Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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

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 June 30,ChangeSix Months Ended June 30,Change
(in millions, except per share data)20252024%20252024%
Revenue$30,313$29,6882.1%$60,199$59,7460.8%
Costs and Expenses:
Programming and production7,5767,961(4.8)15,99116,784(4.7)
Marketing and promotion2,1681,92212.84,2393,9407.6
Other operating and administrative10,4229,6308.220,31419,4874.2
Depreciation2,3492,1539.14,5804,3285.8
Amortization1,8051,38730.23,4232,76223.9
Total costs and expenses24,32023,0535.548,54847,3012.6
Operating income5,9926,635(9.7)11,65012,445(6.4)
Interest expense(1,105)(1,026)7.7(2,155)(2,028)6.2
Investment and other income (loss), net9,760(434)NM9,644(137)NM
Income before income taxes14,6475,175183.019,13910,28086.2
Income tax expense(3,603)(1,336)169.7(4,799)(2,663)80.2
Net income11,0443,839187.714,3407,61688.3
Less: Net income (loss) attributable to noncontrolling interests(79)(89)(11.3)(158)(169)(6.4)
Net income attributable to Comcast Corporation$11,123$3,929183.1%$14,498$7,78586.2%
Basic earnings per common share attributable to Comcast Corporation shareholders$2.99$1.01197.2%$3.87$1.9895.6%
Diluted earnings per common share attributable to Comcast Corporation shareholders$2.98$1.00197.7%$3.86$1.9796.2%
Weighted-average number of common shares outstanding – basic3,7203,905(4.7)%3,7443,932(4.8)%
Weighted-average number of common shares outstanding – diluted3,7273,920(4.9)%3,7563,956(5.1)%
Adjusted EBITDA(a)$10,283$10,1711.1%$19,815$19,5261.5%

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 26 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.

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Consolidated revenue increased for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to an increase in the Content & Experiences business. Consolidated revenue remained consistent for the six months ended June 30, 2025 compared to the same period in 2024 driven by an increase in the Content & Experiences business, offset by a decrease in Corporate and Other. 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, increased for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to increases in the Content & Experiences business and in Corporate and Other. Consolidated costs and expenses, excluding depreciation and amortization expense, remained consistent for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to an increase in the Content & Experiences business, partially offset by a decrease in Corporate and Other. 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 and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, impairments of certain long-lived assets in the current year period and increased depreciation due to the opening of Epic Universe in May 2025.

Amortization expense from acquisition-related intangible assets totaled $810 million and $1.6 billion for the three and six months ended June 30, 2025, respectively, and $563 million and $1.1 billion for the three and six months ended June 30, 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 and six months ended June 30, 2025 primarily due to an increase in average debt outstanding and higher weighted-average interest rates in the current year periods, as well as decreased capitalized interest.

Consolidated investment and other income (loss), net increased for the three and six months ended June 30, 2025 compared to the same periods in 2024.

Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Equity in net income (losses) of investees, net$(29)$(444)$(222)$(286)
Realized and unrealized gains (losses) on equity securities, net136(89)112(141)
Other income (loss), net9,652999,754290
Total investment and other income (loss), net$9,760$(434)$9,644$(137)

The change in equity in net income (losses) of investees, net for the three months ended June 30, 2025 compared to the same period in 2024 was primarily due to our investments in Atairos and Hulu. The change in equity in net income (losses) of investees, net for the six months ended June 30, 2025 compared to the same period in 2024 was primarily due to our investment in Hulu. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $(26) million and $(194) million for the three and six months ended June 30, 2025, respectively, and $(391) million and $(196) million for the three and six months ended June 30, 2024, respectively.

The change in realized and unrealized gains (losses) on equity securities, net for the three and six months ended June 30, 2025 was primarily due to a gain on the sale of a nonmarketable security in the current year periods and by higher net unrealized losses on nonmarketable and marketable securities in the prior year periods.

The change in other income (loss), net for the three and six months ended June 30, 2025 primarily resulted from a $9.4 billion gain from the sale of our interest in Hulu in the current year period (see Note 7).

Consolidated income tax expense for the three and six months ended June 30, 2025 and 2024 reflects an effective income tax rate that differs from the federal statutory rate due to state and foreign income taxes and adjustments associated with uncertain tax positions. The increase in income tax expense for the three and six months ended June 30, 2025 compared to the same periods in 2024 were primarily driven by higher domestic income before income taxes.

Consolidated net income (loss) attributable to noncontrolling interests changed for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to Universal Beijing Resort. Consolidated net income (loss) attributable to noncontrolling interests changed for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to Universal Beijing Resort, partially offset by our regional sports networks and Xumo.

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Segment Operating Results

Our segment operating results are presented based on how we assess operating performance and internally report financial information. See Note 2 for additional information on our segments.

