cmcsa-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to



Commission File Number	Exact Name of Registrant; State of Incorporation; Address and Telephone Number of Principal Executive Offices	I.R.S. Employer Identification No.
001-32871	COMCAST CORPORATION	27-0000798

Pennsylvania

One Comcast Center

Philadelphia, PA 19103-2838

(215) 286-1700

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.01 par value

CMCSA

The Nasdaq Stock Market LLC

0.000% Notes due 2026

CMCS26

The Nasdaq Stock Market LLC

0.250% Notes due 2027

CMCS27

The Nasdaq Stock Market LLC

1.500% Notes due 2029

CMCS29

The Nasdaq Stock Market LLC

0.250% Notes due 2029

CMCS29A

The Nasdaq Stock Market LLC

0.750% Notes due 2032

CMCS32

The Nasdaq Stock Market LLC

3.250% Notes due 2032

CMCS32A

The Nasdaq Stock Market LLC

1.875% Notes due 2036

CMCS36

The Nasdaq Stock Market LLC

3.550% Notes due 2036

CMCS36A

The Nasdaq Stock Market LLC

1.250% Notes due 2040

CMCS40

The Nasdaq Stock Market LLC

5.250% Notes due 2040

CMCS40A

The Nasdaq Stock Market LLC

5.50% Notes due 2029

CCGBP29

New York Stock Exchange

2.0% Exchangeable Subordinated Debentures due 2029

CCZ

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

As of July 15, 2026, there were 3,539,192,198 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

TABLE OF CONTENTS


		Page Number
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Income (Unaudited)	1
	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	2
	Condensed Consolidated Statements of Cash Flows (Unaudited)	3
	Condensed Consolidated Balance Sheets (Unaudited)	4
	Condensed Consolidated Statements of Changes in Equity (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
	Note 1: Condensed Consolidated Financial Statements	6
	Note 2: Segment Information	7
	Note 3: Revenue	11
	Note 4: Programming and Production Costs	12
	Note 5: Debt	12
	Note 6: Significant Transactions	12
	Note 7: Investments and Variable Interest Entities	13
	Note 8: Goodwill and Intangible Assets	14
	Note 9: Equity and Share-Based Compensation	15
	Note 10: Supplemental Financial Information	15
	Note 11: Commitments and Contingencies	16
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	36
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37

Item 6.	Exhibits	37
SIGNATURES		38

Explanatory Note

This Quarterly Report on Form 10-Q is for the three and six months ended June 30, 2026. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The U.S. Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q. Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries as “Comcast,” “we,” “us” and “our.”

Numerical information in this report is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are generally identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “would,” “will,” “continue,” “will likely result” and similar expressions. In evaluating these statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and in other reports we file with the SEC.

Any of these factors could cause our actual results to differ materially from those expressed or implied by our forward-looking statements, which could adversely affect our businesses, results of operations or financial condition. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.

Our businesses may be affected by, among other things, the following:

•our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively

•changes in consumer behavior continue to adversely affect our businesses and challenge existing business models

•a decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses

•our success depends on consumer acceptance of our content, and our businesses may be adversely affected if our content fails to achieve sufficient consumer acceptance

•programming expenses for our video services are increasing on a per subscriber basis, which could adversely affect our video businesses

•the loss of programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses

•our businesses depend on using and protecting certain intellectual property rights and on not infringing, misappropriating or otherwise violating the intellectual property rights of others

•we may be unable to obtain necessary hardware, software and operational support

•our businesses depend on keeping pace with technological developments

•a cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation or results of operations

•weak economic conditions may have a negative impact on our businesses

•acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated

•we face risks relating to doing business internationally that could adversely affect our businesses

•natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations

•the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses

•labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses

•if the Versant Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to significant tax liability

•we are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses

•unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures

•our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and Co-CEO has considerable influence over our company through his beneficial ownership of our Class B common stock

•there are risks related to our intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky

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PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

Comcast Corporation

Condensed Consolidated Statements of Income

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2026		2025		2026		2025
Revenue	$	29,940	$	30,313	$	61,396	$	60,199
Costs and Expenses:
Programming and production	8,389		7,576		19,273		15,991
Marketing and promotion	2,258		2,168		4,422		4,239
Other operating and administrative	10,445		10,422		20,853		20,314
Depreciation	2,391		2,349		4,724		4,580
Amortization	1,297		1,805		2,829		3,423


Total costs and expenses	24,780		24,320		52,101		48,548
Operating income	5,160		5,992		9,296		11,650
Interest expense	(1,052)		(1,105)		(2,146)		(2,155)
Investment and other income (loss), net	503		9,760		195		9,644
Income before income taxes	4,612		14,647		7,345		19,139
Income tax expense	(1,194)		(3,603)		(1,899)		(4,799)
Net income	3,419		11,044		5,445		14,340
Less: Net income (loss) attributable to noncontrolling interests	(107)		(79)		(254)		(158)
Net income attributable to Comcast Corporation	$	3,526	$	11,123	$	5,699	$	14,498
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.99	$	2.99	$	1.59	$	3.87
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.99	$	2.98	$	1.59	$	3.86

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2026		2025		2026		2025
Net income	$	3,419	$	11,044	$	5,445	$	14,340
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $(15), $124, $(46), and $198	(359)		1,762		(763)		2,710
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(3), $(15), $(5), and $(15)	14		18		28		(3)
Realized (gains) losses reclassified to net income, net of deferred taxes of $(3), $13, $(5), and $19	12		(47)		19		(67)
Employee benefit obligations and other, net of deferred taxes of $(5), $2, $—, and $20	(11)		(8)		(18)		(64)
Other comprehensive income (loss)	(344)		1,724		(733)		2,576
Comprehensive income	3,074		12,768		4,713		16,916
Less: Net income (loss) attributable to noncontrolling interests	(107)		(79)		(254)		(158)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	—		3		2		7
Comprehensive income attributable to Comcast Corporation	$	3,181	$	12,845	$	4,965	$	17,067

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Six Months Ended June 30,
(in millions)	2026		2025
Operating Activities
Net income	$	5,445	$	14,340
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,553		8,003
Share-based compensation	786		703
Noncash interest expense (income), net	253		253
Net (gain) loss on investment activity and other	(84)		(9,390)
Deferred income taxes	1,427		2,556
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	(1,338)		1,023
Film and television costs, net	873		188
Accounts payable and accrued expenses related to trade creditors	958		34
Other operating assets and liabilities	(891)		(1,602)
Net cash provided by operating activities	14,983		16,109
Investing Activities
Capital expenditures	(5,253)		(4,930)
Cash paid for intangible assets	(1,226)		(1,257)

Construction of Universal Beijing Resort	—		(3)
Acquisitions, net of cash acquired	—		(1,279)
Proceeds from sales of businesses and investments	106		659
Purchases of investments	(485)		(1,132)

Other	367		39
Net cash provided by (used in) investing activities	(6,491)		(7,903)
Financing Activities

Proceeds from borrowings	1,990		2,494

Repurchases and repayments of debt	(7,344)		(1,856)
Repurchases of common stock under repurchase program and employee plans	(2,507)		(4,066)
Dividends paid	(2,432)		(2,462)

Cash transferred to Versant, net	(750)		—
Other	(270)		9
Net cash provided by (used in) financing activities	(11,313)		(5,881)
Impact of foreign currency on cash, cash equivalents and restricted cash	(4)		46
Increase (decrease) in cash, cash equivalents and restricted cash	(2,824)		2,371
Cash, cash equivalents and restricted cash, beginning of period	10,559		7,377
Cash, cash equivalents and restricted cash, end of period	$	7,735	$	9,748

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions, except share data)	June 30, 2026		December 31, 2025
Assets
Current Assets:
Cash and cash equivalents	$	7,661	$	9,481
Receivables, net	13,955		13,869
Other current assets	4,718		6,217
Total current assets	26,335		29,567
Film and television costs	10,467		12,214
Investments	7,828		7,952
Property and equipment, net of accumulated depreciation of $62,017 and $60,754	66,127		65,680
Goodwill	53,070		61,502
Franchise rights	59,365		59,365
Other intangible assets, net of accumulated amortization of $31,818 and $39,362	19,687		22,474
Other noncurrent assets, net	14,669		13,877
Total assets	$	257,548	$	272,631
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	$	11,864	$	11,058
Deferred revenue	3,787		4,097
Accrued expenses and other current liabilities	11,325		12,410
Current portion of debt	6,117		5,958
Total current liabilities	33,093		33,524
Noncurrent portion of debt	84,264		92,979
Deferred income taxes	28,940		27,788
Other noncurrent liabilities	21,296		20,965
Commitments and contingencies
Redeemable noncontrolling interests	185		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, 4,455,985,852 and 4,513,794,607; outstanding, 3,536,959,497 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	37,680		37,709
Retained earnings	60,298		66,675
Treasury stock, 919,026,355 Class A common shares	(7,517)		(7,517)
Accumulated other comprehensive income (loss)	(743)		(8)
Total Comcast Corporation shareholders’ equity	89,763		96,903
Noncontrolling interests	7		249
Total equity	89,770		97,151
Total liabilities and equity	$	257,548	$	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 June 30,				Six Months Ended June 30,
(in millions, except per share data)	2026		2025		2026		2025
Redeemable Noncontrolling Interests
Balance, beginning of period	$	205	$	244	$	224	$	237

