Item 1. FINANCIAL STATEMENTS

Comcast Corporation

Condensed Consolidated Statements of Income

(Unaudited)

									Three Months Ended March 31,
(in millions, except per share data)															2026						2025
Revenue															$	31,457					$	29,887
Costs and Expenses:
Programming and production															10,884						8,415
Marketing and promotion															2,164						2,071
Other operating and administrative															10,408						9,893
Depreciation															2,333						2,231
Amortization															1,533						1,618
Total costs and expenses															27,321						24,228
Operating income															4,135						5,658
Interest expense															(1,094)						(1,050)
Investment and other income (loss), net															(309)						(116)
Income before income taxes															2,733						4,492
Income tax expense															(706)						(1,196)
Net income															2,027						3,296
Less: Net income (loss) attributable to noncontrolling interests															(147)						(79)
Net income attributable to Comcast Corporation															$	2,174					$	3,375
Basic earnings per common share attributable to Comcast Corporation shareholders															$	0.60					$	0.90
Diluted earnings per common share attributable to Comcast Corporation shareholders															$	0.60					$	0.89

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

									Three Months Ended March 31,
(in millions)															2026						2025
Net income															$	2,027					$	3,296
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $(31) and $74															(405)						948
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(2) and $1															14						(20)
Realized (gains) losses reclassified to net income, net of deferred taxes of $(2) and $5															7						(20)
Employee benefit obligations and other, net of deferred taxes of $6 and $18															(7)						(56)
Other comprehensive income (loss)															(389)						851
Comprehensive income															1,638						4,147
Less: Net income (loss) attributable to noncontrolling interests															(147)						(79)
Less: Other comprehensive income (loss) attributable to noncontrolling interests															2						4
Comprehensive income attributable to Comcast Corporation															$	1,783					$	4,222

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Three Months Ended March 31,
(in millions)			2026						2025
Operating Activities
Net income			$	2,027					$	3,296
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			3,865						3,849
Share-based compensation			427						382
Noncash interest expense (income), net			134						130
Net (gain) loss on investment activity and other			263						231
Deferred income taxes			730						(43)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net			(1,376)						935
Film and television costs, net			375						(123)
Accounts payable and accrued expenses related to trade creditors			1,119						(35)
Other operating assets and liabilities			(673)						(327)
Net cash provided by operating activities			6,891						8,294
Investing Activities
Capital expenditures			(2,351)						(2,252)
Cash paid for intangible assets			(639)						(622)
Construction of Universal Beijing Resort			—						(2)
Proceeds from sales of businesses and investments			32						43
Purchases of investments			(237)						(145)
Other			276						19
Net cash provided by (used in) investing activities			(2,919)						(2,958)
Financing Activities
Proceeds from borrowings			1,990						—
Repurchases and repayments of debt			(3,182)						(636)
Repurchases of common stock under repurchase program and employee plans			(1,502)						(2,240)
Dividends paid			(1,248)						(1,224)
Cash transferred to Versant, net			(750)						—
Other			(316)						24
Net cash provided by (used in) financing activities			(5,008)						(4,075)
Impact of foreign currency on cash, cash equivalents and restricted cash			(6)						14
Increase (decrease) in cash, cash equivalents and restricted cash			(1,042)						1,275
Cash, cash equivalents and restricted cash, beginning of period			10,559						7,377
Cash, cash equivalents and restricted cash, end of period			$	9,517					$	8,652

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except share data)			March 31, 2026						December 31, 2025
Assets
Current Assets:
Cash and cash equivalents			$	9,468					$	9,481
Receivables, net			14,078						13,869
Other current assets			5,275						6,217
Total current assets			28,822						29,567
Film and television costs			11,047						12,214
Investments			7,450						7,952
Property and equipment, net of accumulated depreciation of $61,274 and $60,754			65,472						65,680
Goodwill			53,374						61,502
Franchise rights			59,365						59,365
Other intangible assets, net of accumulated amortization of $31,234 and $39,362			20,418						22,474
Other noncurrent assets, net			14,054						13,877
Total assets			$	260,002					$	272,631
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors			$	11,977					$	11,058
Deferred revenue			4,006						4,097
Accrued expenses and other current liabilities			11,932						12,410
Current portion of debt			5,394						5,958
Total current liabilities			33,308						33,524
Noncurrent portion of debt			89,218						92,979
Deferred income taxes			28,227						27,788
Other noncurrent liabilities			20,708						20,965
Commitments and contingencies
Redeemable noncontrolling interests			205						224
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, 4,486,450,788 and 4,513,794,607; outstanding, 3,567,424,433 and 3,594,768,252			45						45
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375			—						—
Additional paid-in capital			37,543						37,709
Retained earnings			58,602						66,675
Treasury stock, 919,026,355 Class A common shares			(7,517)						(7,517)
Accumulated other comprehensive income (loss)			(399)						(8)
Total Comcast Corporation shareholders’ equity			88,274						96,903
Noncontrolling interests			61						249
Total equity			88,335						97,151
Total liabilities and equity			$	260,002					$	272,631

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 March 31,
(in millions, except per share data)												2026			2025
Redeemable Noncontrolling Interests
Balance, beginning of period												$	224		$	237
Contributions from (distributions to) noncontrolling interests, net												17			3
Other												5			—
Net income (loss)												(40)			4
Balance, end of period												$	205		$	244
Class A Common Stock
Balance, beginning of period												$	45		$	47
Repurchases of common stock under repurchase program and employee plans												—			—
Balance, end of period												$	45		$	46
Class B Common Stock
Balance, beginning and end of period												$	—		$	—
Additional Paid-In Capital
Balance, beginning of period												$	37,709		$	38,102
Share-based compensation												409			345
Repurchases of common stock under repurchase program and employee plans												(591)			(664)
Issuances of common stock under employee plans												17			50
Balance, end of period												$	37,543		$	37,832
Retained Earnings
Balance, beginning of period												$	66,675		$	56,972
Repurchases of common stock under repurchase program and employee plans												(947)			(1,620)
Dividends declared												(1,188)			(1,254)
Separation of Versant (see Note 6)												(8,111)			—
Net income												2,174			3,375
Balance, end of period												$	58,602		$	57,473
Treasury Stock at Cost
Balance, beginning and end of period												$	(7,517)		$	(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period												$	(8)		$	(2,043)
Other comprehensive income (loss)												(391)			847
Balance, end of period												$	(399)		$	(1,197)
Noncontrolling Interests
Balance, beginning of period												$	249		$	477
Other comprehensive income (loss)												2			4
Contributions from (distributions to) noncontrolling interests, net												27			20
Separation of Versant (see Note 6)												(110)			—
Net income (loss)												(107)			(83)
Balance, end of period												$	61		$	418
Total equity												$	88,335		$	87,056
Cash dividends declared per common share												$	0.33		$	0.33

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 2025 Annual Report on Form 10-K.

On January 2, 2026 (the “Separation date”), we completed the previously announced separation of Versant Media Group, Inc. (“Versant”) into an independent publicly traded company comprised of select cable television networks and complementary digital platforms through a tax-free spin-off (the “Separation”). The Separation did not meet the criteria to be presented as a discontinued operation, and Versant’s results are included in our results of operations for the three months ended March 31, 2025. See Note 6 for additional information.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation. See Note 2 for a discussion of the changes in our presentation of segment operating results. See Note 3 for a discussion of the changes in our presentation of disaggregated revenue.

Recent Accounting Pronouncements

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 with our Annual Report on Form 10-K for the year ending December 31, 2027. We are currently evaluating the impact the adoption of the new accounting guidance will have on our disclosures.

Internal-Use Software

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

Government Grants

In December 2025, the FASB issued new accounting guidance on the recognition, measurement and presentation of government grants received by business entities. The new guidance defines government grants, clarifies their scope and provides a recognition threshold under which a grant is recognized when it is probable the entity will comply with the grant’s conditions and that the grant will be received. The updated guidance is effective for us as of January 1, 2029, and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

Interim Reporting

In December 2025, the FASB issued updated accounting guidance on interim reporting. The updated guidance establishes a principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity, as well as clarifies the applicability of interim disclosure requirements. The guidance does not change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. The guidance is effective for us as of January 1, 2028, and early adoption is permitted. We are currently evaluating the impact the adoption of the new accounting guidance will have on our disclosures.

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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. Beginning in the first quarter of 2026, we updated the composition of our segments to align with the segment-level information that is regularly provided to our Co-Chief Executive Officers, who are the chief operating decision maker, including (1) adjusting the Media segment to exclude the historical results of Versant; (2) reclassifying the results of our regional sports networks to Corporate and other from the Media segment; (3) reclassifying the results of Xumo, our streaming platform joint venture with Charter Communications, to the Residential Connectivity & Platforms segment from Corporate and other; (4) reclassifying certain shared expenses into the related Media, Studios and Theme Parks segments from Media, Studios and Theme Parks headquarters and other; and (5) adjusting the Media segment and Versant for the effects of the commercial services agreement (see Note 6).

Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. Transactions between our segments and other businesses generally include intercompany profit consistent with third-party transactions. The Residential Connectivity & Platforms and the Business Services Connectivity segments use certain shared infrastructure, including our network in the United States, and each segment is presented with its direct costs and an allocation of shared costs, as well as revenue from its customers.

Our financial data by segment is presented in the tables below and has been updated to reflect the change in our segment composition. We do not present asset information for our segments as this information is not used to allocate resources.

			Three Months Ended March 31, 2026
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	17,287		$	2,634		$	6,134		$	2,092		$	2,331		$	30,478
Intersegment revenue(a)			35			6			1,146			1,334			—			2,521
			17,323			2,640			7,280			3,426			2,331			32,998
Reconciliation of Revenue
Other revenue(b)																		1,021
Eliminations(a)																		(2,562)
Total consolidated revenue																		$	31,457
Less segment expenses:(c)
Programming and production			3,787						6,304			2,236
Marketing and promotion									404			373
Other(d)			7,102			1,163			997			262			1,780
Segment Adjusted EBITDA(e)			$	6,434		$	1,476		$	(426)		$	555		$	551		$	8,590
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)																		(208)
Corporate and other(b)(e)																		(210)
Eliminations																		(171)
Depreciation																		(2,333)
Amortization																		(1,533)
Interest expense																		(1,094)
Investment and other income (loss), net																		(309)
Income before income taxes																		$	2,733

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			Three Months Ended March 31, 2025
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	17,629		$	2,490		$	3,498		$	2,001		$	1,876		$	27,494
Intersegment revenue(a)			37			6			1,028			825			—			1,896
			17,665			2,496			4,527			2,826			1,876			29,390
Reconciliation of Revenue
Versant revenue																		1,769
Other revenue(b)																		917
Eliminations(a)																		(2,189)
Total consolidated revenue																		$	29,887
Less segment expenses:(c)
Programming and production			4,107						3,283			1,901
Marketing and promotion									306			392
Other(d)			6,716			1,074			830			259			1,463
Segment Adjusted EBITDA(e)			$	6,842		$	1,422		$	107		$	274		$	413		$	9,058
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)																		(195)
Versant																		834
Corporate and other(b)(e)																		(223)
Eliminations																		33
Depreciation																		(2,231)
Amortization																		(1,618)
Interest expense																		(1,050)
Investment and other income (loss), net																		(116)
Income before income taxes																		$	4,492

(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. Amounts in 2025 also include intersegment revenue transactions between our segments and Versant.

(b)Includes the operations of our Sky-branded video services and television networks in Germany; the results of our regional sports networks; and Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania. Corporate and other also includes overhead and personnel costs for Corporate. The three months ended March 31, 2026 and 2025 include $51 million and $22 million, respectively, of transaction and transaction-related costs associated with the Separation.

(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 expenses; direct product costs; marketing and promotion expenses; customer service expenses; administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we are acting as the principal in the advertising representation arrangement; 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. For each of our segments, our chief operating decision maker uses Adjusted EBITDA to measure operational strength and performance, assist in the evaluation of underlying trends, and allocate resources in the annual budget and forecasting process. Adjusted EBITDA is also a significant performance measure in our annual incentive compensation programs. From time to time, we may report the impact of certain events, gains, losses or other charges related to our segments within Corporate and other.

