Financial Analysis

Significant Transactions Versant Separation 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 Versant 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 Versant 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, …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

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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DebtAs of June30, 2026, our debt had a carrying value of $90.4 billion and an estimated fair value of $79.7 billion. As of December31, 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. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 (a) 2026 2025 (a) Domestic broadband $ 6,280 $ 6,649 $ 12,618 $ 13,327 Domestic wireless service 1,007 882 1,984 1,732 Domestic wireless equipment 404 313 821 587 International connectivity 1,246 1,219 2,486 2,351 Video 6,092 6,605 12,347 13,206 Advertising 962 951 1,913 1,850 Other 1,133 1,219 2,277 2,452 Total Residential Connectivity & Platforms Segment 17,124 17,839 34,446 35,504 Total Business Services Connectivity Segment 2,671 2,575 5,311 5,071 Domestic advertising 2,163 1,395 5,616 2,863 Domestic distribution 1,993 1,632 4,276 3,299 International networks 1,330 1,254 2,621 2,403 Other 204 261 457 505 Total Media Segment 5,691 4,543 12,970 9,069 Content licensing 1,799 1,805 4,772 3,979 Theatrical 972 284 1,088 570 Other 269 343 605 709 Total Studios Segment 3,040 2,432 6,466 5,259 Total Theme Parks Segment 2,413 2,349 4,744 4,226 Versant revenue (b) 1,770 3,539 Other revenue 771 885 1,792 1,802 Eliminations (c) (1,771) (2,081) (4,333) (4,270) Total revenue $ 29,940 $ 30,313 $ 61,396 $ 60,199 (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 custom …

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Goodwill and Intangible Assets Goodwill The changes in the carrying amount of goodwill by segment for the six months ended June 30, 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 Versant Separation (see Note 6) (7.7) (7.7) Foreign currency translation and other (0.4) (0.1) (0.1) (0.7) Balance, June 30, 2026 Goodwill $ 35.4 $ 3.4 $ 13.7 $ 3.7 $ 4.9 $ 61.0 Accumulated impairment losses (6.5) (1.4) (7.9) $ 28.9 $ 3.4 $ 12.2 $ 3.7 $ 4.9 $ 53.1 Intangible Assets In connection with the Versant 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 asset …

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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 …

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Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 (a) 2026 2025 (a) Domestic broadband $ 6,280 $ 6,649 $ 12,618 $ 13,327 Domestic wireless service 1,007 882 1,984 1,732 Domestic wireless equipment 404 313 821 587 International connectivity 1,246 1,219 2,486 2,351 Video 6,092 6,605 12,347 13,206 Advertising 962 951 1,913 1,850 Other 1,133 1,219 2,277 2,452 Total Residential Connectivity & Platforms Segment 17,124 17,839 34,446 35,504 Total Business Services Connectivity Segment 2,671 2,575 5,311 5,071 Domestic advertising 2,163 1,395 5,616 2,863 Domestic distribution 1,993 1,632 4,276 3,299 International networks 1,330 1,254 2,621 2,403 Other 204 261 457 505 Total Media Segment 5,691 4,543 12,970 9,069 Content licensing 1,799 1,805 4,772 3,979 Theatrical 972 284 1,088 570 Other 269 343 605 709 Total Studios Segment 3,040 2,432 6,466 5,259 Total Theme Parks Segment 2,413 2,349 4,744 4,226 Versant revenue (b) 1,770 3,539 Other revenue 771 885 1,792 1,802 Eliminations (c) (1,771) (2,081) (4,333) (4,270) Total revenue $ 29,940 $ 30,313 $ 61,396 $ 60,199 (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 broadban …

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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 in …

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Equity and Share-Based Compensation Weighted-Average Common Shares Outstanding Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Weighted-average number of common shares outstanding basic 3,564 3,720 3,580 3,744 Effect of dilutive securities 6 7 13 12 Weighted-average number of common shares outstanding diluted 3,570 3,727 3,593 3,756 Antidilutive securities 291 250 269 234 Weighted-average common shares outstanding used in calculating diluted earnings per common share attributable to Comcast Corporation shareholders (diluted EPS) considers the impact of potentially dilutive securities using the treasury stock method. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive. Accumulated Other Comprehensive Income (Loss) (in millions) June 30, 2026 December 31, 2025 Cumulative translation adjustments $ (1,049) $ (247) Deferred gains (losses) on cash flow hedges 96 44 Unrecognized gains (losses) on employee benefit obligations and other 210 195 Accumulated other comprehensive income (loss), net of deferred taxes $ (743) $ (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 struct …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing