Comcast 10-Q 2025-09-30

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 September 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 October 15, 2025, there were 3,634,450,130 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			11
			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			14
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			31
Item 4.			Controls and Procedures			31
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			32
Item 1A.			Risk Factors			32
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			32
Item 6.			Exhibits			32
SIGNATURES						33

Explanatory Note

This Quarterly Report on Form 10-Q is for the three and nine months ended September 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,” “would,” “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 September 30,												Nine Months Ended September 30,
(in millions, except per share data)			2025						2024						2025						2024
Revenue			$	31,198					$	32,070					$	91,397					$	91,817
Costs and Expenses:
Programming and production			8,655						10,216						24,646						27,000
Marketing and promotion			2,196						1,989						6,435						5,929
Other operating and administrative			10,795						10,128						31,109						29,615
Depreciation			2,353						2,219						6,934						6,548
Amortization			1,666						1,659						5,089						4,421
Total costs and expenses			25,665						26,211						74,213						73,512
Operating income			5,534						5,859						17,184						18,304
Interest expense			(1,128)						(1,037)						(3,283)						(3,065)
Investment and other income (loss), net			61						(3)						9,705						(140)
Income before income taxes			4,468						4,819						23,607						15,099
Income tax expense			(1,218)						(1,243)						(6,017)						(3,906)
Net income			3,249						3,576						17,590						11,192
Less: Net income (loss) attributable to noncontrolling interests			(83)						(53)						(241)						(222)
Net income attributable to Comcast Corporation			$	3,332					$	3,629					$	17,830					$	11,415
Basic earnings per common share attributable to Comcast Corporation shareholders			$	0.91					$	0.94					$	4.79					$	2.92
Diluted earnings per common share attributable to Comcast Corporation shareholders			$	0.90					$	0.94					$	4.78					$	2.90

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2025						2024						2025						2024
Net income			$	3,249					$	3,576					$	17,590					$	11,192
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $4, $(31), $202 and $(74)			(590)						1,889						2,120						1,322
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $3, $3, $(12), and $1			(12)						(19)						(15)						5
Realized (gains) losses reclassified to net income, net of deferred taxes of $(6), $11, $13 and $11			21						(35)						(46)						(39)
Employee benefit obligations and other, net of deferred taxes of $10, $2, $30 and $10			(33)						(6)						(97)						(42)
Other comprehensive income (loss)			(613)						1,829						1,962						1,247
Comprehensive income			2,636						5,405						19,552						12,439
Less: Net income (loss) attributable to noncontrolling interests			(83)						(53)						(241)						(222)
Less: Other comprehensive income (loss) attributable to noncontrolling interests			2						15						9						2
Comprehensive income attributable to Comcast Corporation			$	2,716					$	5,443					$	19,783					$	12,660

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Nine Months Ended September 30,
(in millions)			2025						2024
Operating Activities
Net income			$	17,590					$	11,192
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			12,023						10,969
Share-based compensation			1,014						983
Noncash interest expense (income), net			359						331
Net (gain) loss on investment activity and other			(9,282)						620
Deferred income taxes			3,250						123
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net			716						74
Film and television costs, net			(168)						(287)
Accounts payable and accrued expenses related to trade creditors			(135)						(906)
Other operating assets and liabilities			(566)						(3,505)
Net cash provided by operating activities			24,802						19,593
Investing Activities
Capital expenditures			(8,001)						(8,267)
Cash paid for intangible assets			(1,934)						(2,043)
Construction of Universal Beijing Resort			(3)						(111)
Acquisitions, net of cash acquired			(1,279)						—
Proceeds from sales of businesses and investments			644						689
Purchases of investments			(1,226)						(934)
Other			80						108
Net cash provided by (used in) investing activities			(11,720)						(10,559)
Financing Activities
Proceeds from borrowings			2,494						6,268
Repurchases and repayments of debt			(4,366)						(2,433)
Repurchases of common stock under repurchase program and employee plans			(5,618)						(6,920)
Dividends paid			(3,685)						(3,624)
Other			51						250
Net cash provided by (used in) financing activities			(11,124)						(6,459)
Impact of foreign currency on cash, cash equivalents and restricted cash			35						21
Increase (decrease) in cash, cash equivalents and restricted cash			1,994						2,596
Cash, cash equivalents and restricted cash, beginning of period			7,377						6,282
Cash, cash equivalents and restricted cash, end of period			$	9,371					$	8,878