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

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Note 3: Revenue

									Three Months Ended March 31,
(in millions)															2026						2025(a)
Domestic broadband															$	6,338					$	6,679
Domestic wireless service															977						850
Domestic wireless equipment															418						273
International connectivity															1,240						1,132
Video															6,256						6,600
Advertising															951						899
Other															1,143						1,233
Total Residential Connectivity & Platforms Segment															17,323						17,665
Total Business Services Connectivity Segment															2,640						2,496
Domestic advertising															3,453						1,468
Domestic distribution															2,283						1,667
International networks															1,291						1,148
Other															253						244
Total Media Segment															7,280						4,527
Content licensing															2,973						2,174
Theatrical															117						286
Other															336						366
Total Studios Segment															3,426						2,826
Total Theme Parks Segment															2,331						1,876
Versant revenue(b)															—						1,769
Other revenue															1,021						917
Eliminations(c)															(2,562)						(2,189)
Total revenue															$	31,457					$	29,887

(a) Beginning in the first quarter of 2026, commission revenue from the sale of certain direct to consumer (“DTC”) streaming services is presented in broadband revenue or video revenue based on whether a customer is entitled to receive the DTC streaming service through a broadband or video service offering. Broadband revenue also includes revenue from streaming devices available to our broadband customers. Previously, all of these amounts were in video revenue. Prior periods have been reclassified to reflect the current year presentation.

(b) Includes the historical results of operations of the Versant business, primarily including domestic distribution revenue, domestic advertising revenue and other revenue generated from digital properties.

(c) See Note 2 for additional information on intersegment revenue transactions.

Condensed Consolidated Balance Sheets

The table below summarizes our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheets that relate to the recognition of revenue and collection of the related cash.

(in millions)			March 31, 2026						December 31, 2025
Receivables, gross			$	14,775					$	14,582
Less: Allowance for credit losses			697						713
Receivables, net			$	14,078					$	13,869
Noncurrent receivables, net (included in other noncurrent assets, net)			$	2,240					$	1,924
Noncurrent deferred revenue (included in other noncurrent liabilities)			$	660					$	621

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

(in millions)			March 31, 2026						December 31, 2025
Receivables, net			$	2,045					$	2,096
Noncurrent receivables, net (included in other noncurrent assets, net)			1,434						1,395
Total			$	3,479					$	3,491

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Note 4: Programming and Production Costs

			Three Months Ended March 31,
(in millions)			2026						2025
Video distribution programming			$	2,381					$	2,659
Film and television content:
Owned(a)			2,561						2,656
Licensed, including sports rights			5,589						2,804
Other			352						295
Total programming and production costs			$	10,884					$	8,415

(a) Amount includes amortization of owned content of $2.0 billion and $2.2 billion for the three months ended March 31, 2026 and 2025, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

(in millions)			March 31, 2026						December 31, 2025
Owned:
In production and in development			$	2,830					$	2,896
Completed, not released			231						84
Released, less amortization			4,215						4,571
			7,277						7,551
Licensed, including sports advances			3,770						4,663
Film and television costs			$	11,047					$	12,214

Note 5: Debt

As of March 31, 2026, our debt had a carrying value of $94.6 billion and an estimated fair value of $84.6 billion. As of December 31, 2025, our debt had a carrying value of $98.9 billion and an estimated fair value of $90.3 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market prices for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

Note 6: Significant Transactions

Separation of Versant

On January 2, 2026, we completed the previously announced separation of Versant into an independent, publicly traded company with its Class A common stock listed on The Nasdaq Stock Market under the ticker symbol “VSNT.” The Versant business is comprised of select cable television networks, including MS NOW, CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen, and complementary digital platforms, including GolfNow, Fandango, Rotten Tomatoes and SportsEngine.

