [added: 2026] Proxy Statement.

| Brian L. Roberts | | | [removed: 65] [added: 66] | | | 1986 | | | Chairman and [removed: Chief] [added: Co-Chief] Executive Officer | | |

| Michael J. Cavanagh | | | [removed: 59] [added: 60] | | | 2015 | | | [removed: President] [added: Co-Chief Executive Officer] | | |

| Jason S. Armstrong | | | [removed: 48] [added: 49] | | | 2023 | | | Chief Financial Officer | | |

| Jennifer Khoury | | | [removed: 51] [added: 52] | | | 2023 | | | Chief Communications Officer | | |

| Thomas J. Reid | | | [removed: 60] [added: 61] | | | 2019 | | | Chief Legal Officer and Secretary | | |

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

As of December 31, [removed: 2024,] [added: 2025,] Mr. Roberts had sole voting power over approximately 331/3% of the combined voting power of our two classes of common stock.

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

Prior to that, Mr. Cavanagh was the Co-Chief Executive Officer of the Corporate & Investment Bank of JPMorgan Chase & Co. from 2012 until [removed: 2014;] [added: 2014,] the Chief Executive Officer of JPMorgan Chase & Co.’s Treasury & Securities Services business from 2010 to [removed: 2012;] [added: 2012,] and the Chief Financial Officer of JPMorgan Chase & Co. from 2004 to 2010.

Cavanagh* has served as Co-Chief Executive Officer since January 2026.

Mr. Cavanagh has served on our Board of Directors since January 2026.

| Daniel C. Murdock | | | 51 | | | 2017 | | | Executive Vice President; Chief Accounting Officer and Controller | | |

*Daniel C.

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

Prior to joining our company, Mr. Murdock had been with the U.S. Securities and Exchange Commission where he served as the Deputy Chief Accountant in the agency’s Office of the Chief Accountant since 2013.

Prior to that, he was Deloitte & Touche’s Audit/Industry Professional Practice Director for media and entertainment.

We incorporate the information required by this item by reference to our [removed: 2025] [added: 2026] Proxy Statement.

| | | | | | | | | |

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

| | | | 93 | | | Comcast 2024 Annual Report on Form 10-K | | |

[Table of Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)

We incorporate the information required by this item by reference to our [removed: 2025] [added: 2026] Proxy Statement.

| | | | | | | | | |

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

| Comcast 2025 Annual Report on Form 10-K | | | 96 | | | | | |

[Table of Contents](#i5048451c6842499082b1a12b34e222fe_7)

We incorporate the information required by this item by reference to our [removed: 2025] [added: 2026] 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: 2025] [added: 2026] Proxy Statement.

| [removed: Comcast 2024 Annual Report on Form 10-K] | | | [removed: 94] [added: 97] | | | [added: Comcast 2025 Annual Report on Form 10-K] | | |

[Table of [removed: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)][added: Contents](#i5048451c6842499082b1a12b34e222fe_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: 56] [added: 58] of this report.

| [removed: [3.1](https://www.sec.gov/Archives/edgar/data/1166691/000095010315009516/dp61838_ex0301.htm)] [added: [3.1](https://www.sec.gov/Archives/edgar/data/1166691/000095010325016136/dp238434_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, [removed: 2015).] [added: 2025).] | | |

| [removed: [3.1.1](https://www.sec.gov/Archives/edgar/data/1166691/000116669124000011/exhibit311-pachangeofreg.htm)] [added: [19](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex19-12312024.htm)] | | | | | | [removed: Certificate of a Change of Registered Office Provider] [added: Comcast Corporation Insider Trading Policies] (incorporated by reference to Exhibit [removed: 3.1.1] [added: 19] to Comcast’s Annual Report on Form 10-K for the year ended December 31, [removed: 2023).] [added: 2024).] | | |

| [3.2](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex32-12312024a.htm) | | | | | | Amended and Restated By-Laws of Comcast [removed: Corporation.] [added: Corporation (incorporated by reference to Exhibit 3.2 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).] | | |

| [removed: | | | 95 | | |] Comcast [removed: 2024] [added: 2025] Annual Report on Form 10-K | | | [added: 98 | | | | | |]

