Comcast 10-Q 2025-06-30

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 June 30, 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 July 15, 2025, there were 3,682,762,127 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

TABLE OF CONTENTS

						Page Number
PART I. FINANCIAL INFORMATION
Item 1.			Financial Statements			1
			Condensed Consolidated Statements of Income (Unaudited)			1
			Condensed Consolidated Statements of Comprehensive Income (Unaudited)			2
			Condensed Consolidated Statements of Cash Flows (Unaudited)			3
			Condensed Consolidated Balance Sheets (Unaudited)			4
			Condensed Consolidated Statements of Changes in Equity (Unaudited)			5
			Notes to Condensed Consolidated Financial Statements (Unaudited)			6
			Note 1: Condensed Consolidated Financial Statements			6
			Note 2: Segment Information			6
			Note 3: Revenue			9
			Note 4: Programming and Production Costs			10
			Note 5: Debt			10
			Note 6: Significant Transactions			10
			Note 7: Investments and Variable Interest Entities			11
			Note 8: Equity and Share-Based Compensation			12
			Note 9: Supplemental Financial Information			13
			Note 10: Commitments and Contingencies			13
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			16
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			33
Item 4.			Controls and Procedures			33
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			34
Item 1A.			Risk Factors			34
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			34
Item 6.			Exhibits			34
SIGNATURES						35

Explanatory Note

This Quarterly Report on Form 10-Q is for the three and six months ended June 30, 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

• labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses

• 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

Table of Contents

PART I: FINANCIAL INFORMATION

Comcast Corporation

Condensed Consolidated Statements of Income

(Unaudited)

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions, except per share data)			2025						2024						2025						2024
Revenue			$	30,313					$	29,688					$	60,199					$	59,746
Costs and Expenses:
Programming and production			7,576						7,961						15,991						16,784
Marketing and promotion			2,168						1,922						4,239						3,940
Other operating and administrative			10,422						9,630						20,314						19,487
Depreciation			2,349						2,153						4,580						4,328
Amortization			1,805						1,387						3,423						2,762
Total costs and expenses			24,320						23,053						48,548						47,301
Operating income			5,992						6,635						11,650						12,445
Interest expense			(1,105)						(1,026)						(2,155)						(2,028)
Investment and other income (loss), net			9,760						(434)						9,644						(137)
Income before income taxes			14,647						5,175						19,139						10,280
Income tax expense			(3,603)						(1,336)						(4,799)						(2,663)
Net income			11,044						3,839						14,340						7,616
Less: Net income (loss) attributable to noncontrolling interests			(79)						(89)						(158)						(169)
Net income attributable to Comcast Corporation			$	11,123					$	3,929					$	14,498					$	7,785
Basic earnings per common share attributable to Comcast Corporation shareholders			$	2.99					$	1.01					$	3.87					$	1.98
Diluted earnings per common share attributable to Comcast Corporation shareholders			$	2.98					$	1.00					$	3.86					$	1.97

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions)			2025						2024						2025						2024
Net income			$	11,044					$	3,839					$	14,340					$	7,616
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $124, $(22), $198 and $(43)			1,762						(130)						2,710						(567)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(15), $0, $(15), and $(2)			18						6						(3)						25
Realized (gains) losses reclassified to net income, net of deferred taxes of $13, $1, $19 and $0			(47)						(5)						(67)						(4)
Employee benefit obligations and other, net of deferred taxes of $2, $3, $20 and $8			(8)						(12)						(64)						(36)
Other comprehensive income (loss)			1,724						(142)						2,576						(582)
Comprehensive income			12,768						3,698						16,916						7,034
Less: Net income (loss) attributable to noncontrolling interests			(79)						(89)						(158)						(169)
Less: Other comprehensive income (loss) attributable to noncontrolling interests			3						—						7						(13)
Comprehensive income attributable to Comcast Corporation			$	12,845					$	3,787					$	17,067					$	7,217