The Separation was structured to qualify as a tax-free spin-off for U.S. federal income tax purposes and achieved through the transfer of assets and liabilities comprising the Versant business to Versant and its subsidiaries, followed by the distribution on January 2, 2026 of 100% of the shares of Versant common stock to Comcast shareholders in which each Comcast shareholder received 1 share of Versant common stock for every 25 shares of Comcast common stock owned as of the close of business on the record date of December 16, 2025 (the “Distribution”). Because the Versant business was not historically operated as a distinct business unit or division of Comcast, we undertook a series of corporate reorganization transactions in anticipation of the Separation. Assets of approximately $12.5 billion, including approximately $7.7 billion of goodwill and $1.4 billion of other intangible assets, net of accumulated amortization, and liabilities of approximately $4.3 billion, including $3.0 billion of indebtedness from the issuance of certain notes and borrowings from a Term A loan facility and Term B loan facility, associated with the Versant business were distributed through retained earnings as of the Separation date. Following the Separation, we do not beneficially own any equity interest in Versant and no longer consolidate the results of the Versant business into our consolidated financial results.

On the Separation date, Versant distributed to us $2.25 billion of cash, which was funded by the $3.0 billion of prior indebtedness, resulting in a net cash distribution of $750 million to Versant in the first quarter of 2026. The proceeds from the $2.25 billion distribution, together with cash on hand, were used for the redemption on January 15, 2026 of all outstanding amounts of our 3.15% Notes due March 2026, including accrued and unpaid interest, totaling approximately $2.1 billion and all

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outstanding amounts of our 5.35% Notes due November 2027, including accrued and unpaid interest, totaling approximately $650 million.

As part of the Separation, we entered into a Separation and Distribution Agreement, a Tax Matters Agreement, a Transition Services Agreement, an Employee Matters Agreement and several other agreements with Versant to effect the Separation and provide a framework for our relationship with Versant after the Separation. Pursuant to a commercial services agreement with Versant, we will sell domestic linear and related digital advertising inventory on their behalf for approximately two years, and we record net commission revenue as earned.

Assets Held For Sale

In 2025, we entered into an agreement with RTL Group to sell our Sky operations in Germany, subject to various conditions and approvals, and we expect the sale to be completed in 2026. The related assets and liabilities continue to be presented as held for sale, consisting of $863 million of assets and $784 million of liabilities as of March 31, 2026 and $892 million of assets and $848 million of liabilities as of December 31, 2025, which are included in other current assets and accrued expenses and other current liabilities within our condensed consolidated balance sheet. The fair value less cost to sell exceeded the carrying value of the assets and liabilities held for sale as of March 31, 2026 and December 31, 2025.

Note 7: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

									Three Months Ended March 31,
(in millions)															2026						2025
Equity in net income (losses) of investees, net															$	(391)					$	(194)
Realized and unrealized gains (losses) on equity securities, net															(5)						(24)
Other income (loss), net															87						102
Investment and other income (loss), net															$	(309)					$	(116)

The amount of unrealized gains (losses), net recognized for the three months ended March 31, 2026 and 2025 that related to equity securities still held as of the end of each reporting period was $(11) million and $(30) million, respectively.

Investments

(in millions)			March 31, 2026						December 31, 2025
Equity method			$	6,491					$	6,674
Nonmarketable equity securities			817						1,049
Other investments			160						244
Total investments			7,467						7,966
Less: Current investments			18						14
Noncurrent investments			$	7,450					$	7,952

Equity Me****thod Investments

The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the three months ended March 31, 2026 and 2025 was $35 million and $27 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 three months ended March 31, 2026 and 2025, we made cash capital contributions totaling $116 million and $13 million, respectively, to Atairos. As of March 31, 2026 and December 31, 2025, our investment, inclusive of advances classified within other investments, was $4.5 billion and $4.7 billion, respectively. As of March 31, 2026, our remaining unfunded capital commitment was $1.2 billion.

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Consolidated Variable Interest Entity

Universal Beijing Resort

We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of March 31, 2026 and December 31, 2025, Universal Beijing Resort had $3.6 billion of debt outstanding, including $3.2 billion principal amount of a term loan outstanding under the debt financing agreement.

As of March 31, 2026, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.6 billion and $7.6 billion, respectively. As of December 31, 2025, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.4 billion and $7.3 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: Goodwill and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill by segment for the three months ended March 31, 2026 are presented in the table below.