[Table of [removed: Contents](#ia8555b4da9c1428ea91f8f8e7517528b_7)][added: Contents](#i5048451c6842499082b1a12b34e222fe_7)]

| [removed: [4.15](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex415-12312024.htm)] [added: [4.15](https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/ex415-12312025.htm)] | | | | | | Description of Comcast Corporation’s securities registered pursuant to Section 12 of the Securities Exchange Act. | | |

| [removed: [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)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1166691/000095010324006839/dp211362_ex1001.htm)] | | | | | | Credit Agreement dated as of 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, and Bank of America, N.A., 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 May 17, 2024). | | |

| [removed: [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)] [added: [10.6*](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex106-12312024.htm)] | | | | | | Comcast [removed: Select Deferred Compensation] [added: Corporation 2002 Restricted Stock] Plan, as amended and restated effective [removed: October 12, 2021] [added: May 14, 2024] (incorporated by reference to Exhibit [removed: 10.3] [added: 10.6] to Comcast’s Annual Report on Form 10-K for the year ended December 31, [removed: 2021).] [added: 2024).] | | |

| [removed: [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)] [added: [10.4*](https://www.sec.gov/Archives/edgar/data/0001166691/000116669121000020/ex102-33121.htm)] | | | | | | Comcast Corporation [removed: 2003 Stock Option] [added: 2002 Deferred Compensation] Plan, as amended and restated [removed: April 10, 2020] [added: effective March 1, 2021] (incorporated by reference to Exhibit [removed: 10.4] [added: 10.2] to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2020).] [added: 2021).] | | |

| [removed: [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)] [added: [10.8*](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000054/ex101-9302025.htm)] | | | | | | Comcast Corporation [removed: 2002 Deferred] [added: Non-Employee Director] Compensation Plan, as amended and restated effective [removed: March 1, 2021] [added: July 23, 2025] (incorporated by reference to Exhibit [removed: 10.2] [added: 10.1] to Comcast’s Quarterly Report on Form 10-Q for the quarter ended [removed: March 31, 2021).] [added: September 30, 2025).] | | |

| [removed: [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)] [added: [10.5*](https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/ex105-12312025.htm)] | | | | | | Comcast Corporation 2005 Deferred Compensation Plan, as amended and restated effective [removed: May 14, 2024.] [added: December 31, 2025.] | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex106-12312024.htm)[6](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex106-12312024.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex106-12312024.htm)] [added: [10.9*](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex109-12312024.htm)] | | | | | | Comcast Corporation 2002 [removed: Restricted] [added: Employee] Stock [added: Purchase] Plan, as amended and restated effective May 14, [removed: 2024.] [added: 2024 (incorporated by reference to Exhibit 10.9 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).] | | |

| [removed: [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)] [added: [10.7*](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.](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)] [added: [10.25*](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.](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)] [added: [10.3*](https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/ex103-12312025.htm)] | | | | | | Comcast Corporation [removed: 2002 Employee] [added: 2003] Stock [removed: Purchase] [added: Option] Plan, as amended and restated effective [removed: May 14, 2024.] [added: October 21, 2025.] | | |

| [removed: [10.1](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1010-12312024.htm)[0](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1010-12312024.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1010-12312024.htm)] [added: [10.10*](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000027/exhibit101-nbcuespp.htm)] | | | | | | Comcast-NBCUniversal 2011 Employee Stock Purchase Plan, as amended and restated effective [removed: May 14, 2024.] [added: June 18, 2025 (incorporated by reference to Exhibit 10.1 to Comcast’s Current Report on Form 8-K filed June 20, 2025).] | | |

| [removed: [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)] [added: [10.11*](https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/ex1011-12312025.htm)] | | | | | | Comcast Corporation 2023 Omnibus Equity Incentive Plan, [added: as amended and restated] effective [removed: June 7, 2023 (incorporated by reference to Exhibit 10.1 to Comcast’s Current Report on Form 8-K filed on June 9, 2023).] [added: October 21, 2025.] | | |