Contributions from (distributions to) noncontrolling interests, net	(1)		2		15		4
Other	—		—		5		—
Net income (loss)	(18)		(15)		(59)		(11)
Balance, end of period	$	185	$	231	$	185	$	231

Class A Common Stock
Balance, beginning of period	$	45	$	46	$	45	$	47
Repurchases of common stock under repurchase program and employee plans	—		—		—		(1)

Balance, end of period	$	45	$	46	$	45	$	46

Class B Common Stock
Balance, beginning and end of period	$	—	$	—	$	—	$	—

Additional Paid-In Capital
Balance, beginning of period	$	37,543	$	37,832	$	37,709	$	38,102

Share-based compensation	360		295		769		640
Repurchases of common stock under repurchase program and employee plans	(276)		(389)		(867)		(1,053)
Issuances of common stock under employee plans	52		62		69		111
Other	1		(3)		1		(3)
Balance, end of period	$	37,680	$	37,797	$	37,680	$	37,797

Retained Earnings
Balance, beginning of period	$	58,602	$	57,473	$	66,675	$	56,972

Repurchases of common stock under repurchase program and employee plans	(650)		(1,347)		(1,597)		(2,967)
Dividends declared	(1,183)		(1,248)		(2,371)		(2,503)
Versant Separation (see Note 6)	4		—		(8,107)		—

Net income	3,526		11,123		5,699		14,498
Balance, end of period	$	60,298	$	66,000	$	60,298	$	66,000

Treasury Stock at Cost
Balance, beginning and end of period	$	(7,517)	$	(7,517)	$	(7,517)	$	(7,517)


Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period	$	(399)	$	(1,197)	$	(8)	$	(2,043)

Other comprehensive income (loss)	(344)		1,722		(735)		2,569
Balance, end of period	$	(743)	$	525	$	(743)	$	525

Noncontrolling Interests
Balance, beginning of period	$	61	$	418	$	249	$	477
Other comprehensive income (loss)	—		3		2		7
Contributions from (distributions to) noncontrolling interests, net	35		20		63		39
Versant Separation (see Note 6)	—		—		(110)		—
Net income (loss)	(89)		(64)		(195)		(147)
Balance, end of period	$	7	$	376	$	7	$	376

Total equity	$	89,770	$	97,228	$	89,770	$	97,228

Cash dividends declared per common share	$	0.33	$	0.33	$	0.66	$	0.66

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.

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 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 six months ended June 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 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.

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Comcast Corporation

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.

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.

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Comcast Corporation

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 June 30, 2026
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	17,115	$	2,667	$	4,637	$	2,482	$	2,413	$	29,314
Intersegment revenue(a)	9		5		1,054		558		—		1,625
	17,124		2,671		5,691		3,040		2,413		30,940
Reconciliation of Revenue
Other revenue(b)											771
Eliminations(a)											(1,771)
Total consolidated revenue											$	29,940

Less segment expenses:(c)
Programming and production	3,698				3,699		2,047
Marketing and promotion					289		545
Other(d)	6,977		1,155		994		247		1,805
Segment Adjusted EBITDA(e)	$	6,448	$	1,516	$	708	$	202	$	609	$	9,483

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(214)
Corporate and other(b)(e)											(449)
Eliminations											29
Depreciation											(2,391)
Amortization											(1,297)
Interest expense											(1,052)
Investment and other income (loss), net											503
Income before income taxes											$	4,612

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Comcast Corporation


	Three Months Ended June 30, 2025
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	17,820	$	2,569	$	3,463	$	1,733	$	2,349	$	27,934
Intersegment revenue(a)	19		6		1,080		700		—		1,805
	17,839		2,575		4,543		2,432		2,349		29,739
Reconciliation of Revenue
Versant revenue											1,770
Other revenue(b)											885
Eliminations(a)											(2,081)
Total consolidated revenue											$	30,313

Less segment expenses:(c)
Programming and production	3,998				2,759		1,664
Marketing and promotion					285		452
Other(d)	6,835		1,131		816		256		1,708
Segment Adjusted EBITDA(e)	$	7,006	$	1,444	$	683	$	61	$	641	$	9,835

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(201)
Versant											789
Corporate and other(b)(e)											(360)
Eliminations											84
Depreciation											(2,349)
Amortization											(1,805)
Interest expense											(1,105)
Investment and other income (loss), net											9,760
Income before income taxes											$	14,647


	Six Months Ended June 30, 2026
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	34,402	$	5,300	$	10,771	$	4,575	$	4,744	$	59,792
Intersegment revenue(a)	44		11		2,199		1,892		—		4,146
	34,446		5,311		12,970		6,466		4,744		63,938
Reconciliation of Revenue
Other revenue(b)											1,792
Eliminations(a)											(4,333)
Total consolidated revenue											$	61,396

Less segment expenses:(c)
Programming and production	7,485				10,003		4,282
Marketing and promotion					694		918
Other(d)	14,079		2,319		1,991		509		3,584
Segment Adjusted EBITDA(e)	$	12,882	$	2,992	$	282	$	757	$	1,159	$	18,073

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(423)
Corporate and other(b)(e)											(659)
Eliminations											(142)
Depreciation											(4,724)
Amortization											(2,829)
Interest expense											(2,146)
Investment and other income (loss), net											195
Income before income taxes											$	7,345

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	Six Months Ended June 30, 2025
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	35,449	$	5,059	$	6,960	$	3,733	$	4,225	$	55,427
Intersegment revenue(a)	56		11		2,109		1,525		1		3,702
	35,504		5,071		9,069		5,259		4,226		59,129
Reconciliation of Revenue
Versant revenue											3,539
Other revenue(b)											1,802
Eliminations(a)											(4,270)
Total consolidated revenue											$	60,199

Less segment expenses:(c)
Programming and production	8,105				6,042		3,564
Marketing and promotion					591		844
Other(d)	13,551		2,205		1,646		515		3,171
Segment Adjusted EBITDA(e)	$	13,848	$	2,866	$	790	$	335	$	1,055	$	18,893

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(396)
Versant											1,623
Corporate and other(b)(e)											(583)
Eliminations											116
Depreciation											(4,580)
Amortization											(3,423)
Interest expense											(2,155)
Investment and other income (loss), net											9,644
Income before income taxes											$	19,139

(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 six months ended June 30, 2026 includes $51 million of transaction costs associated with the Versant Separation. The three and six months ended June 30, 2025 include $110 million and $132 million, respectively, of transaction and transaction-related costs associated with 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.

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Note 3: 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 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.

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)	June 30, 2026		December 31, 2025
Receivables, gross	$	14,630	$	14,582
Less: Allowance for credit losses	675		713
Receivables, net	$	13,955	$	13,869
Noncurrent receivables, net (included in other noncurrent assets, net)	$	2,282	$	1,924
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	655	$	621

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


(in millions)	June 30, 2026		December 31, 2025
Receivables, net	$	1,987	$	2,096
Noncurrent receivables, net (included in other noncurrent assets, net)	1,494		1,395

Total	$	3,481	$	3,491

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Note 4: Programming and Production Costs


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2026		2025		2026		2025
Video distribution programming	$	2,340	$	2,511	$	4,722	$	5,170
Film and television content:
Owned(a)	2,605		2,230		5,166		4,887
Licensed, including sports rights	3,062		2,474		8,651		5,279
Other	382		361		734		656
Total programming and production costs	$	8,389	$	7,576	$	19,273	$	15,991

(a) Amount includes amortization of owned content of $1.9 billion and $3.9 billion for the three and six months ended June 30, 2026, respectively, and $1.8 billion and $4.0 billion for the three and six months ended June 30, 2025, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs


(in millions)	June 30, 2026		December 31, 2025
Owned:
In production and in development	$	2,358	$	2,896
Completed, not released	469		84
Released, less amortization	4,385		4,571
	7,212		7,551
Licensed, including sports advances	3,255		4,663


Film and television costs	$	10,467	$	12,214

Note 5: Debt

As of June 30, 2026, our debt had a carrying value of $90.4 billion and an estimated fair value of $79.7 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

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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 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 will sell domestic linear and related digital advertising inventory on their behalf for approximately two years, 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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2026		2025		2026		2025
Equity in net income (losses) of investees, net	$	285	$	(29)	$	(106)	$	(222)
Realized and unrealized gains (losses) on equity securities, net	(13)		136		(18)		112
Other income (loss), net	232		9,652		319		9,754
Investment and other income (loss), net	$	503	$	9,760	$	195	$	9,644

The amount of unrealized gains (losses), net recognized for the three months ended June 30, 2026 and 2025 that related to equity securities still held as of the end of each reporting period was $(16) million and $(7) million, respectively. The amount of unrealized gains (losses), net recognized for the six months ended June 30, 2026 and 2025 that related to equity securities still held as of the end of each reporting period was $(27) million and $(30) million, respectively.

Investments


(in millions)	June 30, 2026		December 31, 2025
Equity method	$	6,891	$	6,674
Nonmarketable equity securities	810		1,049
Other investments	144		244
Total investments	7,845		7,966
Less: Current investments	17		14
Noncurrent investments	$	7,828	$	7,952

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 six months ended June 30, 2026 and 2025 was $89 million and $69 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 six months ended June 30, 2026 and 2025, we made cash capital contributions totaling $267 million and $103 million, respectively, to Atairos. As of June 30, 2026 and December 31, 2025, our investment, inclusive of advances classified within other investments, was $5.0 billion and $4.7 billion, respectively. As of June 30, 2026, our remaining unfunded capital commitment was $1.1 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 June 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 June 30, 2026, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.6 billion and $7.7 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 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 assets.


