filings.toolsComcast 10-Q 2025-03-31
Filed 2025-04-24. 7 sections, 149K characters. Original on sec.gov · Markdown · JSON
Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2025
Or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
 | ||||||||
| Commission File Number | Exact Name of Registrant; State of Incorporation; Address and Telephone Number of Principal Executive Offices | I.R.S. Employer Identification No. | ||||||
| 001-32871 | COMCAST CORPORATION | 27-0000798 |
Pennsylvania
One Comcast Center
Philadelphia, PA 19103-2838
(215) 286-1700
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Class A Common Stock, $0.01 par value | CMCSA | The Nasdaq Stock Market LLC | ||||||||||||
| 0.000% Notes due 2026 | CMCS26 | The Nasdaq Stock Market LLC | ||||||||||||
| 0.250% Notes due 2027 | CMCS27 | The Nasdaq Stock Market LLC | ||||||||||||
| 1.500% Notes due 2029 | CMCS29 | The Nasdaq Stock Market LLC | ||||||||||||
| 0.250% Notes due 2029 | CMCS29A | The Nasdaq Stock Market LLC | ||||||||||||
| 0.750% Notes due 2032 | CMCS32 | The Nasdaq Stock Market LLC | ||||||||||||
| 3.250% Notes due 2032 | CMCS32A | The Nasdaq Stock Market LLC | ||||||||||||
| 1.875% Notes due 2036 | CMCS36 | The Nasdaq Stock Market LLC | ||||||||||||
| 3.550% Notes due 2036 | CMCS36A | The Nasdaq Stock Market LLC | ||||||||||||
| 1.250% Notes due 2040 | CMCS40 | The Nasdaq Stock Market LLC | ||||||||||||
| 5.250% Notes due 2040 | CMCS40A | The Nasdaq Stock Market LLC | ||||||||||||
| 5.50% Notes due 2029 | CCGBP29 | New York Stock Exchange | ||||||||||||
| 2.0% Exchangeable Subordinated Debentures due 2029 | CCZ | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
As of April 15, 2025, there were 3,724,259,552 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.
TABLE OF CONTENTS
Explanatory Note
This Quarterly Report on Form 10-Q is for the three months ended March 31, 2025. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The U.S. Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q. Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries as “Comcast,” “we,” “us” and “our.”
Numerical information in this report is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are generally identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. In evaluating these statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and in other reports we file with the SEC.
Any of these factors could cause our actual results to differ materially from those expressed or implied by our forward-looking statements, which could adversely affect our businesses, results of operations or financial condition. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.
Our businesses may be affected by, among other things, the following:
-
our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively
-
changes in consumer behavior continue to adversely affect our businesses and challenge existing business models
-
a decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses
-
our success depends on consumer acceptance of our content, and our businesses may be adversely affected if our content fails to achieve sufficient consumer acceptance
-
programming expenses for our video services are increasing on a per subscriber basis, which could adversely affect our video businesses
-
the loss of programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses
-
our businesses depend on using and protecting certain intellectual property rights and on not infringing, misappropriating or otherwise violating the intellectual property rights of others
-
we may be unable to obtain necessary hardware, software and operational support
-
our businesses depend on keeping pace with technological developments
-
a cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation and results of operations
-
weak economic conditions may have a negative impact on our businesses
-
acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated
-
we face risks relating to doing business internationally that could adversely affect our businesses
-
natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations
-
the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses
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labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses
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we are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses
-
unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures
-
our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock
PART I: FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Statements of Income
(Unaudited)
| Three Months Ended March 31, | |||||||||||||||||||||||
| (in millions, except per share data) | 2025 | 2024 | |||||||||||||||||||||
| Revenue | $ | 29,887 | $ | 30,058 | |||||||||||||||||||
| Costs and Expenses: | |||||||||||||||||||||||
| Programming and production | 8,415 | 8,823 | |||||||||||||||||||||
| Marketing and promotion | 2,071 | 2,018 | |||||||||||||||||||||
| Other operating and administrative | 9,893 | 9,857 | |||||||||||||||||||||
| Depreciation | 2,231 | 2,175 | |||||||||||||||||||||
| Amortization | 1,618 | 1,376 | |||||||||||||||||||||
| Total costs and expenses | 24,228 | 24,248 | |||||||||||||||||||||
| Operating income | 5,658 | 5,810 | |||||||||||||||||||||
| Interest expense | (1,050) | (1,002) | |||||||||||||||||||||
| Investment and other income (loss), net | (116) | 298 | |||||||||||||||||||||
| Income before income taxes | 4,492 | 5,105 | |||||||||||||||||||||
| Income tax expense | (1,196) | (1,328) | |||||||||||||||||||||
| Net income | 3,296 | 3,777 | |||||||||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests | (79) | (79) | |||||||||||||||||||||
| Net income attributable to Comcast Corporation | $ | 3,375 | $ | 3,857 | |||||||||||||||||||
| Basic earnings per common share attributable to Comcast Corporation shareholders | $ | 0.90 | $ | 0.97 | |||||||||||||||||||
| Diluted earnings per common share attributable to Comcast Corporation shareholders | $ | 0.89 | $ | 0.97 |
See accompanying notes to condensed consolidated financial statements.