| [removed: [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)] [added: [10.12*](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](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)] [added: [10.13*](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)[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)] [added: [10.15*](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1016-12312022.htm)] | | | | | | Employment Agreement dated as of [removed: December 27, 2022] [added: January 6, 2023] between Comcast Corporation and [removed: Michael J. Cavanagh] [added: Jason S. Armstrong] (incorporated by reference to Exhibit [removed: 10.15] [added: 10.16] to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2022). | | |

| [removed: Comcast 2024 Annual Report on Form 10-K] | | | [removed: 96] [added: 99] | | | [added: Comcast 2025 Annual Report on Form 10-K] | | |

| [removed: [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)] [added: [10.16*](https://www.sec.gov/Archives/edgar/data/1166691/000116669124000048/ex102-6302024.htm)] | | | | | | Employment Agreement [removed: dated as of January 6, 2023] between Comcast Corporation and [removed: Jason S. Armstrong] [added: Jennifer Khoury, dated as of December 31, 2022] (incorporated by reference to Exhibit [removed: 10.16] [added: 10.2] to Comcast’s [removed: Annual] [added: Quarterly] Report on Form [removed: 10-K] [added: 10-Q] for the [removed: year] [added: quarter] ended [removed: December 31, 2022).] [added: June 30, 2024).] | | |

| [removed: [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)] [added: [10.17*](https://www.sec.gov/Archives/edgar/data/1166691/000116669124000048/ex103-6302024.htm)] | | | | | | Employment Agreement between Comcast Corporation and [removed: Jennifer Khoury,] [added: Thomas J. Reid,] dated as of [removed: December 31, 2022] [added: April 17, 2024] (incorporated by reference to Exhibit [removed: 10.2] [added: 10.3] to Comcast’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024). | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1018-12312024.htm)[1](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1018-12312024.htm)[8](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1018-12312024.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1018-12312024.htm)] [added: [10.18*](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1018-12312024.htm)] | | | | | | Form of Non-Qualified Stock Option and Long-Term Incentive Awards Summary Schedule under the Comcast Corporation 2003 Stock Option [removed: Plan.] [added: Plan (incorporated by reference to Exhibit 10.18 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).] | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1019-12312024.htm)[19](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1019-12312024.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1019-12312024.htm)] [added: [10.19*](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1019-12312024.htm)] | | | | | | Form of Non-Qualified Stock Option and Long-Term Incentive Awards Summary Schedule under the Comcast Corporation 2023 Omnibus Equity Incentive [removed: Plan.] [added: Plan (incorporated by reference to Exhibit 10.19 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).] | | |

| [removed: [10.2](https://www.sec.gov/Archives/edgar/data/0001166691/000116669121000008/ex1037-1231x20.htm)[0](https://www.sec.gov/Archives/edgar/data/0001166691/000116669121000008/ex1037-1231x20.htm)[*](https://www.sec.gov/Archives/edgar/data/0001166691/000116669121000008/ex1037-1231x20.htm)] [added: [10.20*](https://www.sec.gov/Archives/edgar/data/0001166691/000116669121000008/ex1037-1231x20.htm)] | | | | | | Form of Performance-Based Restricted Stock Unit Award and Long-Term Incentive Awards Summary Schedule under the Comcast Corporation 2002 Restricted Stock Plan (incorporated by reference to Exhibit 10.37 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2020). | | |

| [removed: [10.2](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1024-12312022.htm)[1](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1024-12312022.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1024-12312022.htm)] [added: [10.21*](https://www.sec.gov/Archives/edgar/data/1166691/000116669123000010/ex1024-12312022.htm)] | | | | | | Form of Performance-Based Stock Option Award (incorporated by reference to Exhibit 10.24 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2022). | | |

| [removed: [10.2](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1022-12312024.htm)[2](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1022-12312024.htm)[*](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1022-12312024.htm)] [added: [10.22*](https://www.sec.gov/Archives/edgar/data/1166691/000116669125000011/ex1022-12312024.htm)] | | | | | | Form of Performance-Based Restricted Stock Unit Award and Long-Term Incentive Awards Summary [removed: Schedule.] [added: Schedule (incorporated by reference to Exhibit 10.22 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).] | | |