Estimated Amortization Expense
(in billions)
Remaining six months of 2026	$	0.8
2027	$	0.7
2028	$	0.7
2029	$	0.6
2030	$	0.6

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Note 9: 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 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 June 30, 2026 and 2025, share-based compensation expense recognized in our condensed consolidated statements of income was $319 million and $268 million, respectively. During the six months ended June 30, 2026 and 2025, share-based compensation expense recognized in our condensed consolidated statements of income was $696 million and $589 million, respectively. As of June 30, 2026, we had unrecognized pre-tax compensation expense of $2.8 billion related to unvested RSUs and unvested stock options.

Note 10: Supplemental Financial Information

Cash Payments for Interest and Income Taxes


	Six Months Ended June 30,
(in millions)	2026		2025
Interest	$	1,836	$	1,803
Income taxes(a)	$	559	$	2,085

(a) Cash payments for income taxes for the six months ended June 30, 2026 and 2025 include $52 million and $334 million, respectively, related to the purchase of third-party transferable tax credits.

Noncash Activities

During the six months ended June 30, 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 July 2026

During the six months ended June 30, 2025:

•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 $0.33 per common share paid in July 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)	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	7,661	$	9,481
Restricted cash included in other current assets and other noncurrent assets, net(a)	74		1,078
Cash, cash equivalents and restricted cash, end of period	$	7,735	$	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 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 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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ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion is provided as a supplement to, and should be read in conjunction with, the condensed consolidated financial statements and related notes (“Notes”) included in this Quarterly Report on Form 10-Q and our 2025 Annual Report on Form 10-K.

Overview

We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks. Refer to Note 2 for information on our segments, including a description of the segment composition change implemented in the first quarter of 2026. All amounts are presented under the updated segment structure.

The Versant Separation occurred on January 2, 2026. The results of Versant are included in our consolidated results of operations for the three and six months ended June 30, 2025 and are excluded from our segment operating results (see Note 2). The sale of our Sky operations in Germany was completed on May 31, 2026; its results are included in our consolidated results of operations through the date of sale (see Note 6) and are excluded from our segment operating results.

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 is expected to be completed in mid-2027, subject to the satisfaction of customary conditions. There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing. The discussion and analysis that follows includes the results of the businesses proposed to be included in the NBCUniversal Spin-off and does not reflect or give effect to what our results of operations and financial condition may be following the NBCUniversal Spin-off, if consummated.

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Consolidated Operating Results


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions, except per share data)	2026		2025		%		2026		2025		%
Revenue	$	29,940	$	30,313	(1.2)	%	$	61,396	$	60,199	2.0	%
Costs and Expenses:
Programming and production	8,389		7,576		10.7		19,273		15,991		20.5
Marketing and promotion	2,258		2,168		4.1		4,422		4,239		4.3
Other operating and administrative	10,445		10,422		0.2		20,853		20,314		2.7
Depreciation	2,391		2,349		1.8		4,724		4,580		3.1
Amortization	1,297		1,805		(28.2)		2,829		3,423		(17.3)


Total costs and expenses	24,780		24,320		1.9		52,101		48,548		7.3
Operating income	5,160		5,992		(13.9)		9,296		11,650		(20.2)
Interest expense	(1,052)		(1,105)		(4.8)		(2,146)		(2,155)		(0.4)
Investment and other income (loss), net	503		9,760		(94.8)		195		9,644		(98.0)
Income before income taxes	4,612		14,647		(68.5)		7,345		19,139		(61.6)
Income tax expense	(1,194)		(3,603)		(66.9)		(1,899)		(4,799)		(60.4)
Net income	3,419		11,044		(69.0)		5,445		14,340		(62.0)
Less: Net income (loss) attributable to noncontrolling interests	(107)		(79)		34.8		(254)		(158)		60.6
Net income attributable to Comcast Corporation	$	3,526	$	11,123	(68.3)	%	$	5,699	$	14,498	(60.7)	%
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.99	$	2.99	(66.9)	%	$	1.59	$	3.87	(58.9)	%
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.99	$	2.98	(66.9)	%	$	1.59	$	3.86	(58.9)	%
Weighted-average number of common shares outstanding – basic	3,564		3,720		(4.2)	%	3,580		3,744		(4.4)	%
Weighted-average number of common shares outstanding – diluted	3,570		3,727		(4.2)	%	3,593		3,756		(4.3)	%

Adjusted EBITDA(a)	$	8,902	$	10,283	(13.4)	%	$	16,831	$	19,815	(15.1)	%

(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 29 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.

Consolidated revenue decreased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to the Versant Separation and a decrease in the Connectivity & Platforms business, partially offset by an increase in the Content & Experiences business.

Consolidated revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in the Content & Experiences business, partially offset by a decrease due to the Versant Separation and a decrease in the Connectivity & Platforms business. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”

Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in the Content & Experiences business, partially offset by a decrease due to the Versant Separation and a decrease in the Connectivity & Platforms business.

Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in the Content & Experiences business, partially offset by a decrease due to the Versant Separation. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”

Consolidated depreciation and amortization expense decreased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to lower amortization of customer relationships and other agreements and rights due to the Versant Separation and an impairment of certain long-lived assets in the prior year period.

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Consolidated depreciation and amortization expense decreased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to lower amortization of customer relationships and other agreements and rights due to the Versant Separation, partially offset by increased depreciation due to the opening of Epic Universe in May 2025 and increased impairments of certain long-lived assets in the current year period compared to the prior year period.

Amortization expense from acquisition-related intangible assets totaled $525 million and $1.1 billion for the three and six months ended June 30, 2026, respectively, and $810 million and $1.6 billion for the three and six months ended June 30, 2025, respectively. Amounts primarily relate to intangible assets, including customer relationships and other agreements and rights, recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.

Consolidated interest expense decreased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to a decrease in average debt outstanding. Consolidated interest expense was consistent for the six months ended June 30, 2026 compared to the same period in 2025.

Consolidated investment and other income (loss), net decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2026		2025		2026		2025
Equity in net income (losses) of investees, net	$	285	$	(29)	$	(106)	$	(222)
Realized and unrealized gains (losses) on equity securities, net	(13)		136		(18)		112
Other income (loss), net	232		9,652		319		9,754
Total investment and other income (loss), net	$	503	$	9,760	$	195	$	9,644

The changes in equity in net income (losses) of investees, net for the three and six months ended June 30, 2026 compared to the same periods in 2025 were primarily due to our investment in Atairos. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $341 million and $7 million for the three and six months ended June 30, 2026, respectively, and $(26) million and $(194) million for the three and six months ended June 30, 2025, respectively.

The changes in realized and unrealized gains (losses) on equity securities, net for the three and six months ended June 30, 2026 were primarily due to a gain on the sale of a nonmarketable security in the prior year periods.

The changes in other income (loss), net for the three and six months ended June 30, 2026 primarily resulted from a $9.4 billion gain from the sale of our interest in Hulu in the prior year periods.

Consolidated income tax expense for the three and six months ended June 30, 2026 and 2025 reflects an effective income tax rate that differs from the federal statutory rate due to state and foreign income taxes and adjustments associated with uncertain tax positions. The decreases in income tax expense for the three and six months ended June 30, 2026 compared to the same periods in 2025 were primarily driven by lower domestic income before income taxes.

Consolidated net income (loss) attributable to noncontrolling interests changed for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to Universal Beijing Resort. Consolidated net income (loss) attributable to noncontrolling interests changed for the six months ended June 30, 2026 primarily due to our regional sports networks and Universal Beijing Resort.

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Segment Operating Results

Our segment operating results are presented based on how we assess operating performance and internally report financial information. See Note 2 for additional information on our segments.

Connectivity & Platforms Results of Operations


	Three Months Ended June 30,						Change		Constant Currency Change(b)		Six Months Ended June 30,						Change		Constant Currency Change(b)
(in millions)	2026			2025			%		%		2026			2025			%		%
Revenue
Residential Connectivity & Platforms	$	17,124		$	17,839		(4.0)	%	(4.3)	%	$	34,446		$	35,504		(3.0)	%	(3.9)	%
Business Services Connectivity	2,671			2,575			3.7		3.7		5,311			5,071			4.7		4.7
Total Connectivity & Platforms revenue	$	19,795		$	20,414		(3.0)	%	(3.2)	%	$	39,757		$	40,575		(2.0)	%	(2.8)	%
Adjusted EBITDA
Residential Connectivity & Platforms	$	6,448		$	7,006		(8.0)	%	(8.0)	%	$	12,882		$	13,848		(7.0)	%	(7.3)	%
Business Services Connectivity	1,516			1,444			5.0		5.0		2,992			2,866			4.4		4.4
Total Connectivity & Platforms Adjusted EBITDA	$	7,964		$	8,450		(5.7)	%	(5.8)	%	$	15,875		$	16,714		(5.0)	%	(5.3)	%
Adjusted EBITDA Margin(a)
Residential Connectivity & Platforms	37.7		%	39.3		%	(160) bps		(150) bps		37.4		%	39.0		%	(160) bps		(130) bps
Business Services Connectivity	56.7			56.1			60 bps		60 bps		56.3			56.5			(20) bps		(20) bps
Total Connectivity & Platforms Adjusted EBITDA margin	40.2		%	41.4		%	(120) bps		(110) bps		39.9		%	41.2		%	(130) bps		(100) bps

(a)Our Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall operating cost management. The changes reflect the year-over-year basis point changes in the rounded Adjusted EBITDA margins.

(b)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 29 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of residential and business passings. Our customer relationship additions/(losses) continue to be negatively impacted by an increasingly competitive environment. We are focused on increasing our residential connectivity revenue. In 2025, we simplified our broadband pricing structure and began offering a free wireless line for one year to new and existing domestic broadband customers, which we expect will improve customer retention and strengthen our ability to compete for new customers, but will negatively impact average domestic broadband revenue per customer. We also expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses, as well as continued declines in other revenue related to declines in wireline voice revenue. We are also focused on growing our Business Services Connectivity segment revenue by offering competitive services, including enterprise solutions, and driving higher adoption of our advanced solutions.

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Connectivity & Platforms Customer Metrics


					Net Additions / (Losses)
	June 30,				Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2026		2025		2026	2025	2026	2025
Residential Connectivity & Platforms Customer Relationships(a)
Domestic Residential Connectivity & Platforms customer relationships	30,179		30,746		(166)	(223)	(261)	(427)
International Residential Connectivity & Platforms customer relationships(b)	17,539		17,573		(64)	(102)	40	(113)
Total Residential Connectivity & Platforms customer relationships(b)	47,718		48,318		(230)	(325)	(221)	(540)
Domestic Residential Broadband
Domestic broadband residential customers	28,486		28,989		(167)	(201)	(233)	(384)
Domestic residential passings(c)	59,443		58,356
Domestic broadband residential penetration of residential passings(d)	47.9	%	49.7	%
Domestic Wireless
Domestic wireless lines(e)	10,187		8,527		448	378	883	701
Domestic Video
Domestic video customers	10,668		11,771		(280)	(325)	(601)	(751)

(a)Residential Connectivity & Platforms customer relationships generally represent the number of residential customers that subscribe to at least one of our services. International Residential Connectivity & Platforms customer relationships represent customers receiving Sky services in the United Kingdom and Italy. Because each of our services includes a variety of product tiers, which may change from time to time, net additions or losses in any one period will reflect a mix of customers at various tiers.

(b)Total Residential Connectivity & Platforms customer relationships and International Residential Connectivity & Platforms customer relationships were updated in the first quarter of 2026 due to a conforming change in methodology, resulting in a decrease of 125,000 customers. There was no impact to net additions and information for the prior periods has been recast on a comparable basis.

(c)Connectivity & Platforms domestic residential passings are considered passings if we can connect them to our network in the United States without further extending the transmission lines. The number of domestic residential passings is an estimate based on the best available information.

(d)Penetration is calculated by dividing the number of domestic broadband residential customers located within our network by the number of domestic residential passings.

(e)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines.

Connectivity & Platforms — Supplemental Costs and Expenses Information

Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States. Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments includes each segment’s direct costs and an allocation of shared costs.


	Three Months Ended June 30,				Change		Constant Currency Change(g)		Six Months Ended June 30,				Change		Constant Currency Change(g)
(in millions)	2026		2025		%		%		2026		2025		%		%
Costs and Expenses
Programming(a)	$	3,698	$	3,998	(7.5)	%	(7.9)	%	$	7,485	$	8,105	(7.7)	%	(9.1)	%
Technical and support(b)	1,913		1,918		(0.3)		(0.5)		3,881		3,854		0.7		(0.2)
Direct product costs(c)	1,992		1,829		8.9		8.4		3,954		3,454		14.5		12.3
Marketing and promotion(d)	1,311		1,249		5.0		4.7		2,647		2,491		6.3		5.3
Customer service(e)	671		677		(0.9)		(1.1)		1,347		1,359		(0.9)		(1.7)
Other(f)	2,245		2,293		(2.1)		(2.3)		4,568		4,598		(0.7)		(1.5)
Total Connectivity & Platforms costs and expenses	$	11,831	$	11,965	(1.1)	%	(1.5)	%	$	23,883	$	23,862	0.1	%	(1.2)	%

(a)Programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations. These expenses also include the costs of content on the Sky-branded entertainment television networks, including amortization of licensed content.

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(b)Technical and support expenses primarily consist of costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.

(c)Direct product costs primarily consist of access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions.

(d)Marketing and promotion expenses primarily consist of the costs associated with attracting new customers and promoting our service offerings.

(e)Customer service expenses primarily consist of the personnel and other costs associated with customer service and certain selling activities.

(f)Other expenses primarily consist of 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; building and office expenses, taxes and billing costs; and other business, headquarters and support costs necessary to operate the Connectivity & Platforms business.

(g)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 29 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

Residential Connectivity & Platforms Segment Results of Operations


	Three Months Ended June 30,				Change		Constant Currency Change(a)		Six Months Ended June 30,				Change		Constant Currency Change(a)
(in millions)	2026		2025(b)		%		%		2026		2025(b)		%		%
Revenue
Domestic broadband	$	6,280	$	6,649	(5.5)	%	(5.5)	%	$	12,618	$	13,327	(5.3)	%	(5.3)	%
Domestic wireless service	1,007		882		14.2		14.2		1,984		1,732		14.6		14.6
Domestic convergence revenue	7,287		7,530		(3.2)		(3.2)		14,602		15,059		(3.0)		(3.0)
Domestic wireless equipment	404		313		28.8		28.8		821		587		40.0		40.0
International connectivity	1,246		1,219		2.2		1.3		2,486		2,351		5.7		1.7
Total residential connectivity	8,937		9,063		(1.4)		(1.5)		17,910		17,997		(0.5)		(1.0)
Video	6,092		6,605		(7.8)		(8.2)		12,347		13,206		(6.5)		(7.9)
Advertising	962		951		1.1		0.7		1,913		1,850		3.4		1.8
Other	1,133		1,219		(7.0)		(7.2)		2,277		2,452		(7.1)		(8.1)
Total revenue	17,124		17,839		(4.0)		(4.3)		34,446		35,504		(3.0)		(3.9)
Costs and Expenses
Programming	3,698		3,998		(7.5)		(7.9)		7,485		8,105		(7.7)		(9.1)
Other	6,977		6,835		2.1		1.7		14,079		13,551		3.9		2.6
Total costs and expenses	10,676		10,834		(1.5)		(1.8)		21,564		21,657		(0.4)		(1.8)
Adjusted EBITDA	$	6,448	$	7,006	(8.0)	%	(8.0)	%	$	12,882	$	13,848	(7.0)	%	(7.3)	%

(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 29 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

(b)Beginning in the first quarter of 2026, commission revenue from the sale of certain DTC streaming services is presented in domestic 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. Domestic 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.

Residential Connectivity & Platforms Segment – Revenue

Domestic broadband revenue primarily consists of revenue from sales of broadband services to residential customers in the United States, including equipment and installation services. Domestic broadband revenue also includes commission revenue from the sale of DTC streaming services that a customer is entitled to receive through a broadband service offering, as well as revenue from streaming devices available to our broadband customers.

Domestic broadband revenue decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025 due to decreases in average rates and declines in the number of domestic broadband customers.

Domestic wireless service revenue primarily consists of revenue from sales of wireless services to residential customers in the United States.

Domestic wireless service revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 due to increases in the number of customer lines.

Domestic wireless equipment revenue primarily consists of revenue from sales of wireless devices, including handsets, tablets and smart watches, to residential customers in the United States.

Domestic wireless equipment revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 due to increases in device sales.

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International connectivity revenue primarily consists of revenue from sales of broadband services, including equipment and installation services, wireless services and wireless devices to residential customers in the United Kingdom and Italy.

International connectivity revenue increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in wireless revenue, reflecting higher equipment and services revenue, as well as the positive impact of foreign currency.

International connectivity revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the positive impact of foreign currency, an increase in broadband revenue primarily reflecting higher average rates, and an increase in wireless revenue reflecting higher equipment and services revenue.

Video revenue primarily consists of revenue from sales of video services to residential and business customers across the Connectivity & Platforms markets, including equipment and installation services. Video revenue includes pay-per-view and other transactional revenue and franchise fees, and revenue from sales of certain hardware, including Sky Glass smart televisions. Video revenue also includes commission revenue from sales of DTC streaming services that a customer is entitled to receive through a video service offering.

Video revenue decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to declines in the overall number of video customers. The decrease for the six months ended June 30, 2026 was partially offset by the positive impact of foreign currency.

Advertising revenue primarily consists of revenue from sales of advertising across our platforms in the Connectivity & Platforms markets, including advertising as part of our distribution agreements with cable networks in the United States, and advertising on Sky-branded entertainment television networks and on our digital properties. Advertising also includes revenue where we enter into representation agreements under which we sell advertising on behalf of third parties and from our advanced advertising businesses.

Advertising revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to higher domestic political advertising and increases in revenue from our advanced advertising business, partially offset by lower domestic nonpolitical advertising and lower international advertising. The increase for the six months ended June 30, 2026 also includes the positive impact of foreign currency.

Other revenue primarily consists of revenue in the Connectivity & Platforms markets from sales of wireline voice services to residential customers; our residential security and automation services businesses; the licensing of our technology platforms to other multichannel video providers; the distribution of certain of our Sky-branded entertainment television networks to third-party video service providers; commissions from electronic retailing networks; and certain billing and collection fees.

Other revenue decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to decreases in residential wireline voice revenue driven by declines in the number of customers.

Residential Connectivity & Platforms Segment – Costs and Expenses

Programming expenses decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to declines in the number of domestic video subscribers. The decrease for the six months ended June 30, 2026 is partially offset by the impact of foreign currency.

Other expenses increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to increased direct product costs mainly due to growth in our domestic wireless business, increased spending on marketing and promotion, and the impact of foreign currency.

Other expenses increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to increased direct product costs mainly due to growth in our domestic wireless business, the impact of foreign currency, and increased spending on marketing and promotion.

Business Services Connectivity Segment Results of Operations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2026		2025		%		2026		2025		%
Revenue	$	2,671	$	2,575	3.7	%	$	5,311	$	5,071	4.7	%
Costs and expenses	1,155		1,131		2.1		2,319		2,205		5.2
Adjusted EBITDA	$	1,516	$	1,444	5.0	%	$	2,992	$	2,866	4.4	%

Business services connectivity revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to increases in revenue from enterprise solutions offerings. The increase in enterprise solutions offerings for the six months ended June 30, 2026 reflects the April 2025 acquisition of Nitel.

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Business services connectivity costs and expenses increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to increases in marketing and promotion expenses and increases in direct product costs. The increase in direct product costs for the six months ended June 30, 2026 reflects the April 2025 acquisition of Nitel.

Content & Experiences Results of Operations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2026		2025		%		2026		2025		%
Revenue
Media	$	5,691	$	4,543	25.3	%	$	12,970	$	9,069	43.0	%
Studios	3,040		2,432		25.0		6,466		5,259		23.0
Theme Parks	2,413		2,349		2.7		4,744		4,226		12.3
Headquarters and Other	18		9		112.4		33		20		69.8
Eliminations	(435)		(604)		27.9		(1,546)		(1,298)		(19.1)
Total Content & Experiences revenue	$	10,728	$	8,730	22.9	%	$	22,668	$	17,275	31.2	%
Adjusted EBITDA
Media	$	708	$	683	3.7	%	$	282	$	790	(64.3)	%
Studios	202		61		NM		757		335		125.9
Theme Parks	609		641		(5.1)		1,159		1,055		9.9
Headquarters and Other	(214)		(201)		(6.7)		(423)		(396)		(6.8)
Eliminations	25		56		55.0		(115)		70		NM
Total Content & Experiences Adjusted EBITDA	$	1,329	$	1,241	7.1	%	$	1,661	$	1,854	(10.4)	%

Percentage changes that are considered not meaningful are denoted with NM.

We operate our Media segment as a combined television and streaming business. We expect that the number of subscribers and audience ratings at our linear television networks will continue to decline as a result of the competitive environment and shifting video consumption patterns, which we aim to mitigate over time by growth in both paid subscribers and advertising revenue at Peacock. We expect to continue to incur significant costs related to content and marketing at Peacock. Revenue and programming expenses are also impacted by the timing of certain sporting events, including the Milan Cortina Olympics, Super Bowl and FIFA World Cup in the current year period and the NBA season beginning in the fourth quarter of 2025.

Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While the results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties.

We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, which opened in May 2025, as well as in new destinations and experiences, including Universal United Kingdom Resort, a theme park and resort with a projected opening date in 2031.

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Media Segment Results of Operations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2026		2025		%		2026		2025		%
Revenue
Domestic advertising	$	2,163	$	1,395	55.0	%	$	5,616	$	2,863	96.2	%
Domestic distribution	1,993		1,632		22.1		4,276		3,299		29.6
International networks	1,330		1,254		6.1		2,621		2,403		9.1
Other	204		261		(21.9)		457		505		(9.5)
Total revenue	5,691		4,543		25.3		12,970		9,069		43.0
Costs and Expenses
Programming and production	3,699		2,759		34.1		10,003		6,042		65.6
Marketing and promotion	289		285		1.6		694		591		17.3
Other	994		816		21.8		1,991		1,646		21.0
Total costs and expenses	4,983		3,860		29.1	%	12,688		8,279		53.3	%
Adjusted EBITDA	$	708	$	683	3.7	%	$	282	$	790	(64.3)	%

Media Segment – Revenue

Revenue increased for the three months ended June 30, 2026 compared to the same period in 2025, including the impact of the FIFA World Cup in the second quarter of 2026. Revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the Milan Cortina Olympics, Super Bowl and FIFA World Cup. Excluding incremental revenue associated with these events, revenue for the three and six months ended June 30, 2026 increased primarily due to increases in domestic distribution, domestic advertising and international networks revenue.


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2026		2025		%		2026		2025		%
Total revenue	$	5,691	$	4,543	25.3	%	$	12,970	$	9,069	43.0	%
Olympics, Super Bowl, and FIFA World Cup	440		—		NM		2,618		—		NM
Total revenue, excluding Olympics, Super Bowl and FIFA World Cup	$	5,250	$	4,543	15.6	%	10,352		9,069		14.1	%
Total domestic advertising revenue	$	2,163	$	1,395	55.0	%	$	5,616	$	2,863	96.2	%
Olympics, Super Bowl, and FIFA World Cup	440		—		NM		2,357		—		NM
Domestic advertising revenue, excluding Olympics, Super Bowl and FIFA World Cup	$	1,723	$	1,395	23.5	%	3,259		2,863		13.8	%
Total domestic distribution revenue	$	1,993	$	1,632	22.1	%	$	4,276	$	3,299	29.6	%
Olympics	—		—		NM		262		—		NM
Domestic distribution revenue, excluding Olympics	$	1,993	$	1,632	22.1	%	$	4,014	$	3,299	21.7	%

Percentage changes that are considered not meaningful are denoted with NM.

Domestic advertising revenue primarily consists of revenue generated from sales of advertising on our linear television networks operating predominantly in the United States and on Peacock.

Domestic advertising revenue increased for the three months ended June 30, 2026 compared to the same period in 2025, including the impact of the FIFA World Cup. Excluding the incremental revenue associated with this event, domestic advertising revenue increased for the three months ended June 30, 2026 primarily due to an increase in revenue at our linear television networks and an increase in revenue at Peacock.

Domestic advertising revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the Milan Cortina Olympics, Super Bowl and FIFA World Cup. Excluding the incremental revenue associated with these events, domestic advertising revenue increased for the six months ended June 30, 2026 primarily due to an increase in revenue at Peacock and an increase in revenue at our linear television networks.

Domestic distribution revenue primarily consists of revenue generated from Peacock subscription fees and from the distribution of our television networks operating predominantly in the United States to traditional and virtual multichannel video providers, and from NBC-affiliated and Telemundo-affiliated local broadcast television stations.

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Domestic distribution revenue increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in revenue at Peacock driven by higher average rates and an increase in paid subscribers compared to the prior year period, partially offset by a decrease in revenue at our linear television networks. The decrease at our linear television networks was primarily due to a decline in the number of subscribers, partially offset by contractual rate increases.

Domestic distribution revenue increased for the six months ended June 30, 2026 compared to the same period in 2025, including the impact of the Milan Cortina Olympics in the first quarter of 2026. Excluding the incremental revenue associated with this event, domestic distribution revenue increased for the six months ended June 30, 2026 primarily due to an increase in revenue at Peacock driven by higher average rates and an increase in paid subscribers compared to the prior year period, partially offset by a decrease in revenue at our linear television networks. The decrease at our linear television networks was primarily due to a decline in the number of subscribers, partially offset by contractual rate increases.

International networks revenue primarily consists of revenue generated by our networks operating predominantly outside the United States, including the Sky Sports networks in the United Kingdom and Italy. This revenue primarily results from the distribution of our television networks to traditional and virtual multichannel video providers and other platforms, as well as sales of advertising. A significant portion of this revenue comes from the Residential Connectivity & Platforms segment.

International networks revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to the positive impact of foreign currency.

Other revenue primarily consists of revenue generated from the licensing of our owned content and revenue generated from the commission earned from our commercial services agreement with Versant.

* * *

Media segment total revenue included $1.9 billion and $4.0 billion related to Peacock for the three and six months ended June 30, 2026, respectively, including amounts related to the FIFA World Cup for the three months ended June 30, 2026 and to the Milan Cortina Olympics, Super Bowl, and FIFA World Cup for the six months ended June 30, 2026. Media segment total revenue included $1.2 billion and $2.5 billion related to Peacock for the three and six months ended June 30, 2025, respectively. Peacock revenue includes advertising, distribution and other revenue for our Peacock DTC streaming service, as well as distribution and advertising revenue from NBC Sports Network due to shared programming. We had 48 million and 41 million paid subscribers of Peacock as of June 30, 2026 and 2025, respectively. Peacock paid subscribers represent customers from which we recognize distribution revenue from the Peacock service, including both customers that pay us directly and customers receiving the service through arrangements with companies who sell Peacock on our behalf. In these arrangements, paid subscribers are counted based on the terms of the arrangement when the related revenue is recognized. As a result, certain customers are counted when they activate their account, while other customers are counted when the Peacock service is made available to them as part of their bundled service offering regardless of whether it is activated.

Media Segment – Costs and Expenses

Programming and production costs primarily consists of the amortization of owned and licensed content, including sports rights, direct production costs, production overhead, on-air talent costs and costs associated with the distribution of our television networks to multichannel video providers.

Programming and production costs increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to the impact of NBA rights and costs associated with the FIFA World Cup in the current year period.

Programming and production costs increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to costs associated with the Milan Cortina Olympics, Super Bowl and FIFA World Cup and an increase due to the impact of NBA rights in the current year period.

Marketing and promotion expenses primarily consists of the costs associated with promoting Peacock and our television networks.

Marketing and promotion expenses increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to higher costs associated with the FIFA World Cup, partially offset by lower costs related to marketing for Peacock.

Marketing and promotion expenses increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to higher costs associated with the Milan Cortina Olympics and FIFA World Cup, and higher costs related to marketing for Peacock.

Other expenses primarily consists of salaries, employee benefits, rent and other overhead expenses.

Other expenses increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in costs related to Peacock.

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Other expenses increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in costs related to Peacock and increases in costs related to the Milan Cortina Olympics and Super Bowl.

* * *

Media segment total costs and expenses included $1.7 billion and $4.2 billion related to Peacock for the three and six months ended June 30, 2026, respectively, including amounts related to the FIFA World Cup for the three months ended June 30, 2026 and to the Milan Cortina Olympics, Super Bowl, and FIFA World Cup for the six months ended June 30, 2026. Media segment total costs and expenses included $1.3 billion and $2.8 billion related to Peacock for the three and six months ended June 30, 2025, respectively.

Studios Segment Results of Operations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2026		2025		%		2026		2025		%
Revenue
Content licensing	$	1,799	$	1,805	(0.3)	%	$	4,772	$	3,979	19.9	%
Theatrical	972		284		NM		1,088		570		90.8
Other	269		343		(21.5)		605		709		(14.7)
Total revenue	3,040		2,432		25.0		6,466		5,259		23.0
Costs and Expenses
Programming and production	2,047		1,664		23.0		4,282		3,564		20.2
Marketing and promotion	545		452		20.6		918		844		8.7
Other	247		256		(3.5)		509		515		(1.2)
Total costs and expenses	2,839		2,372		19.7		5,709		4,923		16.0
Adjusted EBITDA	$	202	$	61	NM		$	757	$	335	125.9	%

Percentage changes that are considered not meaningful are denoted with NM.

Studios Segment – Revenue

Content licensing revenue was consistent for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to the timing of when content was made available by our film studios, offset by the timing of when content was made available by our television studios under licensing agreements.

Content licensing revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the timing of when content was made available by our television studios under licensing agreements, mostly driven by a renewed licensing agreement for content exclusively available for streaming on Peacock in the current year period.

Theatrical revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to higher revenue from recent releases, including The Super Mario Galaxy Movie, Obsession and the international distribution of Michael, compared to revenue from releases impacting the prior year period.

Studios Segment – Costs and Expenses

Programming and production costs increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to higher costs associated with theatrical releases.

Programming and production costs increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to higher costs associated with the renewed licensing agreement for content exclusively available for streaming on Peacock and higher costs associated with theatrical releases.

Marketing and promotion expenses increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to increased spending on recent and upcoming theatrical film releases.

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Theme Parks Segment Results of Operations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2026		2025		%		2026		2025		%
Revenue	$	2,413	$	2,349	2.7	%	$	4,744	$	4,226	12.3	%
Costs and expenses	1,805		1,708		5.7		3,584		3,171		13.0
Adjusted EBITDA	$	609	$	641	(5.1)	%	$	1,159	$	1,055	9.9	%

Theme parks segment revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to higher revenue at our theme parks in Orlando driven by the opening of Epic Universe in May 2025, partially offset by decreases at our international theme parks.

Theme parks segment costs and expenses increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to operating costs associated with our domestic theme parks, including Epic Universe.

Content & Experiences Headquarters, Other and Eliminations

Headquarters and Other Results of Operations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2026		2025		%		2026		2025		%
Revenue	$	18	$	9	112.4	%	$	33	$	20	69.8	%
Costs and expenses	233		210		11.0		456		415		9.7
Adjusted EBITDA	$	(214)	$	(201)	(6.7)	%	$	(423)	$	(396)	(6.8)	%

Headquarters and Other expenses primarily consist of overhead, personnel and other costs necessary to operate the Content & Experiences business.

Eliminations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2026		2025		%		2026		2025		%
Revenue	$	(435)	$	(604)	(27.9)	%	$	(1,546)	$	(1,298)	19.1	%
Costs and expenses	(460)		(660)		(30.2)		(1,431)		(1,368)		4.6
Adjusted EBITDA	$	25	$	56	(55.0)	%	$	(115)	$	70	NM

Percentage changes that are considered not meaningful are denoted with NM.

Amounts represent eliminations of transactions between segments in our Content & Experiences business, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses. The six months ended June 30, 2026 includes the impact of a renewed licensing agreement for content exclusively available for streaming on Peacock.

Eliminations increase or decrease to the extent that additional content is made available to our other segments within the Content & Experiences business. Refer to Note 2 for additional information on transactions between our segments.

Corporate, Other and Eliminations

Corporate and Other Results of Operations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2026		2025		%		2026		2025		%
Revenue	$	368	$	322	14.5	%	$	793	$	712	11.4	%
Costs and expenses	742		609		21.9		1,411		1,194		18.2


Adjusted EBITDA	$	(374)	$	(287)	(30.2)	%	$	(618)	$	(482)	(28.2)	%

Corporate and Other primarily consists of overhead and personnel costs; our regional sports networks; and Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania.

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Corporate and Other revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to increases in revenue from our corporate functions and Comcast Spectacor, partially offset by decreases from our regional sports networks.

Corporate and Other costs and expenses increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily driven by higher costs related to our corporate functions, including marketing associated with the Milan Cortina Olympics for the six months ended June 30, 2026.

Eliminations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2026		2025		%		2026		2025		%
Revenue	$	(1,324)	$	(1,217)	8.8	%	$	(2,758)	$	(2,448)	12.7	%
Costs and expenses	(1,327)		(1,237)		7.3		(2,731)		(2,481)		10.1
Adjusted EBITDA	$	3	$	20	(83.4)	%	$	(27)	$	33	NM

Percentage changes that are considered not meaningful are denoted with NM.

Amounts represent eliminations of transactions between our Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media segment and the Residential Connectivity & Platforms segment. Eliminations of transactions between segments within Content & Experiences are presented separately. Amounts are affected by the periodic broadcast of the Olympic Games, including the Milan Cortina Olympics in the first quarter of 2026. Refer to Note 2 for additional information on transactions between our segments.

Non-GAAP Financial Measures

Consolidated Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the operational strength and performance of our businesses as well as to assist in the evaluation of underlying trends in our businesses. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. It is also unaffected by our capital and tax structures, and by our investment activities, including the results of entities that we do not consolidate, as our management excludes these results when evaluating our operating performance. Our management and Board of Directors use this financial measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. Additionally, we believe that Adjusted EBITDA is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure of Adjusted EBITDA may not be directly comparable to similar measures used by other companies.

We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance.

We reconcile consolidated Adjusted EBITDA to net income attributable to Comcast Corporation. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to Comcast Corporation, or net cash provided by operating activities that we have reported in accordance with GAAP.

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Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2026		2025		2026		2025
Net income attributable to Comcast Corporation	$	3,526	$	11,123	$	5,699	$	14,498
Net income (loss) attributable to noncontrolling interests	(107)		(79)		(254)		(158)
Income tax expense	1,194		3,603		1,899		4,799
Interest expense	1,052		1,105		2,146		2,155
Investment and other (income) loss, net	(503)		(9,760)		(195)		(9,644)
Depreciation	2,391		2,349		4,724		4,580
Amortization	1,297		1,805		2,829		3,423
Transaction costs(a)	—		36		51		55
Transaction-related costs(a)	—		75		—		77

Other adjustments(b)	55		26		(68)		29


Adjusted EBITDA	$	8,902	$	10,283	$	16,831	$	19,815

(a)Transaction costs are incremental costs directly related to effectuating the Versant Separation and primarily include advisory, legal and audit fees, as well as legal entity separation costs. Transaction-related costs are incremental costs incurred related to the Versant Separation, including costs that reflect strategic decisions about how the stand-alone Versant business will be structured or operated, which may be different than if it remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs.

(b)Amounts represent the impact of certain other events, gains, losses or other charges that are excluded from Adjusted EBITDA. The three and six months ended June 30, 2026 include certain share-based compensation expenses and costs related to our investment portfolio. The six months ended June 30, 2026 also include a gain related to a legal settlement. The three and six months ended June 30, 2025 include costs related to our investment portfolio.

Constant Currency

Constant currency and constant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimated effects of foreign currency exchange rate fluctuations. Certain of our businesses, including Connectivity & Platforms, have operations outside the United States that are conducted in local currencies. As a result, the comparability of the financial results reported in U.S. dollars is affected by changes in foreign currency exchange rates. In our Connectivity & Platforms business, we use constant currency and constant currency growth rates to evaluate the underlying performance of the businesses, and we believe they are helpful for investors because such measures present operating results on a comparable basis year over year to allow the evaluation of their underlying performance.

Constant currency and constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods.