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Six Months Ended June 30,
(in millions)			2025						2024
Operating Activities
Net income			$	14,340					$	7,616
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			8,003						7,091
Share-based compensation			703						689
Noncash interest expense (income), net			253						218
Net (gain) loss on investment activity and other			(9,390)						391
Deferred income taxes			2,556						240
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net			1,023						750
Film and television costs, net			188						23
Accounts payable and accrued expenses related to trade creditors			34						(648)
Other operating assets and liabilities			(1,602)						(3,798)
Net cash provided by operating activities			16,109						12,572
Investing Activities
Capital expenditures			(4,930)						(5,354)
Cash paid for intangible assets			(1,257)						(1,341)
Construction of Universal Beijing Resort			(3)						(109)
Acquisitions, net of cash acquired			(1,279)						—
Proceeds from sales of businesses and investments			659						557
Purchases of investments			(1,132)						(706)
Other			39						73
Net cash provided by (used in) investing activities			(7,903)						(6,879)
Financing Activities
Proceeds from borrowings			2,494						3,266
Repurchases and repayments of debt			(1,856)						(1,911)
Repurchases of common stock under repurchase program and employee plans			(4,066)						(4,930)
Dividends paid			(2,462)						(2,418)
Other			9						175
Net cash provided by (used in) financing activities			(5,881)						(5,817)
Impact of foreign currency on cash, cash equivalents and restricted cash			46						(17)
Increase (decrease) in cash, cash equivalents and restricted cash			2,371						(141)
Cash, cash equivalents and restricted cash, beginning of period			7,377						6,282
Cash, cash equivalents and restricted cash, end of period			$	9,748					$	6,141

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except share data)			June 30, 2025						December 31, 2024
Assets
Current Assets:
Cash and cash equivalents			$	9,687					$	7,322
Receivables, net			13,040						13,661
Other current assets			6,309						5,817
Total current assets			29,036						26,801
Film and television costs			12,640						12,541
Investments			8,463						8,647
Property and equipment, net of accumulated depreciation of $61,311 and $59,534			64,025						62,548
Goodwill			61,812						58,209
Franchise rights			59,365						59,365
Other intangible assets, net of accumulated amortization of $37,964 and $33,994			24,612						25,599
Other noncurrent assets, net			13,897						12,501
Total assets			$	273,850					$	266,211
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors			$	11,826					$	11,321
Deferred revenue			4,031						3,507
Accrued expenses and other current liabilities			10,215						10,679
Current portion of debt			5,720						4,907
Advance on sale of investment			—						9,167
Total current liabilities			31,792						39,581
Noncurrent portion of debt			95,808						94,186
Deferred income taxes			27,692						25,227
Other noncurrent liabilities			21,100						20,942
Commitments and contingencies
Redeemable noncontrolling interests			231						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, 4,561,297,163 and 4,651,093,045; outstanding, 3,688,506,135 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			37,797						38,102
Retained earnings			66,000						56,972
Treasury stock, 872,791,028 Class A common shares			(7,517)						(7,517)
Accumulated other comprehensive income (loss)			525						(2,043)
Total Comcast Corporation shareholders’ equity			96,851						85,560
Noncontrolling interests			376						477
Total equity			97,228						86,038
Total liabilities and equity			$	273,850					$	266,211

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

			Three Months Ended June 30,									Six Months Ended June 30,
(in millions, except per share data)			2025			2024						2025			2024
Redeemable Noncontrolling Interests
Balance, beginning of period			$	244		$	243					$	237		$	241
Contributions from (distributions to) noncontrolling interests, net			2			2						4			(8)
Net income (loss)			(15)			(9)						(11)			3
Balance, end of period			$	231		$	236					$	231		$	236
Class A Common Stock
Balance, beginning of period			$	46		$	48					$	47		$	48
Repurchases of common stock under repurchase program and employee plans			—			(1)						(1)			(1)
Balance, end of period			$	46		$	47					$	46		$	47
Additional Paid-In Capital
Balance, beginning of period			$	37,832		$	38,274					$	38,102		$	38,533
Share-based compensation			295			287						640			610
Repurchases of common stock under repurchase program and employee plans			(389)			(428)						(1,053)			(1,074)
Issuances of common stock under employee plans			62			70						111			132
Other			(3)			—						(3)			1
Balance, end of period			$	37,797		$	38,203					$	37,797		$	38,203
Retained Earnings
Balance, beginning of period			$	57,473		$	53,425					$	56,972		$	52,892
Repurchases of common stock under repurchase program and employee plans			(1,347)			(1,825)						(2,967)			(3,906)
Dividends declared			(1,248)			(1,222)						(2,503)			(2,465)
Net income			11,123			3,929						14,498			7,785
Balance, end of period			$	66,000		$	54,308					$	66,000		$	54,308
Treasury Stock at Cost
Balance, beginning and end of period			$	(7,517)		$	(7,517)					$	(7,517)		$	(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period			$	(1,197)		$	(1,680)					$	(2,043)		$	(1,253)
Other comprehensive income (loss)			1,722			(142)						2,569			(569)
Balance, end of period			$	525		$	(1,822)					$	525		$	(1,822)
Noncontrolling Interests
Balance, beginning of period			$	418		$	500					$	477		$	523
Other comprehensive income (loss)			3			—						7			(13)
Contributions from (distributions to) noncontrolling interests, net			20			66						39			147
Net income (loss)			(64)			(81)						(147)			(172)
Balance, end of period			$	376		$	485					$	376		$	485
Total equity			$	97,228		$	83,704					$	97,228		$	83,704
Cash dividends declared per common share			$	0.33		$	0.31					$	0.66		$	0.62

See accompanying notes to condensed consolidated financial statements.

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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 Versant Media Group, Inc. (“Versant”), a new independent publicly traded company comprised of select cable television networks along with complementary digital assets through a tax-free spin-off. We are targeting to complete the spin-off around the end of 2025, subject to the satisfaction of customary conditions, including obtaining final approval from our Board of Directors, satisfactory completion of Versant 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.

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Comcast Corporation

			Three Months Ended June 30, 2025
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	17,793		$	2,569		$	5,202		$	1,733		$	2,349		$	29,646
Intersegment revenue(a)			21			6			1,238			700			—			1,965
			17,814			2,575			6,440			2,432			2,349			31,611
Reconciliation of Revenue
Other revenue(b)																		717
Eliminations(a)																		(2,015)
Total consolidated revenue																		$	30,313
Less segment expenses:(c)
Programming and production			3,998						3,551			1,661
Marketing and promotion									304			452
Other(d)			6,734			1,131			1,102			234			1,691
Segment Adjusted EBITDA(e)			$	7,082		$	1,444		$	1,482		$	85		$	658		$	10,751
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)																		(263)
Corporate and other(b)(e)																		(419)
Eliminations																		77
Depreciation																		(2,349)
Amortization																		(1,805)
Interest expense																		(1,105)
Investment and other income (loss), net																		9,760
Income before income taxes																		$	14,647

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Comcast Corporation

			Three Months Ended June 30, 2024
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	17,794		$	2,416		$	5,190		$	1,657		$	1,974		$	29,030
Intersegment revenue(a)			30			6			1,134			597			1			1,768
			17,824			2,421			6,324			2,253			1,975			30,798
Reconciliation of revenue
Other revenue(b)																		715
Eliminations(a)																		(1,825)
Total consolidated revenue																		$	29,688
Less segment expenses:(c)
Programming and production			4,248						3,595			1,499
Marketing and promotion									287			394
Other(d)			6,472			1,041			1,087			236			1,343
Total segment Adjusted EBITDA(e)			$	7,103		$	1,380		$	1,356		$	124		$	632		$	10,594
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)																		(198)
Corporate and other(b)(e)																		(257)
Eliminations																		36
Depreciation																		(2,153)
Amortization																		(1,387)
Interest expense																		(1,026)
Investment and other income (loss), net																		(434)
Income before income taxes																		$	5,175

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Comcast Corporation

			Six Months Ended June 30, 2025
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	35,399		$	5,059		$	10,438		$	3,733		$	4,225		$	58,855
Intersegment revenue(a)			58			11			2,443			1,525			1			4,037
			35,457			5,071			12,880			5,259			4,226			62,892
Reconciliation of Revenue
Other revenue(b)																		1,469
Eliminations(a)																		(4,162)
Total consolidated revenue																		$	60,199
Less segment expenses:(c)
Programming and production			8,105						7,563			3,559
Marketing and promotion									627			844
Other(d)			13,351			2,205			2,204			472			3,139
Segment Adjusted EBITDA(e)			$	14,000		$	2,866		$	2,486		$	383		$	1,087		$	20,823
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)																		(517)
Corporate and other(b)(e)																		(755)
Eliminations																		103
Depreciation																		(4,580)
Amortization																		(3,423)
Interest expense																		(2,155)
Investment and other income (loss), net																		9,644
Income before income taxes																		$	19,139

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			Six Months Ended June 30, 2024
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	35,624		$	4,817		$	10,412		$	3,561		$	3,953		$	58,368
Intersegment revenue(a)			68			12			2,283			1,435			1			3,798
			35,692			4,829			12,695			4,996			3,954			62,166
Reconciliation of revenue
Other revenue(b)																		1,494
Eliminations(a)																		(3,914)
Total consolidated revenue																		$	59,746
Less segment expenses:(c)
Programming and production			8,654						7,735			3,358
Marketing and promotion									601			825
Other(d)			13,083			2,083			2,177			445			2,690
Total segment Adjusted EBITDA(e)			$	13,955		$	2,746		$	2,182		$	367		$	1,264		$	20,514
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)																		(442)
Corporate and other(b)(e)																		(580)
Eliminations																		43
Depreciation																		(4,328)
Amortization																		(2,762)
Interest expense																		(2,028)
Investment and other income (loss), net																		(137)
Income before income taxes																		$	10,280

(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.