Connectivity & Platforms Results of Operations

Three Months Ended June 30,ChangeConstant Currency Change(b)Six Months Ended June 30,ChangeConstant Currency Change(b)
(in millions)20252024%%20252024%%
Revenue
Residential Connectivity & Platforms$17,814$17,824(0.1)%(1.2)%$35,457$35,692(0.7)%(1.1)%
Business Services Connectivity2,5752,4216.36.35,0714,8295.05.0
Total Connectivity & Platforms revenue$20,389$20,2450.7%(0.4)%$40,527$40,521—%(0.4)%
Adjusted EBITDA
Residential Connectivity & Platforms$7,082$7,103(0.3)%(0.8)%$14,000$13,9550.3%0.1%
Business Services Connectivity1,4441,3804.64.72,8662,7464.44.4
Total Connectivity & Platforms Adjusted EBITDA$8,526$8,4830.5%0.1%$16,866$16,7011.0%0.8%
Adjusted EBITDA Margin**(a)**
Residential Connectivity & Platforms39.8%39.9%(10) bps20 bps39.5%39.1%40 bps50 bps
Business Services Connectivity56.157.0(90) bps(80) bps56.556.9(40) bps(30) bps
Total Connectivity & Platforms Adjusted EBITDA margin41.8%41.9%(10) bps20 bps41.6%41.2%40 bps50 bps

(a)Our Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall operating cost management. The changes reflect the year-over-year basis point changes in the rounded Adjusted EBITDA margins.

(b)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 26 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. Our customer relationship additions/(losses) continue to be negatively impacted by an increasingly competitive environment. We are focused on increasing our residential connectivity revenue through growth in domestic broadband, domestic wireless and international connectivity revenue. At the same time, we expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses. We also expect continued declines in other revenue related to declines in wireline voice revenue. We are also focused on growing our Business Services Connectivity segment revenue by offering competitive services, including enterprise solutions.

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Connectivity & Platforms Customer Metrics

Net Additions / (Losses)
June 30,Three Months Ended June 30,Six Months Ended June 30,
(in thousands)202520242025202420252024
Customer Relationships
Domestic Residential Connectivity & Platforms customer relationships(a)30,74631,426(223)(128)(427)(222)
International Residential Connectivity & Platforms customer relationships(a)17,69817,638(102)(144)(113)(208)
Business Services Connectivity customer relationships(b)(c)2,7132,632(24)(3)(37)(10)
Total Connectivity & Platforms customer relationships51,15651,696(349)(275)(577)(440)
Domestic Broadband
Residential customers28,98929,583(201)(110)(384)(165)
Business customers(b)(c)2,5512,485(25)(10)(42)(20)
Total domestic broadband customers31,54032,068(226)(120)(426)(185)
Domestic Wireless
Total domestic wireless lines(d)8,5277,199378322701611
Domestic Video
Total domestic video customers11,77113,199(325)(419)(751)(907)
Domestic homes and businesses passed(e)64,30963,031
Domestic broadband penetration of homes and businesses passed(f)48.6%50.7%

(a)Residential Connectivity & Platforms customer relationships generally represent the number of residential customer locations that subscribe to at least one of our services. International Residential Connectivity & Platforms customer relationships represent customers receiving Sky services in the United Kingdom and Italy. Because each of our services includes a variety of product tiers, which may change from time to time, net additions or losses in any one period will reflect a mix of customers at various tiers.

(b)Business Services Connectivity customer metrics are generally counted based on the number of connections receiving services, including connections within our network in the United States, as well as connections outside of our network both in the United States and internationally. Certain arrangements whereby third parties provide connectivity services leveraging our network are also generally counted based on the number of connections served.

(c)Beginning in the second quarter of 2025, Business Services Connectivity customer relationships and Domestic Broadband Business customers include connections from the acquisition of Nitel and other conforming changes, resulting in an increase of 124,000 Business Services Connectivity customer relationships and 123,000 domestic broadband business customers as of April 1, 2025. Because these adjustments were made as of April 1, 2025, they are not reflected in prior period customer metrics or in net additions / (losses) in prior and current year periods.

(d)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines.

(e)Connectivity & Platforms domestic homes and businesses are considered passed if we can connect them to our network in the United States without further extending the transmission lines. Homes and businesses passed is an estimate based on the best available information.

(f)Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed.

Three Months Ended June 30,ChangeConstant Currency Change(a)Six Months Ended June 30,ChangeConstant Currency Change(a)
20252024%%20252024%%
Average monthly total Connectivity & Platforms revenue per customer relationship$132.57$130.201.8%0.7%$131.46$130.081.1%0.6%
Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship$55.43$54.551.6%1.2%$54.71$53.612.0%1.8%

(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 26 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

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Average monthly total revenue per customer relationship is impacted by rate adjustments and changes in the types and levels of services received by our residential and business customers, as well as changes in advertising and other revenue and in foreign currency exchange rates. While revenue from our individual service offerings is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship. Each of our services has a different contribution to Adjusted EBITDA margin. We use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe both metrics are useful to understand the trends in our business, and average monthly Adjusted EBITDA per customer relationship is useful particularly as we continue to focus on growing our higher-margin businesses.

Connectivity & Platforms — Supplemental Costs and Expenses Information

Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States. Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments includes each segment’s direct costs and an allocation of shared costs.