(in billions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Balance, December 31, 2025
Goodwill			$	36.0		$	3.4		$	22.4		$	3.7		$	5.0		$	70.6
Accumulated impairment losses			(6.7)			—			(2.4)			—			—			(9.0)
			$	29.3		$	3.4		$	20.1		$	3.7		$	5.0		$	61.5
Separation of Versant (see Note 6)			—			—			(7.7)			—			—			(7.7)
Foreign currency translation and other			(0.2)			—			(0.1)			—			(0.1)			(0.4)
Balance, March 31, 2026
Goodwill			$	35.7		$	3.4		$	13.7		$	3.7		$	4.9		$	61.4
Accumulated impairment losses			(6.6)			—			(1.4)			—			—			$	(8.0)
			$	29.1		$	3.4		$	12.3		$	3.7		$	4.9		$	53.4

Intangible Assets

In connection with the Separation, customer relationships decreased by a gross carrying amount of $9.0 billion and related accumulated amortization of $7.9 billion and other agreements and rights decreased by a gross carrying amount of $0.7 billion and related accumulated amortization of $0.5 billion.

The table below presents the estimated amortization expense of our customer relationships and other agreements and rights, including trade names, intellectual property rights and certain Federal Communications Commission (“FCC”) broadcast licenses. Beginning in the first quarter of 2026, we began amortizing certain FCC broadcast licenses with a gross carrying value of $0.6 billion, which were previously accounted for as indefinite-lived intangible assets.

Estimated Amortization Expense
(in billions)
Remaining nine months of 2026			$	1.3
2027			$	0.7
2028			$	0.7
2029			$	0.7
2030			$	0.6

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Note 9: Equity and Share-Based Compensation

Weighted-Average Common Shares Outstanding

						Three Months Ended March 31,
(in millions)															2026						2025
Weighted-average number of common shares outstanding – basic															3,597						3,768
Effect of dilutive securities															20						16
Weighted-average number of common shares outstanding – diluted															3,617						3,784
Antidilutive securities															247						218

Weighted-average common shares outstanding used in calculating diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive.

Accumulated Other Comprehensive Income (Loss)

(in millions)			March 31, 2026						December 31, 2025
Cumulative translation adjustments			$	(653)					$	(247)
Deferred gains (losses) on cash flow hedges			65						44
Unrecognized gains (losses) on employee benefit obligations and other			188						195
Accumulated other comprehensive income (loss), net of deferred taxes			$	(399)					$	(8)

Share-Based Compensation

Our share-based compensation plans consist primarily of awards of restricted share units (“RSUs”), and prior to 2026, the plans had included grants of stock options, to certain employees and directors as part of our long-term incentive compensation structure. RSUs granted during 2026 generally vest over a period of 3 years and RSUs granted prior to 2026 generally vest over a period of 5 years. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions.

In February 2026, we granted 49 million RSUs under our annual management awards program. The weighted-average fair value associated with these grants was $29.60 per RSU. During the three months ended March 31, 2026 and 2025, share-based compensation expense recognized in our condensed consolidated statements of income was $377 million and $321 million, respectively. As of March 31, 2026, we had unrecognized pre-tax compensation expense of $3.1 billion related to unvested RSUs and unvested stock options.

Note 10: Supplemental Financial Information

Cash Payments for Interest and Income Taxes

			Three Months Ended March 31,
(in millions)			2026						2025
Interest			$	727					$	674
Income taxes(a)			$	249					$	400

(a) Cash payments for income taxes for the three months ended March 31, 2026 and 2025 include $52 million and $220 million related to the purchase of third-party transferable tax credits, respectively.

Noncash Activities

During the three months ended March 31, 2026:

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

• we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.33 per common share paid in April 2026

During the three months ended March 31, 2025:

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

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

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Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the total of the amounts reported in our condensed consolidated statements of cash flows.

(in millions)			March 31, 2026						December 31, 2025
Cash and cash equivalents			$	9,468					$	9,481
Restricted cash included in other current assets and other noncurrent assets, net(a)			48						1,078
Cash, cash equivalents and restricted cash, end of period			$	9,517					$	10,559

(a)Restricted cash in other current assets as of December 31, 2025 includes the net proceeds from Versant’s issuance of $1.0 billion aggregate principal amount of 7.25% senior secured notes, plus accrued and unpaid interest, which were held in an escrow account due to a special mandatory redemption if the Separation did not consummate by March 2, 2026. These funds were transferred to Versant on the Separation date (see Note 6).

Note 11: 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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