Comcast Corporation
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
| Three Months Ended March 31, | |||||||||||||||||||||||
| (in millions) | 2025 | 2024 | |||||||||||||||||||||
| Net income | $ | 3,296 | $ | 3,777 | |||||||||||||||||||
| Other comprehensive income (loss), net of tax (expense) benefit: | |||||||||||||||||||||||
| Currency translation adjustments, net of deferred taxes of $74 and $(21) | 948 | (436) | |||||||||||||||||||||
| Cash flow hedges: | |||||||||||||||||||||||
| Deferred gains (losses), net of deferred taxes of $1, and $(1) | (20) | 19 | |||||||||||||||||||||
| Realized (gains) losses reclassified to net income, net of deferred taxes of $5 and $(1) | (20) | 1 | |||||||||||||||||||||
| Employee benefit obligations and other, net of deferred taxes of $18 and $5 | (56) | (24) | |||||||||||||||||||||
| Other comprehensive income (loss) | 851 | (440) | |||||||||||||||||||||
| Comprehensive income | 4,147 | 3,337 | |||||||||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests | (79) | (79) | |||||||||||||||||||||
| Less: Other comprehensive income (loss) attributable to noncontrolling interests | 4 | (13) | |||||||||||||||||||||
| Comprehensive income attributable to Comcast Corporation | $ | 4,222 | $ | 3,429 |
See accompanying notes to condensed consolidated financial statements.
Comcast Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Three Months Ended March 31, | |||||||||||
| (in millions) | 2025 | 2024 | |||||||||
| Operating Activities | |||||||||||
| Net income | $ | 3,296 | $ | 3,777 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 3,849 | 3,551 | |||||||||
| Share-based compensation | 382 | 373 | |||||||||
| Noncash interest expense (income), net | 130 | 103 | |||||||||
| Net (gain) loss on investment activity and other | 231 | (164) | |||||||||
| Deferred income taxes | (43) | (17) | |||||||||
| Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||||||||||
| Current and noncurrent receivables, net | 935 | 643 | |||||||||
| Film and television costs, net | (123) | 124 | |||||||||
| Accounts payable and accrued expenses related to trade creditors | (35) | (446) | |||||||||
| Other operating assets and liabilities | (327) | (97) | |||||||||
| Net cash provided by operating activities | 8,294 | 7,848 | |||||||||
| Investing Activities | |||||||||||
| Capital expenditures | (2,252) | (2,630) | |||||||||
| Cash paid for intangible assets | (622) | (679) | |||||||||
| Construction of Universal Beijing Resort | (2) | (108) | |||||||||
| Proceeds from sales of businesses and investments | 43 | 274 | |||||||||
| Purchases of investments | (145) | (404) | |||||||||
| Other | 19 | 35 | |||||||||
| Net cash provided by (used in) investing activities | (2,958) | (3,511) | |||||||||
| Financing Activities | |||||||||||
| Proceeds from borrowings | — | 26 | |||||||||
| Repurchases and repayments of debt | (636) | (289) | |||||||||
| Repurchases of common stock under repurchase program and employee plans | (2,240) | (2,664) | |||||||||
| Dividends paid | (1,224) | (1,193) | |||||||||
| Other | 24 | 97 | |||||||||
| Net cash provided by (used in) financing activities | (4,075) | (4,023) | |||||||||
| Impact of foreign currency on cash, cash equivalents and restricted cash | 14 | (10) | |||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | 1,275 | 304 | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 7,377 | 6,282 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 8,652 | $ | 6,586 | |||||||
See accompanying notes to condensed consolidated financial statements.