Three Months Ended June 30,ChangeConstant Currency Change(g)Six Months Ended June 30,ChangeConstant Currency Change(g)
(in millions)20252024%%20252024%%
Costs and Expenses
Programming(a)$3,998$4,248(5.9)%(7.4)%$8,105$8,654(6.3)%(6.9)%
Technical and support(b)1,8551,8450.5(0.4)3,7303,804(2.0)(2.3)
Direct product costs(c)1,8291,51520.817.43,4543,02914.012.7
Marketing and promotion(d)1,2341,1408.26.92,4612,3136.45.9
Customer service(e)675682(1.1)(2.2)1,3551,392(2.7)(3.1)
Other(f)2,2722,331(2.5)(3.8)4,5574,628(1.5)(2.1)
Total Connectivity & Platforms costs and expenses$11,864$11,7620.9%(0.7)%$23,661$23,820(0.7)%(1.3)%

(a)Programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations. These expenses also include the costs of content on the Sky-branded entertainment television networks, including amortization of licensed content.

(b)Technical and support expenses primarily consists of costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.

(c)Direct product costs primarily consists of access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions.

(d)Marketing and promotion expenses primarily consists of the costs associated with attracting new customers and promoting our service offerings.

(e)Customer service expenses primarily consists of the personnel and other costs associated with customer service and certain selling activities.

(f)Other expenses primarily consists of administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; building and office expenses, taxes and billing costs; and other business, headquarters and support costs necessary to operate the Connectivity & Platforms business.

(g)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 26 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

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Residential Connectivity & Platforms Segment Results of Operations

Three Months Ended June 30,ChangeConstant Currency Change(a)Six Months Ended June 30,ChangeConstant Currency Change(a)
(in millions)20252024(b)%%20252024(b)%%
Revenue
Domestic broadband$6,530$6,4291.6%1.6%$13,088$12,8751.7%1.7%
Domestic wireless1,1951,01917.317.32,3181,99116.516.5
International connectivity1,2191,05615.49.32,3512,09012.59.9
Total residential connectivity8,9458,5055.24.417,75816,9564.74.4
Video6,7227,013(4.2)(5.7)13,44014,117(4.8)(5.4)
Advertising935993(5.8)(7.7)1,8161,944(6.6)(7.4)
Other1,2131,313(7.6)(9.0)2,4432,675(8.7)(9.2)
Total revenue17,81417,824(0.1)(1.2)35,45735,692(0.7)(1.1)
Costs and Expenses
Programming3,9984,248(5.9)(7.4)8,1058,654(6.3)(6.9)
Other6,7346,4724.12.313,35113,0832.01.4
Total costs and expenses10,73310,7210.1(1.6)21,45621,737(1.3)(1.9)
Adjusted EBITDA$7,082$7,103(0.3)%(0.8)%$14,000$13,9550.3%0.1%

(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 26 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

(b)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.

Residential Connectivity & Platforms Segment – Revenue

Domestic broadband revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 due to increases in average rates, partially offset by declines in the number of domestic broadband customers.

Domestic wireless revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to increases in the number of customer lines and increases in device sales.

International connectivity revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 due to increases in broadband revenue resulting from increases in average rates and increases in wireless revenue resulting from increases in the sale of wireless services. The increases for the three and six months ended June 30, 2025 include the positive impact of foreign currency.

Video revenue decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 due to declines in the overall number of video customers, partially offset by overall increases in average rates and the positive impact of foreign currency.

Advertising revenue decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 due to lower domestic nonpolitical and political advertising and lower international advertising, partially offset by the positive impact of foreign currency.

Other revenue decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to decreases in residential wireline voice revenue driven by declines in the number of customers.

Residential Connectivity & Platforms Segment – Costs and Expenses

Programming expenses decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to declines in the number of domestic video subscribers, partially offset by rate increases under our domestic programming contracts, increases in programming expenses for our international sports networks and the impact of foreign currency.

Other expenses increased for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to increased direct product costs, the impact of foreign currency and increased spending on marketing and promotion.

Other expenses increased for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to increased direct product costs, increased spending on marketing and promotion and the impact of foreign currency, partially offset by lower technical and support expenses.

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Business Services Connectivity Segment Results of Operations

Three Months Ended June 30,ChangeSix Months Ended June 30,Change
(in millions)20252024%20252024%
Revenue$2,575$2,4216.3%$5,071$4,8295.0%
Costs and expenses1,1311,0418.62,2052,0835.9
Adjusted EBITDA$1,444$1,3804.6%$2,866$2,7464.4%

Business services connectivity revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 due to increases in revenue from enterprise solutions offerings, including the results from Nitel, which was acquired in April 2025, and from higher average rates from small business customers.

Business services connectivity costs and expenses increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to increases in direct product costs, which includes the results from Nitel.

Content & Experiences Results of Operations

Three Months Ended June 30,ChangeSix Months Ended June 30,Change
(in millions)20252024%20252024%
Revenue
Media$6,440$6,3241.8%$12,880$12,6951.5%
Studios2,4322,2538.05,2594,9965.3
Theme Parks2,3491,97518.94,2263,9546.9
Headquarters and Other910(9.5)2022(9.3)
Eliminations(606)(505)(20.0)(1,303)(1,236)(5.4)
Total Content & Experiences revenue$10,625$10,0575.6%$21,081$20,4313.2%
Adjusted EBITDA
Media$1,482$1,3569.3%$2,486$2,18213.9%
Studios85124(31.0)3833674.3
Theme Parks6586324.11,0871,264(14.0)
Headquarters and Other(263)(198)(32.4)(517)(442)(17.1)
Eliminations563654.870701.1
Total Content & Experiences Adjusted EBITDA$2,019$1,9493.6%$3,509$3,4422.0%

We operate our Media segment as a combined television and streaming business. We expect that the number of subscribers and audience ratings at our linear television networks will continue to decline as a result of the competitive environment and shifting video consumption patterns, which we aim to mitigate over time by growth in paid subscribers and advertising revenue at Peacock. We expect to continue to incur significant costs related to content and marketing at Peacock. Revenue and programming expenses are also impacted by the timing of certain sporting events, including our acquisition of NBA rights, which begin in the fourth quarter of 2025.

Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties.

We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, which opened in May 2025, as well as in new destinations and experiences, which we believe will have a positive impact on attendance and guest spending at our theme parks.

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Media Segment Results of Operations

Three Months Ended June 30,ChangeSix Months Ended June 30,Change
(in millions)20252024%20252024%
Revenue
Domestic advertising$1,848$1,991(7.2)%$3,734$4,016(7.0)%
Domestic distribution2,8122,7641.75,7345,6701.1
International networks1,2661,10214.92,4292,12314.4
Other51446710.198388710.9
Total revenue6,4406,3241.812,88012,6951.5
Costs and Expenses
Programming and production3,5513,595(1.2)7,5637,735(2.2)
Marketing and promotion3042876.16276014.3
Other1,1021,0871.42,2042,1771.3
Total costs and expenses4,9584,968(0.2)10,39410,513(1.1)
Adjusted EBITDA$1,482$1,3569.3%$2,486$2,18213.9%

Media Segment – Revenue

Domestic advertising revenue decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to decreases in revenue at our linear television networks.

Domestic distribution revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to increases in revenue at Peacock, partially offset by decreases in revenue at our linear television networks. The decreases at our networks were primarily due to declines in the number of subscribers, partially offset by contractual rate increases.

International networks revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to increases in revenue associated with the distribution of sports networks and the positive impact of foreign currency.

Media segment total revenue included $1.2 billion and $2.5 billion related to Peacock for the three and six months ended June 30, 2025, respectively. Media segment total revenue included $1.0 billion and $2.1 billion related to Peacock for the three and six months ended June 30, 2024, respectively. We had 41 million and 33 million paid subscribers of Peacock as of June 30, 2025 and 2024, respectively. Peacock paid subscribers represent customers from which we recognize distribution revenue, including both customers that pay us directly and customers receiving the service through arrangements with companies who sell Peacock on our behalf. In these arrangements, paid subscribers are counted based on the terms of the arrangement when the related revenue is recognized. As a result, certain customers are counted when they activate their account, while other customers are counted when the Peacock service is made available to them as part of their bundled service offering regardless of whether it is activated. The increase in paid subscribers in 2025 is mainly due to availability of Peacock through a third-party’s bundled service offering.

Media Segment – Costs and Expenses

Programming and production costs decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to lower sports programming costs at our domestic television networks, mainly reflecting lower sports volumes compared to the prior year periods, and lower programming costs at Peacock, partially offset by increases in entertainment content costs for our domestic television networks and increases in sports programming costs for our international television networks. The decrease for the three months ended June 30, 2025 was also partially offset by the impact of foreign currency.

Marketing and promotion expenses increased for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to higher costs related to marketing for Peacock.

Marketing and promotion expenses increased for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to higher costs related to marketing for entertainment programming.

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Media segment total costs and expenses included $1.3 billion and $2.8 billion related to Peacock for the three and six months ended June 30, 2025, respectively. Media segment total costs and expenses included $1.4 billion and $3.1 billion related to Peacock for the three and six months ended June 30, 2024, respectively.

Studios Segment Results of Operations

Three Months Ended June 30,ChangeSix Months Ended June 30,Change
(in millions)20252024%20252024%
Revenue
Content licensing$1,805$1,7145.3%$3,979$3,8154.3%
Theatrical28423720.05705670.6
Other34330213.570961415.5
Total revenue2,4322,2538.05,2594,9965.3
Costs and Expenses
Programming and production1,6611,49910.83,5593,3586.0
Marketing and promotion45239414.78448252.3
Other234236(0.9)4724455.9
Total costs and expenses2,3472,13010.24,8754,6295.3
Adjusted EBITDA$85$124(31.0)%$383$3674.3%

Studios Seg****ment – Revenue

Content licensing revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to the timing of when content was made available by our television studios under licensing agreements, partially offset by the timing of when content was made available by our film studios.

Theatrical revenue increased for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to higher revenue from recent releases, including How to Train Your Dragon.

Theatrical revenue was consistent for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to revenue from recent releases impacting the current year period, including How to Train Your Dragon, offset by revenue from releases impacting the prior year period, including Kung Fu Panda 4.

Studios Segment – Costs and Expenses

Programming and production costs increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to higher costs associated with content licensing sales.

