COMCAST CORP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 SpinCo, a new independent publicly traded company comprised of select domestic cable television networks along with complementary digital assets through a tax-free spin-off. We are targeting to complete the spin-off by the end of 2025, subject to the satisfaction of customary conditions, including obtaining final approval from our Board of Directors, satisfactory completion of SpinCo financings, receipt of tax opinions and receipt of any regulatory approvals. There can be no assurance that a separation transaction will occur, or, if one does, of its terms or timing. The condensed consolidated financial statements and related notes do not reflect the proposed spin-off.

Reclassifications

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

Recent Accounting Pronouncements

Income Tax Disclosures

In December 2023, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to income tax disclosures. The updated accounting guidance, among other things, requires additional disclosure primarily related to the income tax rate reconciliation and income taxes paid. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ending December 31, 2025.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued updated accounting guidance related to disclosures about certain costs and expenses. The updated accounting guidance, among other things, requires quantitative disclosures for employee compensation, selling expenses and purchases of inventory. The updated guidance is effective beginning in our Annual Report on Form 10-K for the year ending December 31, 2027.

Note 2: Segment Information

We are a global media and technology company with five segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios and Theme Parks.

Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources.

(a)Our most significant intersegment revenue transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming, and content licensing revenue in Studios for licenses of owned content to Media.

(b)Includes the operations of our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture with Charter Communications. Corporate and other also includes overhead and personnel costs for Corporate.

(c)The significant expense categories and amounts align with the segment-level information that is regularly provided to our chief operating decision maker. Intersegment expenses are included in the amounts shown.

(d)Other for each segment primarily includes:

Residential Connectivity & Platforms and Business Services Connectivity: technical and support; direct product costs; marketing and promotion; customer service; administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; and other business, headquarters and support costs, including building and office expenses, taxes and billing costs necessary to operate the Residential Connectivity & Platforms and Business Services Connectivity segments. Our chief operating decision maker uses aggregate expense information to manage the operations of the Business Services Connectivity segment.

Media and Studios: salaries, employee benefits, rent and other overhead expenses.

Theme Parks: theme park operations, including repairs and maintenance and related administrative expenses; food, beverage and merchandise costs; labor costs; and sales and marketing costs. Our chief operating decision maker uses aggregate expense information to manage the operations of the Theme Parks segment.

(e)We use Adjusted EBITDA as the measure of profit or loss for our segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our segments within Corporate and other.

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

Note 3: Revenue

(a)Beginning in the first quarter of 2025, commission revenue from the sale of certain direct to consumer (“DTC”) streaming services and revenue related to certain equipment are presented in video revenue. Previously, these amounts were presented in domestic broadband and international connectivity. Prior periods have been reclassified to reflect the current year presentation.

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

Condensed Consolidated Balance Sheets

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

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

Note 4: Programming and Production Costs

(a) Amount includes amortization of owned content of $2.2 billion and $2.1 billion for the three months ended March 31, 2025 and 2024, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

Note 5: Debt

As of March 31, 2025, our debt had a carrying value of $99.1 billion and an estimated fair value of $90.6 billion. As of December 31, 2024, our debt had a carrying value of $99.1 billion and an estimated fair value of $89.8 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

Note 6: Significant Transactions

Acquisitions

In April 2025, we acquired Nitel, a network-as-a-service managed service provider, for total cash consideration of $1.3 billion. The acquisition will enhance our ability to serve and provide connectivity solutions to enterprise customers. Nitel’s results of operations will be included in our condensed consolidated results of operations following the date of acquisition and will be reported in our Business Services Connectivity segment. The assets and liabilities acquired as a result of the transaction will be recorded at their estimated fair values; however, due to the limited time since the acquisition date, the initial acquisition accounting is incomplete.

Note 7: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

The amount of unrealized gains (losses), net recognized in thethree months ended March 31, 2025 and 2024 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(30) million and $(70) million, respectively.

Investments

Equity Method 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, 2025 and 2024 was $27 million and $32 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 both the three months ended March 31, 2025 and 2024, we made cash capital contributions totaling $13 million. As of March 31, 2025 and December 31, 2024, our investment, inclusive of advances classified within other investments, was $4.9 billion and $5.1 billion, respectively. As of March 31, 2025, our remaining unfunded capital commitment was $1.4 billion.

Other Investments

Other investments also includes certain short-term instruments. We hadno short-term instruments as of March 31, 2025 and December 31, 2024. There wereno proceeds from or purchases of short-term instruments for the three months ended March 31, 2025. Proceeds from short-term instruments were$255 million and purchases of short-term instruments were $257 million for the three months ended March 31, 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 March 31, 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 both March 31, 2025 and December 31, 2024, our condensed consolidated balance sheets 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

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)

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 thethree months ended March 31, 2025 and 2024, share-based compensation expense recognized in our condensed consolidated statements of income was $321 million and $303 million, respectively. As of March 31, 2025, we had unrecognized pretax compensation expense of $3.0 billion related to unvested RSUs and unvested stock options.

Note 9: Supplemental Financial Information

Cash Payments for Interest and Income Taxes

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

Noncash Activities

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

During the three months ended March 31, 2024:

•we acquired $2.0 billion of property and equipment and intangible assets that were accrued but unpaid

•we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.31 per common share paid in April 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.

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 ourresults of operations, cash flows or financial position, any such legal proceedings or claims could be time-consuming and injure our reputation.