Comcast Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
| (in millions, except share data) | March 31, 2025 | December 31, 2024 | |||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | 8,593 | $ | 7,322 | |||||||
| Receivables, net | 12,881 | 13,661 | |||||||||
| Other current assets | 5,840 | 5,817 | |||||||||
| Total current assets | 27,314 | 26,801 | |||||||||
| Film and television costs | 12,774 | 12,541 | |||||||||
| Investments | 8,524 | 8,647 | |||||||||
| Property and equipment, net of accumulated depreciation of $60,145 and $59,534 | 63,292 | 62,548 | |||||||||
| Goodwill | 59,094 | 58,209 | |||||||||
| Franchise rights | 59,365 | 59,365 | |||||||||
| Other intangible assets, net of accumulated amortization of $35,773 and $33,994 | 24,943 | 25,599 | |||||||||
| Other noncurrent assets, net | 12,464 | 12,501 | |||||||||
| Total assets | $ | 267,770 | $ | 266,211 | |||||||
| Liabilities and Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Accounts payable and accrued expenses related to trade creditors | $ | 11,545 | $ | 11,321 | |||||||
| Deferred revenue | 3,766 | 3,507 | |||||||||
| Accrued expenses and other current liabilities | 11,000 | 10,679 | |||||||||
| Current portion of debt | 6,848 | 4,907 | |||||||||
| Advance on sale of investment | 9,167 | 9,167 | |||||||||
| Total current liabilities | 42,325 | 39,581 | |||||||||
| Noncurrent portion of debt | 92,274 | 94,186 | |||||||||
| Deferred income taxes | 25,136 | 25,227 | |||||||||
| Other noncurrent liabilities | 20,735 | 20,942 | |||||||||
| Commitments and contingencies | |||||||||||
| Redeemable noncontrolling interests | 244 | 237 | |||||||||
| Equity: | |||||||||||
| Preferred stock—authorized, 20,000,000 shares; issued, zero | — | — | |||||||||
| Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,607,644,021 and 4,651,093,045; outstanding, 3,734,852,993 and 3,778,302,017 | 46 | 47 | |||||||||
| Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375 | — | — | |||||||||
| Additional paid-in capital | 37,832 | 38,102 | |||||||||
| Retained earnings | 57,473 | 56,972 | |||||||||
| Treasury stock, 872,791,028 Class A common shares | (7,517) | (7,517) | |||||||||
| Accumulated other comprehensive income (loss) | (1,197) | (2,043) | |||||||||
| Total Comcast Corporation shareholders’ equity | 86,638 | 85,560 | |||||||||
| Noncontrolling interests | 418 | 477 | |||||||||
| Total equity | 87,056 | 86,038 | |||||||||
| Total liabilities and equity | $ | 267,770 | $ | 266,211 |
See accompanying notes to condensed consolidated financial statements.
Comcast Corporation
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
| Three Months Ended March 31, | |||||||||||||||||
| (in millions, except per share data) | 2025 | 2024 | |||||||||||||||
| Redeemable Noncontrolling Interests | |||||||||||||||||
| Balance, beginning of period | $ | 237 | $ | 241 | |||||||||||||
| Contributions from (distributions to) noncontrolling interests, net | 3 | (10) | |||||||||||||||
| Net income (loss) | 4 | 12 | |||||||||||||||
| Balance, end of period | $ | 244 | $ | 243 | |||||||||||||
| Class A Common Stock | |||||||||||||||||
| Balance, beginning of period | $ | 47 | $ | 48 | |||||||||||||
| Repurchases of common stock under repurchase program and employee plans | — | — | |||||||||||||||
| Balance, end of period | $ | 46 | $ | 48 | |||||||||||||
| Additional Paid-In Capital | |||||||||||||||||
| Balance, beginning of period | $ | 38,102 | $ | 38,533 | |||||||||||||
| Share-based compensation | 345 | 323 | |||||||||||||||
| Repurchases of common stock under repurchase program and employee plans | (664) | (645) | |||||||||||||||
| Issuances of common stock under employee plans | 50 | 62 | |||||||||||||||
| Other | — | 1 | |||||||||||||||
| Balance, end of period | $ | 37,832 | $ | 38,274 | |||||||||||||
| Retained Earnings | |||||||||||||||||
| Balance, beginning of period | $ | 56,972 | $ | 52,892 | |||||||||||||
| Repurchases of common stock under repurchase program and employee plans | (1,620) | (2,082) | |||||||||||||||
| Dividends declared | (1,254) | (1,243) | |||||||||||||||
| Net income | 3,375 | 3,857 | |||||||||||||||
| Balance, end of period | $ | 57,473 | $ | 53,425 | |||||||||||||
| Treasury Stock at Cost | |||||||||||||||||
| Balance, beginning and end of period | $ | (7,517) | $ | (7,517) | |||||||||||||
| Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
| Balance, beginning of period | $ | (2,043) | $ | (1,253) | |||||||||||||
| Other comprehensive income (loss) | 847 | (427) | |||||||||||||||
| Balance, end of period | $ | (1,197) | $ | (1,680) | |||||||||||||
| Noncontrolling Interests | |||||||||||||||||
| Balance, beginning of period | $ | 477 | $ | 523 | |||||||||||||
| Other comprehensive income (loss) | 4 | (13) | |||||||||||||||
| Contributions from (distributions to) noncontrolling interests, net | 20 | 81 | |||||||||||||||
| Net income (loss) | (83) | (91) | |||||||||||||||
| Balance, end of period | $ | 418 | $ | 500 | |||||||||||||
| Total equity | $ | 87,056 | $ | 83,049 | |||||||||||||
| Cash dividends declared per common share | $ | 0.33 | $ | 0.31 |
See accompanying notes to condensed consolidated financial statements.
Comcast Corporation
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Condensed Consolidated Financial Statements
Basis of Presentation
We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.
The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2024 Annual Report on Form 10-K.