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except share data)			September 30, 2025						December 31, 2024
Assets
Current Assets:
Cash and cash equivalents			$	9,325					$	7,322
Receivables, net			13,214						13,661
Other current assets			6,319						5,817
Total current assets			28,857						26,801
Film and television costs			12,959						12,541
Investments			8,324						8,647
Property and equipment, net of accumulated depreciation of $61,772 and $59,534			64,773						62,548
Goodwill			61,406						58,209
Franchise rights			59,365						59,365
Other intangible assets, net of accumulated amortization of $39,023 and $33,994			23,379						25,599
Other noncurrent assets, net			13,932						12,501
Total assets			$	272,995					$	266,211
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors			$	11,689					$	11,321
Deferred revenue			4,218						3,507
Accrued expenses and other current liabilities			10,942						10,679
Current portion of debt			5,852						4,907
Advance on sale of investment			—						9,167
Total current liabilities			32,702						39,581
Noncurrent portion of debt			93,211						94,186
Deferred income taxes			28,357						25,227
Other noncurrent liabilities			21,089						20,942
Commitments and contingencies
Redeemable noncontrolling interests			220						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, 4,517,861,156 and 4,651,093,045; outstanding, 3,645,070,128 and 3,778,302,017			45						47
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375			—						—
Additional paid-in capital			37,768						38,102
Retained earnings			66,875						56,972
Treasury stock, 872,791,028 Class A common shares			(7,517)						(7,517)
Accumulated other comprehensive income (loss)			(90)						(2,043)
Total Comcast Corporation shareholders’ equity			97,081						85,560
Noncontrolling interests			335						477
Total equity			97,416						86,038
Total liabilities and equity			$	272,995					$	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 September 30,									Nine Months Ended September 30,
(in millions, except per share data)			2025			2024						2025			2024
Redeemable Noncontrolling Interests
Balance, beginning of period			$	231		$	236					$	237		$	241
Contributions from (distributions to) noncontrolling interests, net			(1)			(3)						3			(11)
Net income (loss)			(10)			(9)						(21)			(6)
Balance, end of period			$	220		$	224					$	220		$	224
Class A Common Stock
Balance, beginning of period			$	46		$	47					$	47		$	48
Repurchases of common stock under repurchase program and employee plans			—			—						(1)			(1)
Balance, end of period			$	45		$	47					$	45		$	47
Class B Common Stock
Balance, beginning and end of period			$	—		$	—					$	—		$	—
Additional Paid-In Capital
Balance, beginning of period			$	37,797		$	38,203					$	38,102		$	38,533
Share-based compensation			296			272						936			882
Repurchases of common stock under repurchase program and employee plans			(378)			(389)						(1,431)			(1,462)
Issuances of common stock under employee plans			52			61						163			193
Other			—			—						(2)			2
Balance, end of period			$	37,768		$	38,147					$	37,768		$	38,147
Retained Earnings
Balance, beginning of period			$	66,000		$	54,308					$	56,972		$	52,892
Repurchases of common stock under repurchase program and employee plans			(1,206)			(1,625)						(4,172)			(5,531)
Dividends declared			(1,252)			(1,205)						(3,755)			(3,670)
Other			—			(1)						—			(1)
Net income			3,332			3,629						17,830			11,415
Balance, end of period			$	66,875		$	55,105					$	66,875		$	55,105
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			$	525		$	(1,822)					$	(2,043)		$	(1,253)
Other comprehensive income (loss)			(616)			1,814						1,953			1,245
Balance, end of period			$	(90)		$	(8)					$	(90)		$	(8)
Noncontrolling Interests
Balance, beginning of period			$	376		$	485					$	477		$	523
Other comprehensive income (loss)			2			15						9			2
Contributions from (distributions to) noncontrolling interests, net			30			89						69			236
Net income (loss)			(73)			(44)						(220)			(216)
Balance, end of period			$	335		$	544					$	335		$	544
Total equity			$	97,416		$	86,318					$	97,416		$	86,318
Cash dividends declared per common share			$	0.33		$	0.31					$	0.99		$	0.93