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Note 3: Revenue

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions)			2025						2024(a)						2025						2024(a)
Domestic broadband			$	6,530					$	6,429					$	13,088					$	12,875
Domestic wireless			1,195						1,019						2,318						1,991
International connectivity			1,219						1,056						2,351						2,090
Total residential connectivity			8,945						8,505						17,758						16,956
Video			6,722						7,013						13,440						14,117
Advertising			935						993						1,816						1,944
Other			1,213						1,313						2,443						2,675
Total Residential Connectivity & Platforms Segment			17,814						17,824						35,457						35,692
Total Business Services Connectivity Segment			2,575						2,421						5,071						4,829
Domestic advertising			1,848						1,991						3,734						4,016
Domestic distribution			2,812						2,764						5,734						5,670
International networks			1,266						1,102						2,429						2,123
Other			514						467						983						887
Total Media Segment			6,440						6,324						12,880						12,695
Content licensing			1,805						1,714						3,979						3,815
Theatrical			284						237						570						567
Other			343						302						709						614
Total Studios Segment			2,432						2,253						5,259						4,996
Total Theme Parks Segment			2,349						1,975						4,226						3,954
Other revenue			717						715						1,469						1,494
Eliminations(b)			(2,015)						(1,825)						(4,162)						(3,914)
Total revenue			$	30,313					$	29,688					$	60,199					$	59,746

(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)			June 30, 2025						December 31, 2024
Receivables, gross			$	13,772					$	14,399
Less: Allowance for credit losses			732						738
Receivables, net			$	13,040					$	13,661
Noncurrent receivables, net (included in other noncurrent assets, net)			$	1,778					$	1,853
Noncurrent deferred revenue (included in other noncurrent liabilities)			$	719					$	665

Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below.

(in millions)			June 30, 2025						December 31, 2024
Receivables, net			$	1,953					$	1,827
Noncurrent receivables, net (included in other noncurrent assets, net)			1,238						1,225
Total			$	3,190					$	3,052

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Note 4: Programming and Production Costs

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions)			2025						2024						2025						2024
Video distribution programming			$	2,511					$	2,879					$	5,170					$	5,899
Film and television content:
Owned(a)			2,230						2,215						4,887						4,776
Licensed, including sports rights			2,474						2,570						5,279						5,494
Other			361						298						656						615
Total programming and production costs			$	7,576					$	7,961					$	15,991					$	16,784

(a) Amount includes amortization of owned content of $1.8 billion and $4.0 billion for the three and six months ended June 30, 2025, respectively, and $1.8 billion and $4.0 billion for the three and six months ended June 30, 2024, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

(in millions)			June 30, 2025						December 31, 2024
Owned:
In production and in development			$	3,041					$	3,342
Completed, not released			609						209
Released, less amortization			4,073						4,545
			7,723						8,095
Licensed, including sports advances			4,917						4,446
Film and television costs			$	12,640					$	12,541

Note 5: Debt

As of June 30, 2025, our debt had a carrying value of $101.5 billion and an estimated fair value of $93.3 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 are included in our condensed consolidated results of operations since the date of acquisition and are reported in our Business Services Connectivity segment. We have recorded a preliminary estimate of Nitel’s assets and liabilities with approximately $1.1 billion recorded to goodwill and the remainder primarily attributed to customer relationship intangible assets. These estimates are not yet final and are subject to change. The acquisition was not material to our consolidated results of operations.

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Note 7: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions)			2025						2024						2025						2024
Equity in net income (losses) of investees, net			$	(29)					$	(444)					$	(222)					$	(286)
Realized and unrealized gains (losses) on equity securities, net			136						(89)						112						(141)
Other income (loss), net			9,652						99						9,754						290
Investment and other income (loss), net			$	9,760					$	(434)					$	9,644					$	(137)

The amount of unrealized gains (losses), net recognized in the three months ended June 30, 2025 and 2024 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(7) million and $(70) million, respectively. The amount of unrealized gains (losses), net recognized in the six months ended June 30, 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 $(141) million, respectively.