In November 2024, we announced our intention to create SpinCo, a new independent publicly traded company comprised of select domestic cable television networks along with complementary digital assets 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, 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, of its terms or timing. The condensed consolidated financial statements and related notes do not reflect the proposed spin-off.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation. Refer to Note 3 for a discussion of the changes in our presentation of disaggregated revenue.
Recent Accounting Pronouncements
Income Tax Disclosures
In December 2023, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to income tax disclosures. The updated accounting guidance, among other things, requires additional disclosure primarily related to the income tax rate reconciliation and income taxes paid. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ending December 31, 2025.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued updated accounting guidance related to disclosures about certain costs and expenses. The updated accounting guidance, among other things, requires quantitative disclosures for employee compensation, selling expenses and purchases of inventory. The updated guidance is effective beginning in our Annual Report on Form 10-K for the year ending December 31, 2027.
Note 2: Segment Information
We are a global media and technology company with five segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios and Theme Parks.
Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources.
Comcast Corporation
| Three Months Ended March 31, 2025 | ||||||||||||||||||||
| (in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total | ||||||||||||||
| Revenue from external customers | $ | 17,606 | $ | 2,490 | $ | 5,236 | $ | 2,001 | $ | 1,876 | $ | 29,209 | ||||||||
| Intersegment revenue(a) | 36 | 6 | 1,204 | 825 | — | 2,072 | ||||||||||||||
| 17,642 | 2,496 | 6,440 | 2,826 | 1,876 | 31,281 | |||||||||||||||
| Reconciliation of Revenue | ||||||||||||||||||||
| Other revenue(b) | 752 | |||||||||||||||||||
| Eliminations(a) | (2,146) | |||||||||||||||||||
| Total consolidated revenue | $ | 29,887 | ||||||||||||||||||
| Less segment expenses:(c) | ||||||||||||||||||||
| Programming and production | 4,107 | 4,011 | 1,898 | |||||||||||||||||
| Marketing and promotion | 323 | 392 | ||||||||||||||||||
| Other(d) | 6,617 | 1,074 | 1,102 | 237 | 1,447 | |||||||||||||||
| Segment Adjusted EBITDA(e) | $ | 6,918 | $ | 1,422 | $ | 1,004 | $ | 298 | $ | 429 | $ | 10,071 | ||||||||
| Reconciliation of total segment Adjusted EBITDA | ||||||||||||||||||||
| Media, Studios and Theme Parks headquarters and other(f) | (255) | |||||||||||||||||||
| Corporate and other(b)(e) | (335) | |||||||||||||||||||
| Eliminations | 26 | |||||||||||||||||||
| Depreciation | (2,231) | |||||||||||||||||||
| Amortization | (1,618) | |||||||||||||||||||
| Interest expense | (1,050) | |||||||||||||||||||
| Investment and other income (loss), net | (116) | |||||||||||||||||||
| Income before income taxes | $ | 4,492 |
Comcast Corporation
| Three Months Ended March 31, 2024 | ||||||||||||||||||||
| (in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total | ||||||||||||||
| Revenue from external customers | $ | 17,830 | $ | 2,401 | $ | 5,222 | $ | 1,905 | $ | 1,979 | $ | 29,337 | ||||||||
| Intersegment revenue(a) | 38 | 6 | 1,149 | 838 | — | 2,031 | ||||||||||||||
| 17,868 | 2,407 | 6,371 | 2,743 | 1,979 | 31,368 | |||||||||||||||
| Reconciliation of revenue | ||||||||||||||||||||
| Other revenue(b) | 779 | |||||||||||||||||||
| Eliminations(a) | (2,089) | |||||||||||||||||||
| Total consolidated revenue | $ | 30,058 | ||||||||||||||||||
| Less segment expenses:(c) | ||||||||||||||||||||
| Programming and production | 4,405 | 4,140 | 1,859 | |||||||||||||||||
| Marketing and promotion | 314 | 431 | ||||||||||||||||||
| Other(d) | 6,611 | 1,041 | 1,090 | 209 | 1,347 | |||||||||||||||
| Total segment Adjusted EBITDA(e) | $ | 6,852 | $ | 1,366 | $ | 827 | $ | 244 | $ | 632 | $ | 9,920 | ||||||||
| Reconciliation of total segment Adjusted EBITDA | ||||||||||||||||||||
| Media, Studios and Theme Parks headquarters and other(f) | (243) | |||||||||||||||||||
| Corporate and other(b)(e) | (323) | |||||||||||||||||||
| Eliminations | 7 | |||||||||||||||||||
| Depreciation | (2,175) | |||||||||||||||||||
| Amortization | (1,376) | |||||||||||||||||||
| Interest expense | (1,002) | |||||||||||||||||||
| Investment and other income (loss), net | 298 | |||||||||||||||||||
| Income before income taxes | $ | 5,105 |
(a)Our most significant intersegment revenue transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming, and content licensing revenue in Studios for licenses of owned content to Media.
(b)Includes the operations of our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture with Charter Communications. Corporate and other also includes overhead and personnel costs for Corporate.
(c)The significant expense categories and amounts align with the segment-level information that is regularly provided to our chief operating decision maker. Intersegment expenses are included in the amounts shown.
(d)Other for each segment primarily includes:
Residential Connectivity & Platforms and Business Services Connectivity: technical and support; direct product costs; marketing and promotion; customer service; administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; and other business, headquarters and support costs, including building and office expenses, taxes and billing costs necessary to operate the Residential Connectivity & Platforms and Business Services Connectivity segments. Our chief operating decision maker uses aggregate expense information to manage the operations of the Business Services Connectivity segment.
Media and Studios: salaries, employee benefits, rent and other overhead expenses.
Theme Parks: theme park operations, including repairs and maintenance and related administrative expenses; food, beverage and merchandise costs; labor costs; and sales and marketing costs. Our chief operating decision maker uses aggregate expense information to manage the operations of the Theme Parks segment.
(e)We use Adjusted EBITDA as the measure of profit or loss for our segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our segments within Corporate and other.
(f)Includes overhead, personnel costs and other costs necessary to operate the Media, Studios and Theme Parks segments.
Comcast Corporation
Note 3: Revenue
| Three Months Ended March 31, | |||||||||||||||||||||||
| (in millions) | 2025 | 2024(a) | |||||||||||||||||||||
| Domestic broadband | $ | 6,558 | $ | 6,446 | |||||||||||||||||||
| Domestic wireless | 1,123 | 972 | |||||||||||||||||||||
| International connectivity | 1,132 | 1,033 | |||||||||||||||||||||
| Total residential connectivity | 8,813 | 8,451 | |||||||||||||||||||||
| Video | 6,718 | 7,104 | |||||||||||||||||||||
| Advertising | 881 | 951 | |||||||||||||||||||||
| Other | 1,230 | 1,362 | |||||||||||||||||||||
| Total Residential Connectivity & Platforms Segment | 17,642 | 17,868 | |||||||||||||||||||||
| Total Business Services Connectivity Segment | 2,496 | 2,407 | |||||||||||||||||||||
| Domestic advertising | 1,886 | 2,025 | |||||||||||||||||||||
| Domestic distribution | 2,922 | 2,906 | |||||||||||||||||||||
| International networks | 1,162 | 1,021 | |||||||||||||||||||||
| Other | 470 | 420 | |||||||||||||||||||||
| Total Media Segment | 6,440 | 6,371 | |||||||||||||||||||||
| Content licensing | 2,174 | 2,101 | |||||||||||||||||||||
| Theatrical | 286 | 330 | |||||||||||||||||||||
| Other | 366 | 312 | |||||||||||||||||||||
| Total Studios Segment | 2,826 | 2,743 | |||||||||||||||||||||
| Total Theme Parks Segment | 1,876 | 1,979 | |||||||||||||||||||||
| Other revenue | 752 | 779 | |||||||||||||||||||||
| Eliminations(b) | (2,146) | (2,089) | |||||||||||||||||||||
| Total revenue | $ | 29,887 | $ | 30,058 |
(a)Beginning in the first quarter of 2025, commission revenue from the sale of certain direct to consumer (“DTC”) streaming services and revenue related to certain equipment are presented in video revenue. Previously, these amounts were presented in domestic broadband and international connectivity. Prior periods have been reclassified to reflect the current year presentation.
(b)See Note 2 for additional information on intersegment revenue transactions.
Condensed Consolidated Balance Sheets
The table below summarizes our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheets that relate to the recognition of revenue and collection of the related cash.
| (in millions) | March 31, 2025 | December 31, 2024 | |||||||||
| Receivables, gross | $ | 13,603 | $ | 14,399 | |||||||
| Less: Allowance for credit losses | 722 | 738 | |||||||||
| Receivables, net | $ | 12,881 | $ | 13,661 | |||||||
| Noncurrent receivables, net (included in other noncurrent assets, net) | $ | 1,806 | $ | 1,853 | |||||||
| Noncurrent deferred revenue (included in other noncurrent liabilities) | $ | 664 | $ | 665 | |||||||
Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below.
| (in millions) | March 31, 2025 | December 31, 2024 | |||||||||
| Receivables, net | $ | 1,869 | $ | 1,827 | |||||||
| Noncurrent receivables, net (included in other noncurrent assets, net) | 1,211 | 1,225 | |||||||||
| Total | $ | 3,081 | $ | 3,052 |
Comcast Corporation
Note 4: Programming and Production Costs
| Three Months Ended March 31, | |||||||||||||||||||||||
| (in millions) | 2025 | 2024 | |||||||||||||||||||||
| Video distribution programming | $ | 2,659 | $ | 3,020 | |||||||||||||||||||
| Film and television content: | |||||||||||||||||||||||
| Owned(a) | 2,656 | 2,562 | |||||||||||||||||||||
| Licensed, including sports rights | 2,804 | 2,924 | |||||||||||||||||||||
| Other | 295 | 317 | |||||||||||||||||||||
| Total programming and production costs | $ | 8,415 | $ | 8,823 |
(a) Amount includes amortization of owned content of $2.2 billion and $2.1 billion for the three months ended March 31, 2025 and 2024, respectively, as well as participations and residuals expenses.