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Reconciliation of Connectivity & Platforms Constant Currency


	Three Months Ended June 30, 2025								Six Months Ended June 30, 2025
(in millions)	As Reported			Effects of Foreign Currency		Constant Currency Amounts			As Reported			Effects of Foreign Currency		Constant Currency Amounts
Revenue
Residential Connectivity & Platforms	$	17,839		$	45	$	17,884		$	35,504		$	346	$	35,851
Business Services Connectivity	2,575			—		2,575			5,071			2		5,073
Total Connectivity & Platforms revenue	$	20,414		$	45	$	20,459		$	40,575		$	348	$	40,923
Adjusted EBITDA
Residential Connectivity & Platforms	$	7,006		$	4	$	7,010		$	13,848		$	42	$	13,890
Business Services Connectivity	1,444			—		1,444			2,866			(1)		2,865
Total Connectivity & Platforms Adjusted EBITDA	$	8,450		$	4	$	8,454		$	16,714		$	41	$	16,755
Adjusted EBITDA Margin
Residential Connectivity & Platforms	39.3		%	(10) bps		39.2		%	39.0		%	(30) bps		38.7		%
Business Services Connectivity	56.1			— bps		56.1			56.5			— bps		56.5
Total Connectivity & Platforms Adjusted EBITDA margin	41.4		%	(10) bps		41.3		%	41.2		%	(30) bps		40.9		%


	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
(in millions)	As Reported		Effects of Foreign Currency		Constant Currency Amounts		As Reported		Effects of Foreign Currency		Constant Currency Amounts
Costs and Expenses
Programming	$	3,998	$	18	$	4,016	$	8,105	$	128	$	8,233
Technical and support	1,918		5		1,923		3,854		35		3,888
Direct product costs	1,829		8		1,837		3,454		67		3,522
Marketing and promotion	1,249		4		1,252		2,491		24		2,515
Customer service	677		1		679		1,359		11		1,370
Other	2,293		5		2,298		4,598		42		4,640
Total Connectivity & Platforms costs and expenses	$	11,965	$	41	$	12,006	$	23,862	$	307	$	24,168

Reconciliation of Residential Connectivity & Platforms Constant Currency


	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
(in millions)	As Reported		Effects of Foreign Currency		Constant Currency Amounts		As Reported		Effects of Foreign Currency		Constant Currency Amounts
Revenue
Domestic broadband	$	6,649	$	—	$	6,649	$	13,327	$	—	$	13,327
Domestic wireless service	882		—		882		1,732		—		1,732
Domestic convergence revenue	7,530		—		7,530		15,059		—		15,059
Domestic wireless equipment	313		—		313		587		—		587
International connectivity	1,219		10		1,230		2,351		94		2,445
Total residential connectivity	9,063		10		9,074		17,997		94		18,091
Video	6,605		28		6,634		13,206		197		13,403
Advertising	951		4		955		1,850		30		1,880
Other	1,219		3		1,222		2,452		26		2,478
Total revenue	17,839		45		17,884		35,504		346		35,851
Costs and Expenses
Programming	3,998		18		4,016		8,105		128		8,233
Other	6,835		22		6,858		13,551		176		13,728
Total costs and expenses	10,834		41		10,874		21,657		304		21,961
Adjusted EBITDA	$	7,006	$	4	$	7,010	$	13,848	$	42	$	13,890

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Other Adjustments

From time to time, we present adjusted information, such as revenue, to exclude the impact of certain events, gains, losses or other charges. This adjusted information is a non-GAAP financial measure. We believe, among other things, that the adjusted information may help investors evaluate our ongoing operations and can assist in making meaningful period-over-period comparisons.

Liquidity and Capital Resources


	Six Months Ended June 30,
(in billions)	2026		2025
Cash provided by operating activities	$	15.0	$	16.1
Cash used in investing activities	$	(6.5)	$	(7.9)
Cash used in financing activities	$	(11.3)	$	(5.9)


(in billions)	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	7.7	$	9.5
Restricted cash included in other current assets and other noncurrent assets, net	$	0.1	$	1.1
Debt	$	90.4	$	98.9

Our businesses generate significant cash flows from operating activities. We believe that we will be able to continue to meet our current and long-term liquidity and capital requirements, including fixed charges, through our cash flows from operating activities; existing cash, cash equivalents and investments; available borrowings under our existing credit facility; and our ability to obtain future external financing. We anticipate that we will continue to use a substantial portion of our cash flows from operating activities in repaying our debt obligations, funding our capital expenditures and cash paid for intangible assets, investing in business opportunities, and returning capital to shareholders.

We maintain significant availability under our revolving credit facility and our commercial paper program to meet our short-term liquidity requirements. Our commercial paper program generally provides a lower-cost source of borrowing to fund our short-term working capital requirements. As of June 30, 2026, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.8 billion.

Our revolving credit facility contains a financial covenant pertaining to leverage, which is the ratio of debt to EBITDA, as defined in the agreement. Compliance with this financial covenant is tested on a quarterly basis. As of June 30, 2026, we met this financial covenant, and we expect to remain in compliance with this financial covenant.

Operating Activities

Components of Net Cash Provided by Operating Activities


	Six Months Ended June 30,
(in millions)	2026		2025
Operating income	$	9,296	$	11,650
Depreciation and amortization	7,553		8,003

Noncash share-based compensation	786		703
Changes in operating assets and liabilities	(369)		(614)
Payments of interest	(1,836)		(1,803)
Payments of income taxes	(559)		(2,085)
Proceeds from investments and other	112		254
Net cash provided by operating activities	$	14,983	$	16,109

The variance in changes in operating assets and liabilities for the six months ended June 30, 2026 compared to the same period in 2025 was primarily related to the timing of amortization and related payments for our film and television costs, including the timing of sports, and the timing of third-party transferable tax credits purchases, partially offset by increases in accounts receivable, including the impact of our broadcast of the FIFA World Cup, and decreases in deferred revenue.

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Payments of income taxes decreased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the timing of third-party transferable tax credit purchases and additional deductions allowed under legislation enacted in 2025.

Legislation signed into law in 2025 in the United States is expected to significantly reduce our payments of income taxes over the next several years, with variability across the years, primarily due to additional depreciation deductions.

Proceeds from investments and other decreased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to a gain on a legal settlement in the current year period, with the related proceeds included in investing activities.

Investing Activities

Net cash used in investing activities decreased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the acquisition of Nitel in 2025, the purchase of an equity method investment in the prior year period, proceeds from a legal settlement in the current year period and proceeds from the sale of our Sky operations in Germany in the current year period (see Note 6). These decreases were partially offset by additional proceeds received in the prior year period for the sale of our interest in Hulu, an increase in capital expenditures and proceeds from the sale of a nonmarketable security in the prior year period. Capital expenditures increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to increased spending by the Connectivity & Platforms businesses primarily on scalable infrastructure and customer premise equipment, partially offset by decreased spending by the Content & Experiences businesses. The decreased spending by Content & Experiences was driven by the opening of Epic Universe in 2025, partially offset by increased spending on the development of other destinations and experiences.

In July 2026, we entered into an agreement to acquire the ITV Media & Entertainment business from ITV plc for total consideration of up to £1.6 billion, subject to customary adjustments, including cash of £1.2 billion, noncash consideration valued at approximately £0.2 billion and variable consideration of up to £0.2 billion. The acquisition is expected to close in the second half of 2027, subject to various conditions and approvals.

Financing Activities

Net cash used in financing activities increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to higher repurchases and repayments of debt, cash transferred to Versant, net in the current year period and lower proceeds from borrowings, partially offset by lower repurchases of common stock under our share repurchase program and employee plans in the current year period.

In the fourth quarter of 2025, Versant incurred $1.0 billion of indebtedness from the issuance of certain notes and on January 2, 2026, before the Distribution, Versant borrowed $2.0 billion of indebtedness from certain credit facilities. Versant’s $3.0 billion aggregate principal amount of indebtedness ceased to be consolidated indebtedness of Comcast in connection with the Versant Separation. 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.

For the six months ended June 30, 2026, we made debt repayments of $7.3 billion, including the early purchase of $4.1 billion of senior notes maturing between January 2027 and June 2029, as well as $2.1 billion of 3.150% Notes due March 2026 and $629 million of 5.350% Notes due November 2027, which were paid using the proceeds from the distribution from Versant, together with cash on hand. We also made debt repayments of $418 million principal amount of notes due at maturity.

We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repurchases or exchanges of our outstanding public notes and debentures, depending on various factors, such as market conditions. Any such repurchases may be effected through privately negotiated transactions, market transactions, tender offers, redemptions or otherwise. In particular, we may repurchase varying amounts of our outstanding public notes and debentures with short to medium term maturities through privately negotiated or market transactions. See Notes 5 and 7 for additional information on our financing activities.

Share Repurchases and Dividends

In January 2025, our Board of Directors terminated the existing share repurchase program authorization and approved a new share repurchase program authorization of $15.0 billion, which has no expiration date. During the six months ended June 30, 2026, we repurchased a total of 76 million shares of our Class A common stock for $2.2 billion under this share repurchase program. We did not purchase any shares outside of this program. As of June 30, 2026, we had $6.7 billion remaining under the authorization. In connection with the proposed NBCUniversal Spin-off, we have suspended our share repurchase program as of the beginning of the third quarter of 2026.

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In addition, we paid $347 million and $345 million for the six months ended June 30, 2026 and 2025, respectively, related to employee taxes associated with the administration of our share-based compensation plans and excise taxes related to share repurchases.

In January 2026, our Board of Directors approved a dividend consistent with the prior year of $1.32 per share on an annualized basis. During the six months ended June 30, 2026, we paid dividends of $2.4 billion. In May 2026, our Board of Directors approved our second quarter dividend of $0.33 per share, which was paid in July 2026. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.

Guarantee Structure

Our debt is primarily issued at Comcast, although we also have debt at certain of our subsidiaries as a result of acquisitions and other issuances. A substantial amount of this debt is subject to guarantees by Comcast and by certain subsidiaries that we have put in place to simplify our capital structure. We believe this guarantee structure provides liquidity benefits to debt investors and helps to simplify credit analysis with respect to relative value considerations of guaranteed subsidiary debt.

