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 2025 Annual Report on Form 10-K.

In June 2026, we announced our intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky (the “NBCUniversal Spin-off”) comprised primarily of the Media, Studios and Theme Parks segments and the Sky businesses within our Residential Connectivity & Platforms and Business Services Connectivity segments. The NBCUniversal Spin-off is expected to be completed in mid-2027, subject to the satisfaction of customary conditions, including obtaining final approval from our Board of Directors, receipt of tax opinions and regulatory approvals, and completion of financing arrangements. We expect to retain an ownership interest of up to 19.9% in the NBCUniversal Spin-off entities for up to one year after the completion of the spin-off, which we intend to monetize in a tax-efficient manner over time. There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing. The condensed consolidated financial statements and related notes do not reflect the proposed NBCUniversal Spin-off.

On May 31, 2026, we completed the previously announced sale of our Sky operations in Germany. The sale did not meet the criteria to be presented as a discontinued operation, and the results of our Sky operations in Germany are included in our consolidated results of operations through the date of sale. See Note 6 for additional information.

On January 2, 2026 (the “Versant 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 “Versant Separation”). The Versant 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 and nine months ended September 30, 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 Financial Accounting Standards Board (“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 for us 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, with early adoption permitted. We are currently evaluating the impact the adoption of the new accounting guidance will have on our disclosures.

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.

(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 through the completion of the sale on May 31, 2026 (see Note 6); 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 and nine months ended September 30, 2026 include $26 million of transaction and transaction-related costs related to the proposed NBCUniversal Spin-off. The nine months ended September 30, 2026 also include $51 million of transaction costs associated with the Versant Separation. The three and nine months ended September 30, 2025 include $116 million and $248 million, respectively, of transaction and transaction-related costs related to the Versant 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.

Note 3: Revenue

(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 revenue of the Versant business, primarily domestic distribution revenue, domestic advertising revenue and other revenue generated from digital properties.

(c) See Note 2 for additional information on other revenue and 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 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 $1.6 billion and $5.5 billion for the three and nine months ended September 30, 2026, respectively, and $2.0 billion and $6.0 billion for the three and nine months ended September 30, 2025, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

Note 5: Debt

As of September 30, 2026, our debt had a carrying value of $87.4 billion and an estimated fair value of $71.6 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

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

As part of the Versant 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 Versant Separation and provide a framework for our relationship with Versant after the Versant Separation. Pursuant to a commercial services agreement with Versant, we sell domestic linear and related digital advertising inventory on their behalf for a period of approximately two years following the Versant Separation, and we record net commission revenue as earned.

Sale of Sky Operations in Germany

On May 31, 2026, we completed the sale of our Sky operations in Germany in exchange for net pre-tax cash proceeds of $59 million and other variable consideration. Upon completion of the sale, we derecognized assets of $770 million and liabilities of $644 million and recorded a $9 million pre-tax loss, presented in depreciation in our condensed consolidated statement of income. The pre-tax loss includes $30 million of accumulated other comprehensive income (loss) that was reclassified into net income. The related assets and liabilities were presented as held for sale as of December 31, 2025, with $892 million included in other current assets and $848 million included in accrued expenses and other current liabilities within our condensed consolidated balance sheet.

Note 7: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

The amount of unrealized gains (losses), net recognized for the three months ended September 30, 2026 and 2025 that related to equity securities still held as of the end of each reporting period was $(51) million and $(55) million, respectively. The amount of unrealized gains (losses), net recognized for thenine months ended September 30, 2026 and 2025 that related to equity securities still held as of the end of each reporting period was $(77) million and $(85) 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 nine months ended September 30, 2026 and 2025 was $192 million and $113 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, 2026 and 2025, we made cash capital contributions totaling $360 million and $117 million, respectively, to Atairos. As of September 30, 2026 and December 31, 2025, our investment, inclusive of advances classified within other investments, was $5.2 billion and $4.7 billion, respectively. As of September 30, 2026, our remaining unfunded capital commitment was $971 million.

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 quarter of 2023. We recognized a pre-tax gain of $9.4 billion in other income (loss), net in our consolidated statement of income and we also recorded a receivable of $792 million within other current assets and other noncurrent assets, net, relating to our right to receive 50% of the estimated future tax benefits resulting from the transaction.

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, 2026, Universal Beijing Resort had $3.7 billion of debt outstanding, including $3.3 billion principal amount of a term loan outstanding under the debt financing agreement. As of 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 September 30, 2026, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.7 billion and $7.8 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 nine months ended September 30, 2026 are presented in the table below.

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. 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.

Note 9: 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 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 September 30, 2026 and 2025, share-based compensation expense recognized in our condensed consolidated statements of income was $315 million and $269 million, respectively. During the nine months ended September 30, 2026 and 2025, share-based compensation expense recognized in our condensed consolidated statements of income was $1.0 billion and $859 million, respectively. As of September 30, 2026, we had unrecognized pre-tax compensation expense of $2.5 billion related to unvested RSUs and unvested stock options.

Note 10: Supplemental Financial Information

Cash Payments for Interest and Income Taxes

(a) Cash payments for income taxes for the nine months ended September 30, 2026 and 2025 include $870 million and $470 million, respectively, related to the purchase of third-party transferable tax credits.

Noncash Activities

During the nine months ended September 30, 2026:

•we acquired $2.2 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 to be paid in October 2026

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

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.

(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 Versant Separation did not consummate by March 2, 2026. These funds were transferred to Versant on the Versant 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 ourresults of operations, cash flows or financial position, any such legal proceedings or claims could be time-consuming and injure our reputation.