Capitalized Film and Television Costs
| (in millions) | March 31, 2025 | December 31, 2024 | |||||||||
| Owned: | |||||||||||
| In production and in development | $ | 3,367 | $ | 3,342 | |||||||
| Completed, not released | 33 | 209 | |||||||||
| Released, less amortization | 4,504 | 4,545 | |||||||||
| 7,905 | 8,095 | ||||||||||
| Licensed, including sports advances | 4,869 | 4,446 | |||||||||
| Film and television costs | $ | 12,774 | $ | 12,541 |
Note 5: Debt
As of March 31, 2025, our debt had a carrying value of $99.1 billion and an estimated fair value of $90.6 billion. As of December 31, 2024, our debt had a carrying value of $99.1 billion and an estimated fair value of $89.8 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
Note 6: Significant Transactions
Acquisitions
In April 2025, we acquired Nitel, a network-as-a-service managed service provider, for total cash consideration of $1.3 billion. The acquisition will enhance our ability to serve and provide connectivity solutions to enterprise customers. Nitel’s results of operations will be included in our condensed consolidated results of operations following the date of acquisition and will be reported in our Business Services Connectivity segment. The assets and liabilities acquired as a result of the transaction will be recorded at their estimated fair values; however, due to the limited time since the acquisition date, the initial acquisition accounting is incomplete.
Comcast Corporation
Note 7: Investments and Variable Interest Entities
Investment and Other Income (Loss), Net
| Three Months Ended March 31, | |||||||||||||||||||||||
| (in millions) | 2025 | 2024 | |||||||||||||||||||||
| Equity in net income (losses) of investees, net | $ | (194) | $ | 158 | |||||||||||||||||||
| Realized and unrealized gains (losses) on equity securities, net | (24) | (51) | |||||||||||||||||||||
| Other income (loss), net | 102 | 191 | |||||||||||||||||||||
| Investment and other income (loss), net | $ | (116) | $ | 298 |
The amount of unrealized gains (losses), net recognized in the three months ended March 31, 2025 and 2024 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(30) million and $(70) million, respectively.
Investments
| (in millions) | March 31, 2025 | December 31, 2024 | |||||||||
| Equity method | $ | 7,150 | $ | 7,252 | |||||||
| Marketable equity securities | 15 | 11 | |||||||||
| Nonmarketable equity securities | 1,202 | 1,221 | |||||||||
| Other investments | 184 | 184 | |||||||||
| Total investments | 8,551 | 8,668 | |||||||||
| Less: Current investments | 27 | 21 | |||||||||
| Noncurrent investments | $ | 8,524 | $ | 8,647 |
Equity Me****thod Investments
The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the three months ended March 31, 2025 and 2024 was $27 million and $32 million, respectively.
Atairos
Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For both the three months ended March 31, 2025 and 2024, we made cash capital contributions totaling $13 million. As of March 31, 2025 and December 31, 2024, our investment, inclusive of advances classified within other investments, was $4.9 billion and $5.1 billion, respectively. As of March 31, 2025, our remaining unfunded capital commitment was $1.4 billion.
Other Investments
Other investments also includes certain short-term instruments. We had no short-term instruments as of March 31, 2025 and December 31, 2024. There were no proceeds from or purchases of short-term instruments for the three months ended March 31, 2025. Proceeds from short-term instruments were $255 million and purchases of short-term instruments were $257 million for the three months ended March 31, 2024.
Comcast Corporation
Consolidated Variable Interest Entity
Universal Beijing Resort
We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of March 31, 2025, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement. As of December 31, 2024, Universal Beijing Resort had $3.4 billion of debt outstanding, including $3.0 billion principal amount of a term loan outstanding under the debt financing agreement.
As of both March 31, 2025 and December 31, 2024, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.3 billion and $7.0 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.
Note 8: Equity and Share-Based Compensation
Weighted-Average Common Shares Outstanding
| Three Months Ended March 31, | |||||||||||||||||||||||
| (in millions) | 2025 | 2024 | |||||||||||||||||||||
| Weighted-average number of common shares outstanding – basic | 3,768 | 3,959 | |||||||||||||||||||||
| Effect of dilutive securities | 16 | 34 | |||||||||||||||||||||
| Weighted-average number of common shares outstanding – diluted | 3,784 | 3,992 | |||||||||||||||||||||
| Antidilutive securities | 218 | 162 |
Weighted-average common shares outstanding used in calculating diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive.