Marketing and promotion expenses increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to increased spending on recent and upcoming theatrical film releases in the current year periods.

Theme Parks Segment Results of Operations

Three Months Ended June 30,ChangeSix Months Ended June 30,Change
(in millions)20252024%20252024%
Revenue$2,349$1,97518.9%$4,226$3,9546.9%
Costs and expenses1,6911,34325.93,1392,69016.7
Adjusted EBITDA$658$6324.1%$1,087$1,264(14.0)%

Theme parks segment revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 driven by our domestic theme parks, due to higher revenue at our theme park in Orlando driven by the opening of Epic Universe in May 2025, and by our international theme parks, which include the positive impact from foreign currency. The increase at our domestic theme parks for the six months ended June 30, 2025 also includes a partial offset driven by lower revenue at our theme park in Hollywood.

Theme parks segment costs and expenses increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to operating costs associated with Epic Universe.

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Content & Experiences Headquarters, Other and Eliminations

Headquarters and Other Results of Operations

Three Months Ended June 30,ChangeSix Months Ended June 30,Change
(in millions)20252024%20252024%
Revenue$9$10(9.5)%$20$22(9.3)%
Costs and expenses27120830.553746315.9
Adjusted EBITDA$(263)$(198)(32.4)%$(517)$(442)(17.1)%

Headquarters and Other expenses primarily consist of overhead, personnel and other costs necessary to operate the Content & Experiences business.

Eliminations

Three Months Ended June 30,ChangeSix Months Ended June 30,Change
(in millions)20252024%20252024%
Revenue$(606)$(505)20.0%$(1,303)$(1,236)5.4%
Costs and expenses(662)(541)22.3(1,373)(1,306)5.2
Adjusted EBITDA$56$36(54.8)%$70$70(1.1)%

Amounts represent eliminations of transactions between segments in our Content & Experiences business, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses.

Eliminations increase or decrease to the extent that additional content is made available to our other segments within the Content & Experiences business. Refer to Note 2 for additional information on transactions between our segments.

Corporate, Other and Eliminations

Corporate and Other Results of Operations

Three Months Ended June 30,ChangeSix Months Ended June 30,Change
(in millions)20252024%20252024%
Revenue$708$7060.3%$1,449$1,473(1.6)%
Costs and expenses9909662.52,0422,062(1.0)
Adjusted EBITDA$(282)$(260)(8.3)%$(593)$(590)(0.6)%

Corporate and Other primarily consists of overhead and personnel costs; 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.

Corporate and Other revenue was consistent for the three months ended June 30, 2025 compared to the same period in 2024 primarily driven by an increase from Sky operations in Germany, which includes the positive impact of foreign currency partially offset by an underlying decrease in revenue, offset by a decrease in revenue from Comcast Spectacor.

Corporate and other revenue decreased for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to a decrease in revenue from Comcast Spectacor, partially offset by an increase from Sky operations in Germany, which includes the positive impact of foreign currency and an underlying increase in revenue.

Corporate and Other costs and expenses increased for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to higher costs related to Sky operations in Germany, which includes the impact of foreign currency partially offset by lower underlying costs, and an increase related to corporate functions.

Corporate and Other costs and expenses decreased for the six months ended June 30, 2025 primarily due to lower costs related to Sky operations in Germany, partially offset by higher costs at Xumo.

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Eliminations

Three Months Ended June 30,ChangeSix Months Ended June 30,Change
(in millions)20252024%20252024%
Revenue$(1,410)$(1,320)6.8%$(2,859)$(2,678)6.7%
Costs and expenses(1,430)(1,320)8.4(2,891)(2,651)9.0
Adjusted EBITDA$20$(1)NM$32$(27)NM

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

Amounts represent eliminations of transactions between our Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Eliminations of transactions between segments within Content & Experiences are presented separately. Refer to Note 2 for additional information on transactions between our segments.

Non-GAAP Financial Measures

Consolidated Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the operational strength and performance of our businesses as well as to assist in the evaluation of underlying trends in our businesses. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. It is also unaffected by our capital and tax structures, and by our investment activities, including the results of entities that we do not consolidate, as our management excludes these results when evaluating our operating performance. Our management and Board of Directors use this financial measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. Additionally, we believe that Adjusted EBITDA is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure of Adjusted EBITDA may not be directly comparable to similar measures used by other companies.

We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance.

We reconcile consolidated Adjusted EBITDA to net income attributable to Comcast Corporation. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to Comcast Corporation, or net cash provided by operating activities that we have reported in accordance with GAAP.

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Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA

Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Net income attributable to Comcast Corporation$11,123$3,929$14,498$7,785
Net income (loss) attributable to noncontrolling interests(79)(89)(158)(169)
Income tax expense3,6031,3364,7992,663
Interest expense1,1051,0262,1552,028
Investment and other (income) loss, net(9,760)434(9,644)137
Depreciation2,3492,1534,5804,328
Amortization1,8051,3873,4232,762
Adjustments(a)137(3)162(9)
Adjusted EBITDA$10,283$10,171$19,815$19,526

(a)Amounts represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA. For the periods presented, Adjusted EBITDA excludes transaction and transaction-related costs associated with the proposed spin-off of Versant, as well as other operating and administrative expenses related to our investment portfolio. Transaction costs are incremental costs directly related to effectuating the proposed spin-off and primarily include legal, audit and advisory fees, as well as legal entity separation costs. Transaction-related costs are incremental costs incurred in anticipation of the separation, including costs that reflect strategic decisions about how the standalone Versant business will be structured or operated, which may be different than if it remained part of Comcast. Transaction-related costs primarily include certain spin-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs.

Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Transaction-related costs$75$—$77$—
Transaction costs36—55—
Costs related to our investment portfolio26(3)29(9)
Total Adjustments$137$(3)$162$(9)

Constant Currency

Constant currency and constant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimated effects of foreign currency exchange rate fluctuations. Certain of our businesses, including Connectivity & Platforms, have operations outside the United States that are conducted in local currencies. As a result, the comparability of the financial results reported in U.S. dollars is affected by changes in foreign currency exchange rates. In our Connectivity & Platforms business, we use constant currency and constant currency growth rates to evaluate the underlying performance of the businesses, and we believe they are helpful for investors because such measures present operating results on a comparable basis year over year to allow the evaluation of their underlying performance.

Constant currency and constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods.

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Reconciliation of Connectivity & Platforms Constant Currency

Three Months Ended June 30, 2024Six Months Ended June 30, 2024
(in millions)As ReportedEffects of Foreign CurrencyConstant Currency AmountsAs ReportedEffects of Foreign CurrencyConstant Currency Amounts
Revenue
Residential Connectivity & Platforms$17,824$216$18,040$35,692$173$35,865
Business Services Connectivity2,42112,4224,82914,830
Total Connectivity & Platforms revenue$20,245$217$20,462$40,521$174$40,695
Adjusted EBITDA
Residential Connectivity & Platforms$7,103$33$7,136$13,955$32$13,986
Business Services Connectivity1,380—1,3802,746—2,746
Total Connectivity & Platforms Adjusted EBITDA$8,483$33$8,516$16,701$31$16,732
Adjusted EBITDA Margin
Residential Connectivity & Platforms39.9%(30) bps39.6%39.1%(10) bps39.0%
Business Services Connectivity57.0(10) bps56.956.9(10) bps56.8
Total Connectivity & Platforms Adjusted EBITDA margin41.9%(30) bps41.6%41.2%(10) bps41.1%
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
As ReportedEffects of Foreign CurrencyConstant Currency AmountsAs ReportedEffects of Foreign CurrencyConstant Currency Amounts
Average monthly total Connectivity & Platforms revenue per customer relationship$130.20$1.39$131.59$130.08$0.56$130.64
Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship$54.55$0.21$54.76$53.61$0.10$53.71
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
(in millions)As ReportedEffects of Foreign CurrencyConstant Currency AmountsAs ReportedEffects of Foreign CurrencyConstant Currency Amounts
Costs and Expenses
Programming$4,248$69$4,317$8,654$52$8,706
Technical and support1,845181,8633,804133,817
Direct product costs1,515441,5593,029363,065
Marketing and promotion1,140141,1542,313102,323
Customer service68286901,39261,398
Other2,331312,3624,628254,653
Total Connectivity & Platforms costs and expenses$11,762$184$11,946$23,820$143$23,963

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Reconciliation of Residential Connectivity & Platforms Constant Currency

Three Months Ended June 30, 2024Six Months Ended June 30, 2024
(in millions)As ReportedEffects of Foreign CurrencyConstant Currency AmountsAs ReportedEffects of Foreign CurrencyConstant Currency Amounts
Revenue
Domestic broadband$6,429$—$6,429$12,875$—$12,875
Domestic wireless1,019—1,0191,991—1,991
International connectivity1,056591,1162,090502,140
Total residential connectivity8,505598,56416,9565017,006
Video7,0131177,13014,1179014,208
Advertising993201,0131,944161,960
Other1,313191,3332,675162,691
Total revenue17,82421618,04035,69217335,865
Costs and Expenses
Programming4,248694,3178,654528,706
Other6,4721146,58613,0839013,173
Total costs and expenses10,72118310,90321,73714221,879
Adjusted EBITDA$7,103$33$7,136$13,955$32$13,986

Other Adjustments

From time to time, we present adjusted information, such as revenue, to exclude the impact of certain events, gains, losses or other charges. This adjusted information is a non-GAAP financial measure. We believe, among other things, that the adjusted information may help investors evaluate our ongoing operations and can assist in making meaningful period-over-period comparisons.

Liquidity and Capital Resources

Six Months Ended June 30,
(in billions)20252024
Cash provided by operating activities$16.1$12.6
Cash used in investing activities$(7.9)$(6.9)
Cash used in financing activities$(5.9)$(5.8)
(in billions)June 30, 2025December 31, 2024
Cash and cash equivalents$9.7$7.3
Debt$101.5$99.1

Our businesses generate significant cash flows from operating activities. We believe that we will be able to continue to meet our current and long-term liquidity and capital requirements, including fixed charges, through our cash flows from operating activities; existing cash, cash equivalents and investments; available borrowings under our existing credit facility; and our ability to obtain future external financing. We anticipate that we will continue to use a substantial portion of our cash flows from operating activities in repaying our debt obligations, funding our capital expenditures and cash paid for intangible assets, investing in business opportunities, and returning capital to shareholders.