Investments

(in millions)			June 30, 2025						December 31, 2024
Equity method			$	7,122					$	7,252
Marketable equity securities			17						11
Nonmarketable equity securities			1,190						1,221
Other investments			162						184
Total investments			8,491						8,668
Less: Current investments			27						21
Noncurrent investments			$	8,463					$	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 six months ended June 30, 2025 and 2024 was $69 million and $66 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 the six months ended June 30, 2025 and 2024, we made cash capital contributions totaling $103 million and $26 million, respectively. As of June 30, 2025 and December 31, 2024, our investment, inclusive of advances classified within other investments, was $5.0 billion and $5.1 billion, respectively. As of June 30, 2025, our remaining unfunded capital commitment was $1.3 billion.

Hulu

In June 2025, we sold our 33% interest in Hulu following the finalization of a third-party appraisal of Hulu’s fair value performed pursuant to the terms of our put right exercised in November 2023. We received total cash proceeds of $9.6 billion for our interest, consisting of $439 million in the second quarter of 2025 and a $9.2 billion advance received in the fourth quarter of 2023. The advance represented our guaranteed share of Hulu’s minimum equity value pursuant to the terms of our put right and was reduced by $557 million in 2023 for our share of prior capital calls. Upon the sale of our interest in Hulu in the second quarter of 2025, we recorded a receivable of $792 million relating to our right to receive 50% of the estimated future tax benefits resulting from the transaction and we recognized a pre-tax gain of $9.4 billion.

The gain on the sale of our investment in Hulu is presented in “other income (loss), net” within “investment and other income (loss), net” in our condensed consolidated statement of income. The additional proceeds received in the current year period are presented in “proceeds from sales of businesses and investments” in investing activities in our condensed consolidated statement of cash flows. The receivable relating to our right to receive estimated future tax benefits is presented in “other current assets” and “other noncurrent assets, net” in our condensed consolidated balance sheet.

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Other Investments

Other investments also includes certain short-term instruments. We had no short-term instruments as of June 30, 2025 and December 31, 2024. There were no proceeds from or purchases of short-term instruments for the six months ended June 30, 2025. Proceeds from short-term instruments were $514 million and purchases of short-term instruments were $373 million for the six months ended June 30, 2024.

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 June 30, 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 June 30, 2025, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.3 billion and $7.1 billion, respectively. As of December 31, 2024, our condensed consolidated balance sheet 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 June 30,									Six Months Ended June 30,
(in millions)			2025						2024						2025						2024
Weighted-average number of common shares outstanding – basic			3,720						3,905						3,744						3,932
Effect of dilutive securities			7						15						12						24
Weighted-average number of common shares outstanding – diluted			3,727						3,920						3,756						3,956
Antidilutive securities			250						228						234						195

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)			June 30, 2025						December 31, 2024
Cumulative translation adjustments			$	229					$	(2,474)
Deferred gains (losses) on cash flow hedges			36						106
Unrecognized gains (losses) on employee benefit obligations and other			261						325
Accumulated other comprehensive income (loss), net of deferred taxes			$	525					$	(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 June 30, 2025 and 2024, share-based compensation expense recognized in our condensed consolidated statements of income was $268 million and $261 million, respectively. During the six months ended June 30, 2025 and 2024, share-based compensation expense recognized in our condensed consolidated statements of income was $589 million and

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$564 million, respectively. As of June 30, 2025, we had unrecognized pretax compensation expense of $2.7 billion related to unvested RSUs and unvested stock options.

Note 9: Supplemental Financial Information

Cash Payments for Interest and Income Taxes

			Six Months Ended June 30,
(in millions)			2025						2024
Interest			$	1,803					$	1,813
Income taxes(a)			$	2,085					$	4,568

(a) Cash payments for income taxes for the six months ended June 30, 2025 include $334 million related to the purchase of third-party transferable tax credits.

Noncash Activities

During the six months ended June 30, 2025:

• 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 $0.33 per common share paid in July 2025

During the six months ended June 30, 2024:

• 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 $0.31 per common share paid in July 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)			June 30, 2025						December 31, 2024
Cash and cash equivalents			$	9,687					$	7,322
Restricted cash included in other current assets and other noncurrent assets, net			60						55
Cash, cash equivalents and restricted cash, end of period			$	9,748					$	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.

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