Accumulated Other Comprehensive Income (Loss)
| (in millions) | March 31, 2025 | December 31, 2024 | |||||||||
| Cumulative translation adjustments | $ | (1,530) | $ | (2,474) | |||||||
| Deferred gains (losses) on cash flow hedges | 65 | 106 | |||||||||
| Unrecognized gains (losses) on employee benefit obligations and other | 269 | 325 | |||||||||
| Accumulated other comprehensive income (loss), net of deferred taxes | $ | (1,197) | $ | (2,043) |
Share-Based Compensation
Our share-based compensation plans consist primarily of awards of restricted share units (“RSUs”) and stock options to certain employees and directors as part of our long-term incentive compensation structure. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions.
In March 2025, we granted 40 million RSUs and 1 million stock options under our annual management awards program. The weighted-average fair values associated with these grants were $35.78 per RSU and $7.21 per stock option. During the three months ended March 31, 2025 and 2024, share-based compensation expense recognized in our condensed consolidated statements of income was $321 million and $303 million, respectively. As of March 31, 2025, we had unrecognized pretax compensation expense of $3.0 billion related to unvested RSUs and unvested stock options.
Comcast Corporation
Note 9: Supplemental Financial Information
Cash Payments for Interest and Income Taxes
| Three Months Ended March 31, | |||||||||||
| (in millions) | 2025 | 2024 | |||||||||
| Interest | $ | 674 | $ | 731 | |||||||
| Income taxes(a) | $ | 400 | $ | 349 |
(a) Cash payments for income taxes for the three months ended March 31, 2025 include $220 million related to the purchase of third-party transferable tax credits.
Noncash Activities
During the three months ended March 31, 2025:
-
we acquired $2.1 billion of property and equipment and intangible assets that were accrued but unpaid
-
we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.33 per common share paid in April 2025
During the three months ended March 31, 2024:
-
we acquired $2.0 billion of property and equipment and intangible assets that were accrued but unpaid
-
we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.31 per common share paid in April 2024
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the total of the amounts reported in our condensed consolidated statements of cash flows.
| (in millions) | March 31, 2025 | December 31, 2024 | |||||||||
| Cash and cash equivalents | $ | 8,593 | $ | 7,322 | |||||||
| Restricted cash included in other current assets and other noncurrent assets, net | 58 | 55 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 8,652 | $ | 7,377 |
Note 10: Commitments and Contingencies
Contingencies
We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such proceedings and claims is not expected to materially affect our results of operations, cash flows or financial position, any such legal proceedings or claims could be time-consuming and injure our reputation.
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion is provided as a supplement to, and should be read in conjunction with, the condensed consolidated financial statements and related notes (“Notes”) included in this Quarterly Report on Form 10-Q and our 2024 Annual Report on Form 10-K.
Overview
We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks.
A substantial portion of our revenue comes from customers whose spending patterns may be affected by prevailing economic conditions. Uncertain economic conditions, including as a result of geopolitical dynamics, changes in trade policies and foreign exchange rates could adversely affect demand for our products or services and have a negative impact on our results of operations. For a discussion of these factors and other risks, refer to Risk Factors in Item 1A of our 2024 Annual Report on Form 10-K.
Consolidated Operating Results
| Three Months Ended March 31, | Change | ||||||||||||||||||||||
| (in millions, except per share data) | 2025 | 2024 | % | ||||||||||||||||||||
| Revenue | $ | 29,887 | $ | 30,058 | (0.6) | % | |||||||||||||||||
| Costs and Expenses: | |||||||||||||||||||||||
| Programming and production | 8,415 | 8,823 | (4.6) | ||||||||||||||||||||
| Marketing and promotion | 2,071 | 2,018 | 2.7 | ||||||||||||||||||||
| Other operating and administrative | 9,893 | 9,857 | 0.4 | ||||||||||||||||||||
| Depreciation | 2,231 | 2,175 | 2.6 | ||||||||||||||||||||
| Amortization | 1,618 | 1,376 | 17.6 | ||||||||||||||||||||
| Total costs and expenses | 24,228 | 24,248 | (0.1) | ||||||||||||||||||||
| Operating income | 5,658 | 5,810 | (2.6) | ||||||||||||||||||||
| Interest expense | (1,050) | (1,002) | 4.8 | ||||||||||||||||||||
| Investment and other income (loss), net | (116) | 298 | NM | ||||||||||||||||||||
| Income before income taxes | 4,492 | 5,105 | (12.0) | ||||||||||||||||||||
| Income tax expense | (1,196) | (1,328) | (9.9) | ||||||||||||||||||||
| Net income | 3,296 | 3,777 | (12.7) | ||||||||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests | (79) | (79) | (0.9) | ||||||||||||||||||||
| Net income attributable to Comcast Corporation | $ | 3,375 | $ | 3,857 | (12.5) | % | |||||||||||||||||
| Basic earnings per common share attributable to Comcast Corporation shareholders | $ | 0.90 | $ | 0.97 | (8.0) | % | |||||||||||||||||
| Diluted earnings per common share attributable to Comcast Corporation shareholders | $ | 0.89 | $ | 0.97 | (7.7) | % | |||||||||||||||||
| Weighted-average number of common shares outstanding – basic | 3,768 | 3,959 | (4.8) | % | |||||||||||||||||||
| Weighted-average number of common shares outstanding – diluted | 3,784 | 3,992 | (5.2) | % | |||||||||||||||||||
| Adjusted EBITDA(a) | $ | 9,532 | $ | 9,355 | 1.9 | % |
Percentage changes that are considered not meaningful are denoted with NM.