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 certain cable television networks and complementary digital platforms through a tax-free spin-off. We are targeting to complete the separation in early 2026, 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 separation.

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.

Internal-Use Software

In September 2025, the FASB updated the accounting guidance related to internal-use software. The updated guidance eliminates references to software project stages and clarifies that capitalization of internal-use software costs should begin once management authorizes and commits to funding a software project and it is probable that the project will be completed and used as intended. The updated guidance is effective for us as of January 1, 2028, and early adoption is permitted.

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 September 30, 2025
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	17,582		$	2,570		$	5,347		$	2,294		$	2,717		$	30,509
Intersegment revenue(a)			19			6			1,242			706			—			1,974
			17,601			2,576			6,589			3,000			2,717			32,483
Reconciliation of Revenue
Other revenue(b)																		752
Eliminations(a)																		(2,036)
Total consolidated revenue																		$	31,198
Less segment expenses:(c)
Programming and production			3,952						4,297			1,959
Marketing and promotion									321			436
Other(d)			7,095			1,122			1,140			240			1,759
Segment Adjusted EBITDA(e)			$	6,554		$	1,454		$	832		$	365		$	958		$	10,163
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)																		(271)
Corporate and other(b)(e)																		(388)
Eliminations																		50
Depreciation																		(2,353)
Amortization																		(1,666)
Interest expense																		(1,128)
Investment and other income (loss), net																		61
Income before income taxes																		$	4,468

			Three Months Ended September 30, 2024
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	17,807		$	2,419		$	6,926		$	1,993		$	2,289		$	31,434
Intersegment revenue(a)			59			6			1,305			833			—			2,203
			17,866			2,425			8,231			2,826			2,289			33,637
Reconciliation of Revenue
Other revenue(b)																		686
Eliminations(a)																		(2,253)
Total consolidated revenue																		$	32,070
Less segment expenses:(c)
Programming and production			4,102						5,917			1,818
Marketing and promotion									470			301
Other(d)			6,860			1,034			1,194			240			1,442
Segment Adjusted EBITDA(e)			$	6,904		$	1,391		$	650		$	468		$	847		$	10,259
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)																		(200)
Corporate and other(b)(e)																		(300)
Eliminations																		(21)
Depreciation																		(2,219)
Amortization																		(1,659)
Interest expense																		(1,037)
Investment and other income (loss), net																		(3)
Income before income taxes																		$	4,819

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Comcast Corporation

			Nine Months Ended September 30, 2025
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	52,981		$	7,629		$	15,785		$	6,027		$	6,942		$	89,364
Intersegment revenue(a)			76			17			3,685			2,231			1			6,011
			53,057			7,647			19,470			8,258			6,943			95,375
Reconciliation of Revenue
Other revenue(b)																		2,221
Eliminations(a)																		(6,198)
Total consolidated revenue																		$	91,397
Less segment expenses:(c)
Programming and production			12,057						11,860			5,519
Marketing and promotion									947			1,280
Other(d)			20,446			3,327			3,344			711			4,898
Segment Adjusted EBITDA(e)			$	20,554		$	4,320		$	3,318		$	749		$	2,045		$	30,985
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)																		(789)
Corporate and other(b)(e)																		(1,142)
Eliminations																		153
Depreciation																		(6,934)
Amortization																		(5,089)
Interest expense																		(3,283)
Investment and other income (loss), net																		9,705
Income before income taxes																		$	23,607