Debt and Guarantee Structure




(in billions)	June 30, 2026		December 31, 2025
Debt Subject to Cross-Guarantees
Comcast	$	86.3	$	93.3
NBCUniversal(a)	1.6		1.6
Comcast Cable(a)	0.3		0.9
	88.2		95.8
Debt Subject to One-Way Guarantees
Sky	2.7		2.7
Other(a)	0.1		0.1
	2.8		2.9
Debt Not Guaranteed
Universal Beijing Resort(b)	3.7		3.6
Other(c)	1.4		2.5
	5.1		6.1
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net	(5.8)		(5.9)
Total debt	$	90.4	$	98.9

(a)NBCUniversal Media, LLC (“NBCUniversal”), Comcast Cable Communications, LLC (“Comcast Cable”) and Comcast Holdings Corporation (“Comcast Holdings”), which is included within other debt subject to one-way guarantees, are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC. The guarantee structures and related disclosures in this section, together with Exhibit 22 to our 2025 Annual Report on Form 10-K, satisfy these reporting obligations.

(b)Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. See Note 7 for additional information.

(c)Other as of December 31, 2025 includes $1.0 billion aggregate principal amount of 7.25% fixed-rate senior secured notes due January 2031 issued by Versant which was secured by the assets of Versant. Subsequent to December 31, 2025, the notes ceased to be our contractual obligation due to the completion of the Versant Separation.

Cross-Guarantees

Comcast, NBCUniversal and Comcast Cable (the “Guarantors”) fully and unconditionally, jointly and severally, guarantee each other’s debt securities. NBCUniversal and Comcast Cable also guarantee other borrowings of Comcast, including its revolving credit facility. These guarantees rank equally with all other general unsecured and unsubordinated obligations of the respective Guarantors. However, the obligations of the Guarantors under the guarantees are structurally subordinated to the indebtedness and other liabilities of their respective non-guarantor subsidiaries. The obligations of each Guarantor are limited to the maximum amount that would not render such Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of U.S. and non-U.S. law. Each Guarantor’s obligations will remain in effect until all amounts payable with respect to the guaranteed securities have been paid in full. However, a guarantee by NBCUniversal or Comcast Cable of Comcast’s debt securities, or by NBCUniversal of Comcast Cable’s debt securities, will terminate upon a disposition of such Guarantor entity or all or substantially all of its assets.

The Guarantors are each holding companies that principally hold investments in, borrow from and lend to non-guarantor subsidiary operating companies; issue and service third-party debt obligations; repurchase shares and pay dividends; and

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engage in certain corporate and headquarters activities. The Guarantors are generally dependent on non-guarantor subsidiary operating companies to fund these activities.

As of June 30, 2026 and December 31, 2025, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $119 billion and $107 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $15 billion and $14 billion, respectively. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries. The underlying net assets of the non-guarantor subsidiaries are significantly in excess of the Guarantor obligations. Excluding investments in non-guarantor subsidiaries, external debt and the noncurrent notes payable and receivable with non-guarantor subsidiaries, the Guarantors do not have material assets, liabilities or results of operations.

One-Way Guarantees

Comcast provides full and unconditional guarantees of certain debt issued by Sky Limited (“Sky”), including all of its senior notes, and other consolidated subsidiaries not subject to the periodic reporting requirements of the SEC.

Comcast also provides a full and unconditional guarantee of $138 million principal amount of subordinated debt issued by Comcast Holdings. Comcast’s obligations under this guarantee are subordinated and subject, in right of payment, to the prior payment in full of all of Comcast’s senior indebtedness, including debt guaranteed by Comcast on a senior basis, and are structurally subordinated to the indebtedness and other liabilities of its non-guarantor subsidiaries (for purposes of this Comcast Holdings discussion, Comcast Cable and NBCUniversal are included within the non-guarantor subsidiary group). Comcast’s obligations as guarantor will remain in effect until all amounts payable with respect to the guaranteed debt have been paid in full. However, the guarantee will terminate upon a disposition of Comcast Holdings or all or substantially all of its assets. Comcast Holdings is a consolidated subsidiary holding company that directly or indirectly holds 100% and approximately 32% of our equity interests in Comcast Cable and NBCUniversal, respectively.

As of June 30, 2026 and December 31, 2025, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $84 billion and $71 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $11 billion for both periods. This financial information is that of Comcast and Comcast Holdings presented on a combined basis with intercompany balances between Comcast and Comcast Holdings eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries of Comcast and Comcast Holdings. The underlying net assets of the non-guarantor subsidiaries of Comcast and Comcast Holdings are significantly in excess of the obligations of Comcast and Comcast Holdings. Excluding investments in non-guarantor subsidiaries, external debt, and the noncurrent notes payable and receivable with non-guarantor subsidiaries, Comcast and Comcast Holdings do not have material assets, liabilities or results of operations.

Critical Accounting Estimates

The preparation of our condensed consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We believe our estimates associated with the valuation and impairment testing of goodwill are critical in the preparation of our consolidated financial statements. We assessed goodwill for impairment in connection with the Versant Separation and our change in segment composition in the first quarter of 2026. Based on our assessment, no impairment was required, and the estimated fair values of our reporting units substantially exceeded their carrying values.

Changes in market conditions, laws and regulations, and key assumptions made in future quantitative assessments, such as expected cash flows, competitive factors, discount rates, and value indications from market transactions, including the proposed NBCUniversal Spin-off, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.

For a more complete discussion of the accounting estimates that we have identified as critical in the preparation of our condensed consolidated financial statements, please refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Annual Report on Form 10-K.

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ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We have evaluated the information required under this item that was disclosed in our 2025 Annual Report on Form 10-K and there have been no material changes to this information.

ITEM 4: CONTROLS AND PROCEDURES

Conclusions regarding disclosure controls and procedures

Our principal executive and principal financial officers, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, such disclosure controls and procedures were effective.

Changes in internal control over financial reporting

There were no changes in internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II: OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS

See Note 11 included in this Quarterly Report on Form 10-Q for a discussion of legal proceedings.

ITEM 1A: RISK FACTORS

We are subject to risks related to our intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky.

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 to better position each company to pursue its own strategic priorities, invest for growth and create long-term shareholder value as independent entities. The NBCUniversal Spin-off will be subject to the satisfaction of customary conditions, including obtaining final approval by our Board of Directors, receipt of tax opinions and regulatory approvals, and completion of financing arrangements. The failure to satisfy all of the required conditions, as well as additional factors such as conditions in the equity and debt markets and other external conditions, could delay completion of the NBCUniversal Spin-off relative to our expected timeline or prevent it from occurring at all. There is no guarantee that the NBCUniversal Spin-off, if completed, will be successful in meeting its objectives or achieving its intended benefits. Because completion of the NBCUniversal Spin-off will result in two companies that are smaller, each company will incur separate ongoing costs that may be shared today and may become more vulnerable to changing market conditions, which could adversely affect their respective businesses, financial condition and results of operations. In addition, we cannot predict whether the market value of our Class A common stock and the Class A common stock of NBCUniversal after the NBCUniversal Spin-off will be, in the aggregate, less than, equal to or greater than the market value of our Class A common stock prior to the NBCUniversal Spin-off. In addition, although we intend for the NBCUniversal Spin-off to be tax-free to our shareholders for U.S. federal income tax purposes, there can be no assurance that the NBCUniversal Spin-off will qualify as tax-free and, if the NBCUniversal Spin-off is ultimately determined to be taxable, we and/or holders of our common stock could be subject to substantial U.S. and/or applicable non-U.S. taxes as a result, and we could incur significant liabilities under applicable law.

ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The table below summarizes Comcast’s common stock repurchases during the three months ended June 30, 2026.


Period	Total Number of Shares Purchased	Average Price Per Share		Total Number of Shares Purchased as Part of Publicly Announced Authorization	Total Dollar Amount Purchased Under the Publicly Announced Authorization		Maximum Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Authorization(a)
April 1-30, 2026	15,502,686	$	28.38	15,502,686	$	439,999,497	$	7,166,669,874
May 1-31, 2026	13,097,743	$	25.58	13,097,743	$	334,999,576	$	6,831,670,298
June 1-30, 2026	5,206,203	$	24.01	5,206,203	$	125,000,902	$	6,706,669,396
Total	33,806,632	$	26.62	33,806,632	$	899,999,975	$	6,706,669,396

(a)In January of 2025, our Board of Directors approved a new share repurchase authorization of $15 billion, which has no expiration date. In connection with the proposed NBCUniversal Spin-off, we have suspended our share repurchase program as of the beginning of the third quarter of 2026.

ITEM 6: EXHIBITS


Exhibit No.						Description

31						Certification of Co-Chief Executive Officers and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32						Certification of Co-Chief Executive Officers and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101						The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the six months ended June 30, 2026, filed with the Securities and Exchange Commission on July 23, 2026, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statements of Income; (ii) the Condensed Consolidated Statements of Comprehensive Income; (iii) the Condensed Consolidated Statements of Cash Flows; (iv) the Condensed Consolidated Balance Sheets; (v) the Condensed Consolidated Statements of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
104						Cover Page Interactive Data File (embedded within the iXBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


						COMCAST CORPORATION

By:						/s/ DANIEL C. MURDOCK
						Daniel C. Murdock Executive Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)