(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 23 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.
Consolidated revenue remained consistent for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to decreases in the Connectivity & Platforms business and Corporate and Other, offset by an increase in the Content & Experiences business. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
Consolidated costs and expenses, excluding depreciation and amortization expense, decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to decreases in the Connectivity & Platforms business and Corporate and Other, partially offset by an increase in the Content & Experiences business. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”
Consolidated depreciation and amortization expense increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business.
Amortization expense from acquisition-related intangible assets totaled $789 million and $569 million for the three months ended March 31, 2025 and 2024, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.
Consolidated interest expense increased for the three months ended March 31, 2025 primarily due to an increase in average debt outstanding and higher weighted-average interest rates in the current year period.
Consolidated investment and other income (loss), net decreased for the three months ended March 31, 2025 compared to the same period in 2024.
| Three Months Ended March 31, | |||||||||||||||||||||||
| (in millions) | 2025 | 2024 | |||||||||||||||||||||
| Equity in net income (losses) of investees, net | $ | (194) | $ | 158 | |||||||||||||||||||
| Realized and unrealized gains (losses) on equity securities, net | (24) | (51) | |||||||||||||||||||||
| Other income (loss), net | 102 | 191 | |||||||||||||||||||||
| Total investment and other income (loss), net | $ | (116) | $ | 298 |
The change in equity in net income (losses) of investees, net was primarily due to our investment in Atairos. The income (losses) at Atairos were driven by fair value adjustments on its underlying
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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We have evaluated the information required under this item that was disclosed in our 2024 Annual Report on Form 10-K and there have been no material changes to this information.
Item 4. CONTROLS AND PROCEDURES
Conclusions regarding disclosure controls and procedures
Our principal executive and principal financial officers, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, such disclosure controls and procedures were effective.
Changes in internal control over financial reporting
There were no changes in internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II: OTHER INFORMATION
ITEM 1: LEGAL PROCEEDINGS
See Note 10 included in this Quarterly Report on Form 10-Q for a discussion of legal proceedings.
Item 1A. RISK FACTORS
There have been no material changes from the risk factors previously disclosed in Item 1A of our 2024 Annual Report on Form 10-K.
ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The table below summarizes Comcast’s common stock repurchases during the three months ended March 31, 2025.
| Period | Total Number of Shares Purchased | Average Price Per Share | Total Number of Shares Purchased as Part of Publicly Announced Authorization | Total Dollar Amount Purchased Under the Publicly Announced Authorization | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Authorization(a) | |||||||||||||||
| January 1-31, 2025 | 18,977,243 | $ | 36.66 | 18,977,243 | $ | 695,637,279 | $ | 15,000,000,000 | ||||||||||||
| February 1-29, 2025 | 21,361,422 | $ | 35.10 | 21,361,422 | $ | 749,887,340 | $ | 14,250,112,660 | ||||||||||||
| March 1-31, 2025 | 15,880,045 | $ | 36.20 | 15,880,045 | $ | 574,916,720 | $ | 13,675,195,940 | ||||||||||||
| Total | 56,218,710 | $ | 35.94 | 56,218,710 | $ | 2,020,441,339 | $ | 13,675,195,940 |
(a)In January 2024, our Board of Directors approved a new share repurchase authorization of $15 billion, which had no expiration date. In January of 2025, our Board of Directors terminated the existing program and approved a new share repurchase authorization of 15 billion effective as of January 31, 2025, which has no expiration date. We expect to repurchase additional shares of our Class A common stock under this authorization, in the open market or in private transactions, subject to market and other conditions.
Item 6. EXHIBITS
| Exhibit No. | Description | |||||||
| 31 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||
| 32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
| 101 | The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the three months ended March 31, 2025, filed with the Securities and Exchange Commission on April 24, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statements of Income; (ii) the Condensed Consolidated Statements of Comprehensive Income; (iii) the Condensed Consolidated Statements of Cash Flows; (iv) the Condensed Consolidated Balance Sheets; (v) the Condensed Consolidated Statements of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the iXBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| COMCAST CORPORATION | ||||||||
| By: | /s/ DANIEL C. MURDOCK | |||||||
| Daniel C. Murdock Executive Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer) |
Date: April 24, 2025