COMCAST CORP [CCZ] Filings

10-Q 1 cmcsa-20240630.htm 10-Q cmcsa-20240630

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, 2024


☐			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

1.875% Notes due 2036

CMCS36

The Nasdaq Stock Market LLC

1.250% Notes due 2040

CMCS40

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, 2024, there were 3,863,057,248 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	9
	Note 4: Programming and Production Costs	10
	Note 5: Debt	10
	Note 6: Investments and Variable Interest Entities	11

	Note 7: Equity and Share-Based Compensation	12
	Note 8: Supplemental Financial Information	13
	Note 9: Commitments and Contingencies	1 3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

Item 6.	Exhibits	31
SIGNATURES		32

Explanatory Note

This Quarterly Report on Form 10-Q is for the three and six months ended June 30, 2024. 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 the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. In evaluating forward-looking 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 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 and 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

•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 CEO has considerable influence over our company through his beneficial ownership of our Class B common stock

Table of Contents

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)	2024		2023		2024		2023
Revenue	$	29,688	$	30,513	$	59,746	$	60,205
Costs and Expenses:
Programming and production	7,961		8,849		16,784		17,853
Marketing and promotion	1,922		2,100		3,940		4,063
Other operating and administrative	9,630		9,317		19,487		18,618
Depreciation	2,153		2,195		4,328		4,459
Amortization	1,387		1,343		2,762		2,856


Total costs and expenses	23,053		23,804		47,301		47,849
Operating income	6,635		6,709		12,445		12,355
Interest expense	(1,026)		(998)		(2,028)		(2,007)
Investment and other income (loss), net	(434)		15		(137)		622
Income before income taxes	5,175		5,726		10,280		10,970
Income tax expense	(1,336)		(1,537)		(2,663)		(3,013)
Net income	3,839		4,189		7,616		7,957
Less: Net income (loss) attributable to noncontrolling interests	(89)		(59)		(169)		(126)
Net income attributable to Comcast Corporation	$	3,929	$	4,248	$	7,785	$	8,082
Basic earnings per common share attributable to Comcast Corporation shareholders	$	1.01	$	1.02	$	1.98	$	1.93
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	1.00	$	1.02	$	1.97	$	1.92

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Net income	$	3,839	$	4,189	$	7,616	$	7,957
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $(22), $(20), $(43) and $(22)	(130)		490		(567)		1,268
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $0, $14, $(2), and $23	6		(7)		25		(22)
Realized (gains) losses reclassified to net income, net of deferred taxes of $1, $8, $0 and $16	(5)		(50)		(4)		(97)
Employee benefit obligations and other, net of deferred taxes of $3, $1, $8 and $3	(12)		(4)		(36)		(10)
Other comprehensive income (loss)	(142)		429		(582)		1,139
Comprehensive income	3,698		4,619		7,034		9,096
Less: Net income (loss) attributable to noncontrolling interests	(89)		(59)		(169)		(126)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	—		(36)		(13)		(39)
Comprehensive income attributable to Comcast Corporation	$	3,787	$	4,714	$	7,217	$	9,261

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Six Months Ended June 30,
(in millions)	2024		2023
Operating Activities
Net income	$	7,616	$	7,957
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,091		7,315

Share-based compensation	689		668
Noncash interest expense (income), net	218		140
Net (gain) loss on investment activity and other	391		(354)
Deferred income taxes	240		296
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	750		(92)
Film and television costs, net	23		58
Accounts payable and accrued expenses related to trade creditors	(648)		(718)
Other operating assets and liabilities	(3,798)		(843)
Net cash provided by operating activities	12,572		14,426
Investing Activities
Capital expenditures	(5,354)		(5,627)
Cash paid for intangible assets	(1,341)		(1,577)

Construction of Universal Beijing Resort	(109)		(104)


Proceeds from sales of businesses and investments	557		369
Purchases of investments	(706)		(593)

Other	73		6
Net cash provided by (used in) investing activities	(6,879)		(7,528)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net	—		(660)
Proceeds from borrowings	3,266		6,044