We maintain significant availability under our revolving credit facility and our commercial paper program to meet our short-term liquidity requirements. Our commercial paper program generally provides a lower-cost source of borrowing to fund our short-term working capital requirements. As of June 30, 2025, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.8 billion.

Our revolving credit facility contains a financial covenant pertaining to leverage, which is the ratio of debt to EBITDA, as defined in the agreement. Compliance with this financial covenant is tested on a quarterly basis. As of June 30, 2025, we met this financial covenant, and we expect to remain in compliance with this financial covenant.

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Operating Activit****ies

Components of Net Cash Provided by Operating Activities

Six Months Ended June 30,
(in millions)20252024
Operating income$11,650$12,445
Depreciation and amortization8,0037,091
Noncash share-based compensation703689
Changes in operating assets and liabilities(614)(1,526)
Payments of interest(1,803)(1,813)
Payments of income taxes(2,085)(4,568)
Proceeds from investments and other254254
Net cash provided by operating activities$16,109$12,572

The variance in changes in operating assets and liabilities for the six months ended June 30, 2025 compared to the same period in 2024 was primarily related to the timing of our accounts payables, decreases in receivables and the timing of amortization and related payments for our film and television costs, including the timing of sports, partially offset by increases in inventory.

Payments of income taxes decreased for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to higher payments in the prior year period relating to the preceding tax year, primarily driven by the sale of our investment in Hulu, partially offset by the timing of transferable tax credit purchases.

We expect to receive a federal income tax refund in the current year as a result of carrying back a capital loss created primarily as part of a 2024 internal corporate reorganization to offset capital gains recognized in our federal income tax returns for 2021 through 2023.

Additionally, on July 4, 2025, legislation was signed into law in the United States, which is expected to significantly reduce our payments of income taxes beginning in the second half of 2025. Among other things, this legislation provides for immediate deduction of 100% of the costs of qualified property, including significant portions of our capital expenditures and film and television production costs, acquired and placed into service after January 19, 2025, compared to the 40% and 20% deductions that would have applied in 2025 and 2026, respectively, under prior law. The legislation also reinstates the immediate deduction of domestic research and development expenses, retroactive to 2022, repealing the prior requirement to capitalize and amortize such costs over five years. We are continuing to determine the impact the legislation will have on our consolidated financial statements.

Investing Activities

Net cash used in investing activities increased for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to the acquisition of Nitel in 2025, the purchase of an equity method investment in the current year period and proceeds from the maturity of short-term investments in the prior year period, partially offset by $439 million of additional proceeds received in the current year period for the sale of our interest in Hulu (see Note 7), decreased capital expenditures, purchases of short-term investments in the prior year period and proceeds from the sale of a nonmarketable security in the current year period. Capital expenditures decreased for the six months ended June 30, 2025 compared to the same period in 2024 primarily reflecting decreased spending on Epic Universe driven by the opening in 2025 and decreased spending by the Connectivity & Platforms businesses on scalable infrastructure and customer premise equipment.

Financing Activities

Net cash used in financing activities increased for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to lower proceeds from borrowings in the current year period, partially offset by lower repurchases of common stock in the current year period.

In May 2025, we issued $2.5 billion aggregate principal amount of fixed-rate senior notes, which have maturities ranging between 2032 and 2055 and a weighted-average interest rate of 5.51%. The net proceeds from this issuance were intended for the early redemption of all outstanding amounts of our $1.5 billion aggregate principal amount of 3.375% Notes due August 2025, which was completed in June 2025, and for general corporate purposes.

For the six months ended June 30, 2025, we made debt repayments of $1.9 billion, including $1.2 billion of 3.375% Notes due August 2025 and $129 million of 3.950% Notes due October 2025, as well as $419 million principal amount of notes due at maturity.

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We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repurchases or exchanges of our outstanding public notes and debentures, depending on various factors, such as market conditions. Any such repurchases may be effected through privately negotiated transactions, market transactions, tender offers, redemptions or otherwise. In particular, we may repurchase varying amounts of our outstanding public notes and debentures with short to medium term maturities through privately negotiated or market transactions. See Notes 5 and 7 for additional information on our financing activities.

Share Repurchases and Dividends

During the six months ended June 30, 2025, we repurchased a total of 106 million shares of our Class A common stock for $3.7 billion. In January 2025, our Board of Directors terminated the existing share repurchase program authorization and approved a new share repurchase program authorization of $15.0 billion, which has no expiration date. As of June 30, 2025, we had $12.0 billion remaining under the authorization. We did not purchase any shares outside of this program. We expect to repurchase additional shares of our Class A common stock under this new authorization in the open market or in private transactions, subject to market and other conditions.

In addition, we paid $345 million and $307 million for the six months ended June 30, 2025 and 2024, respectively, related to employee taxes associated with the administration of our share-based compensation plans and excise taxes related to share repurchases.

In January 2025, our Board of Directors approved a 6.5% increase in our dividend to $1.32 per share on an annualized basis. During the six months ended June 30, 2025, we paid dividends of $2.5 billion. In May 2025, our Board of Directors approved our second quarter dividend of $0.33 per share, which was paid in July 2025. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.