			Nine Months Ended September 30, 2024
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	53,431		$	7,236		$	17,338		$	5,555		$	6,242		$	89,802
Intersegment revenue(a)			127			17			3,588			2,268			1			6,001
			53,558			7,253			20,926			7,822			6,243			95,803
Reconciliation of Revenue
Other revenue(b)																		2,181
Eliminations(a)																		(6,167)
Total consolidated revenue																		$	91,817
Less segment expenses:(c)
Programming and production			12,756						13,652			5,176
Marketing and promotion									1,071			1,126
Other(d)			19,943			3,117			3,371			685			4,132
Segment Adjusted EBITDA(e)			$	20,859		$	4,137		$	2,832		$	835		$	2,111		$	30,774
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)																		(642)
Corporate and other(b)(e)																		(881)
Eliminations																		22
Depreciation																		(6,548)
Amortization																		(4,421)
Interest expense																		(3,065)
Investment and other income (loss), net																		(140)
Income before income taxes																		$	15,099

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(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 Xfinity Mobile 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. The three and nine months ended September 30, 2025 includes $116 million and $248 million, respectively, of transaction and transaction-related costs associated with our proposed separation of Versant.

(f)Includes overhead, personnel costs and other costs necessary to operate the Media, Studios and Theme Parks segments.

Note 3: Revenue

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2025						2024(a)						2025						2024(a)
Domestic broadband			$	6,433					$	6,400					$	19,521					$	19,276
Domestic wireless			1,246						1,093						3,565						3,084
International connectivity			1,275						1,150						3,626						3,240
Total residential connectivity			8,954						8,644						26,712						25,599
Video			6,591						6,938						20,031						21,055
Advertising			864						987						2,680						2,931
Other			1,192						1,298						3,635						3,973
Total Residential Connectivity & Platforms Segment			17,601						17,866						53,057						53,558
Total Business Services Connectivity Segment			2,576						2,425						7,647						7,253
Domestic advertising			1,964						3,347						5,698						7,363
Domestic distribution			2,841						3,272						8,575						8,942
International networks			1,252						1,070						3,681						3,193
Other			532						542						1,516						1,429
Total Media Segment			6,589						8,231						19,470						20,926
Content licensing			2,035						1,865						6,014						5,680
Theatrical			639						611						1,209						1,178
Other			326						350						1,035						964
Total Studios Segment			3,000						2,826						8,258						7,822
Total Theme Parks Segment			2,717						2,289						6,943						6,243
Other revenue			752						686						2,221						2,181
Eliminations(b)			(2,036)						(2,253)						(6,198)						(6,167)
Total revenue			$	31,198					$	32,070					$	91,397					$	91,817

(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.

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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)			September 30, 2025						December 31, 2024
Receivables, gross			$	14,030					$	14,399
Less: Allowance for credit losses			817						738
Receivables, net			$	13,214					$	13,661
Noncurrent receivables, net (included in other noncurrent assets, net)			$	1,810					$	1,853
Noncurrent deferred revenue (included in other noncurrent liabilities)			$	724					$	665

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

(in millions)			September 30, 2025						December 31, 2024
Receivables, net			$	1,955					$	1,827
Noncurrent receivables, net (included in other noncurrent assets, net)			1,216						1,225
Total			$	3,172					$	3,052

Note 4: Programming and Production Costs

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2025						2024						2025						2024
Video distribution programming			$	2,467					$	2,783					$	7,637					$	8,682
Film and television content:
Owned(a)			2,551						2,111						7,438						6,888
Licensed, including sports rights			3,262						4,991						8,540						10,484
Other			375						330						1,031						946
Total programming and production costs			$	8,655					$	10,216					$	24,646					$	27,000

(a) Amount includes amortization of owned content of $2.0 billion and $6.0 billion for the three and nine months ended September 30, 2025, respectively, and $1.6 billion and $5.6 billion for the three and nine months ended September 30, 2024, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

(in millions)			September 30, 2025						December 31, 2024
Owned:
In production and in development			$	2,899					$	3,342
Completed, not released			526						209
Released, less amortization			3,962						4,545
			7,386						8,095
Licensed, including sports advances			5,573						4,446
Film and television costs			$	12,959					$	12,541

Note 5: Debt

As of September 30, 2025, our debt had a carrying value of $99.1 billion and an estimated fair value of $91.7 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.

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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 enhances 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.

Note 7: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2025						2024						2025						2024
Equity in net income (losses) of investees, net			$	(90)					$	(152)					$	(312)					$	(438)
Realized and unrealized gains (losses) on equity securities, net			(60)						(22)						52						(163)
Other income (loss), net			212						171						9,966						461
Investment and other income (loss), net			$	61					$	(3)					$	9,705					$	(140)

The amount of unrealized gains (losses), net recognized in the three months ended September 30, 2025 and 2024 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(55) million and $(15) million, respectively. The amount of unrealized gains (losses), net recognized in the nine months ended September 30, 2025 and 2024 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(85) million and $(117) million, respectively.

Investments

(in millions)			September 30, 2025						December 31, 2024
Equity method			$	7,016					$	7,252
Marketable equity securities			11						11
Nonmarketable equity securities			1,129						1,221
Other investments			190						184
Total investments			8,346						8,668
Less: Current investments			22						21
Noncurrent investments			$	8,324					$	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 nine months ended September 30, 2025 and 2024 was $113 million and $244 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 nine months ended September 30, 2025 and 2024, we made cash capital contributions totaling $117 million and $60 million, respectively, to Atairos. As of September 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 September 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

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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.

Other Investments

Other investments also includes certain short-term instruments. We had no short-term instruments as of September 30, 2025 and December 31, 2024. There were no proceeds from or purchases of short-term instruments for the nine months ended September 30, 2025. Proceeds from short-term instruments were $632 million and purchases of short-term instruments were $443 million for the nine months ended September 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 September 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 September 30, 2025, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.4 billion and $7.2 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 September 30,									Nine Months Ended September 30,
(in millions)			2025						2024						2025						2024
Weighted-average number of common shares outstanding – basic			3,679						3,861						3,722						3,908
Effect of dilutive securities			10						18						11						22
Weighted-average number of common shares outstanding – diluted			3,689						3,880						3,733						3,930
Antidilutive securities			223						188						230						193

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)			September 30, 2025						December 31, 2024
Cumulative translation adjustments			$	(364)					$	(2,474)
Deferred gains (losses) on cash flow hedges			45						106
Unrecognized gains (losses) on employee benefit obligations and other			228						325
Accumulated other comprehensive income (loss), net of deferred taxes			$	(90)					$	(2,043)

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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 September 30, 2025 and 2024, share-based compensation expense recognized in our condensed consolidated statements of income was $269 million and $247 million, respectively. During the nine months ended September 30, 2025 and 2024, share-based compensation expense recognized in our condensed consolidated statements of income was $859 million and $811 million, respectively. As of September 30, 2025, we had unrecognized pretax compensation expense of $2.4 billion related to unvested RSUs and unvested stock options.

Note 9: Supplemental Financial Information

Cash Payments for Interest and Income Taxes

			Nine Months Ended September 30,
(in millions)			2025						2024
Interest			$	2,682					$	2,503
Income taxes(a)			$	2,378					$	5,988

(a) Cash payments for income taxes for the nine months ended September 30, 2025 and 2024 include $470 million and $1.2 billion related to the purchase of third-party transferable tax credits, respectively.

Noncash Activities

During the nine months ended September 30, 2025:

• we acquired $2.1 billion of property and equipment and intangible assets that were accrued but unpaid

• we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.33 per common share paid in October 2025

During the nine months ended September 30, 2024:

• we acquired $2.4 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 October 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)			September 30, 2025						December 31, 2024
Cash and cash equivalents			$	9,325					$	7,322
Restricted cash included in other current assets and other noncurrent assets, net			46						55
Cash, cash equivalents and restricted cash, end of period			$	9,371					$	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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