Guarantee Structure

Our debt is primarily issued at Comcast, although we also have debt at certain of our subsidiaries as a result of acquisitions and other issuances. A substantial amount of this debt is subject to guarantees by Comcast and by certain subsidiaries that we have put in place to simplify our capital structure. We believe this guarantee structure provides liquidity benefits to debt investors and helps to simplify credit analysis with respect to relative value considerations of guaranteed subsidiary debt.

Debt and Guarantee Structure

(in billions)June 30, 2025December 31, 2024
Debt Subject to Cross-Guarantees
Comcast$96.5$94.6
NBCUniversal(a)1.61.6
Comcast Cable(a)0.90.9
99.097.1
Debt Subject to One-Way Guarantees
Sky3.33.0
Other(a)0.10.1
3.43.1
Debt Not Guaranteed
Universal Beijing Resort(b)3.53.4
Other1.51.4
5.04.8
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net(5.9)(6.0)
Total debt$101.5$99.1

(a)NBCUniversal Media, LLC (“NBCUniversal”), Comcast Cable Communications, LLC (“Comcast Cable”) and Comcast Holdings Corporation (“Comcast Holdings”), which is included within other debt subject to one-way guarantees, are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC. The guarantee structures and related disclosures in this section, together with Exhibit 22 to our 2024 Annual Report on Form 10-K, satisfy these reporting obligations.

(b)Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. See Note 7 for additional information.

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Cross-Guarantees

Comcast, NBCUniversal and Comcast Cable (the “Guarantors”) fully and unconditionally, jointly and severally, guarantee each other’s debt securities. NBCUniversal and Comcast Cable also guarantee other borrowings of Comcast, including its revolving credit facility. These guarantees rank equally with all other general unsecured and unsubordinated obligations of the respective Guarantors. However, the obligations of the Guarantors under the guarantees are structurally subordinated to the indebtedness and other liabilities of their respective non-guarantor subsidiaries. The obligations of each Guarantor are limited to the maximum amount that would not render such Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of U.S. and non-U.S. law. Each Guarantor’s obligations will remain in effect until all amounts payable with respect to the guaranteed securities have been paid in full. However, a guarantee by NBCUniversal or Comcast Cable of Comcast’s debt securities, or by NBCUniversal of Comcast Cable’s debt securities, will terminate upon a disposition of such Guarantor entity or all or substantially all of its assets.

The Guarantors are each holding companies that principally hold investments in, borrow from and lend to non-guarantor subsidiary operating companies; issue and service third-party debt obligations; repurchase shares and pay dividends; and engage in certain corporate and headquarters activities. The Guarantors are generally dependent on non-guarantor subsidiary operating companies to fund these activities.

As of June 30, 2025 and December 31, 2024, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $98 billion and $88 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $14 billion for both periods. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries. The underlying net assets of the non-guarantor subsidiaries are significantly in excess of the Guarantor obligations. Excluding investments in non-guarantor subsidiaries, external debt and the noncurrent notes payable and receivable with non-guarantor subsidiaries, the Guarantors do not have material assets, liabilities or results of operations.

One-Way Guarantees

Comcast provides full and unconditional guarantees of certain debt issued by Sky Limited (“Sky”), including all of its senior notes, and other consolidated subsidiaries not subject to the periodic reporting requirements of the SEC.

Comcast also provides a full and unconditional guarantee of $138 million principal amount of subordinated debt issued by Comcast Holdings. Comcast’s obligations under this guarantee are subordinated and subject, in right of payment, to the prior payment in full of all of Comcast’s senior indebtedness, including debt guaranteed by Comcast on a senior basis, and are structurally subordinated to the indebtedness and other liabilities of its non-guarantor subsidiaries (for purposes of this Comcast Holdings discussion, Comcast Cable and NBCUniversal are included within the non-guarantor subsidiary group). Comcast’s obligations as guarantor will remain in effect until all amounts payable with respect to the guaranteed debt have been paid in full. However, the guarantee will terminate upon a disposition of Comcast Holdings or all or substantially all of its assets. Comcast Holdings is a consolidated subsidiary holding company that directly or indirectly holds 100% and approximately 37% of our equity interests in Comcast Cable and NBCUniversal, respectively.

As of June 30, 2025 and December 31, 2024, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $63 billion and $53 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $10 billion for both periods. This financial information is that of Comcast and Comcast Holdings presented on a combined basis with intercompany balances between Comcast and Comcast Holdings eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries of Comcast and Comcast Holdings. The underlying net assets of the non-guarantor subsidiaries of Comcast and Comcast Holdings are significantly in excess of the obligations of Comcast and Comcast Holdings. Excluding investments in non-guarantor subsidiaries, external debt, and the noncurrent notes payable and receivable with non-guarantor subsidiaries, Comcast and Comcast Holdings do not have material assets, liabilities or results of operations.

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Critical Accounting Estimates

The preparation of our condensed consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

For a more complete discussion of the accounting estimates that we have identified as critical in the preparation of our condensed consolidated financial statements, please refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K.

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