Repurchases and repayments of debt	(1,911)		(3,001)
Repurchases of common stock under repurchase program and employee plans	(4,930)		(4,227)
Dividends paid	(2,418)		(2,387)

Other	175		(260)
Net cash provided by (used in) financing activities	(5,817)		(4,492)
Impact of foreign currency on cash, cash equivalents and restricted cash	(17)		14
Increase (decrease) in cash, cash equivalents and restricted cash	(141)		2,420
Cash, cash equivalents and restricted cash, beginning of period	6,282		4,782
Cash, cash equivalents and restricted cash, end of period	$	6,141	$	7,202

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions, except share data)	June 30, 2024		December 31, 2023
Assets
Current Assets:
Cash and cash equivalents	$	6,065	$	6,215
Receivables, net	13,167		13,813
Other current assets	4,220		3,959
Total current assets	23,452		23,987
Film and television costs	12,853		12,920
Investments	9,171		9,385
Property and equipment, net of accumulated depreciation of $59,470 and $58,701	60,507		59,686
Goodwill	58,376		59,268
Franchise rights	59,365		59,365
Other intangible assets, net of accumulated amortization of $32,240 and $30,290	26,363		27,867
Other noncurrent assets, net	12,468		12,333
Total assets	$	262,555	$	264,811
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	$	11,736	$	12,437
Accrued participations and residuals	1,520		1,671
Deferred revenue	3,943		3,242
Accrued expenses and other current liabilities	7,955		11,613
Current portion of debt	1,021		2,069
Advance on sale of investment	9,167		9,167
Total current liabilities	35,342		40,198
Noncurrent portion of debt	97,107		95,021
Deferred income taxes	26,252		26,003
Other noncurrent liabilities	19,914		20,122
Commitments and contingencies
Redeemable noncontrolling interests	236		241
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, 4,744,910,918 and 4,842,108,959; outstanding, 3,872,119,890 and 3,969,317,931	47		48
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	—		—
Additional paid-in capital	38,203		38,533
Retained earnings	54,308		52,892
Treasury stock, 872,791,028 Class A common shares	(7,517)		(7,517)
Accumulated other comprehensive income (loss)	(1,822)		(1,253)
Total Comcast Corporation shareholders’ equity	83,219		82,703
Noncontrolling interests	485		523
Total equity	83,704		83,226
Total liabilities and equity	$	262,555	$	264,811

See accompanying notes to condensed consolidated financial statements.

Table of Contents

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)	2024		2023		2024		2023
Redeemable Noncontrolling Interests
Balance, beginning of period	$	243	$	422	$	241	$	411

Contributions from (distributions to) noncontrolling interests, net	2		(8)		(8)		(15)
Other	—		(171)		—		(171)
Net income (loss)	(9)		(3)		3		14
Balance, end of period	$	236	$	239	$	236	$	239

Class A Common Stock
Balance, beginning of period	$	48	$	50	$	48	$	51
Repurchases of common stock under repurchase program and employee plans	(1)		—		(1)		(1)

Balance, end of period	$	47	$	50	$	47	$	50

Additional Paid-In Capital
Balance, beginning of period	$	38,274	$	39,262	$	38,533	$	39,412

Share-based compensation	287		250		610		543
Repurchases of common stock under repurchase program and employee plans	(428)		(386)		(1,074)		(907)
Issuances of common stock under employee plans	70		82		132		158
Other	—		(89)		1		(87)
Balance, end of period	$	38,203	$	39,118	$	38,203	$	39,118

Retained Earnings
Balance, beginning of period	$	53,425	$	52,524	$	52,892	$	51,609

Repurchases of common stock under repurchase program and employee plans	(1,825)		(1,664)		(3,906)		(3,352)
Dividends declared	(1,222)		(1,208)		(2,465)		(2,439)

Net income	3,929		4,248		7,785		8,082
Balance, end of period	$	54,308	$	53,900	$	54,308	$	53,900

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	$	(1,680)	$	(1,898)	$	(1,253)	$	(2,611)

Other comprehensive income (loss)	(142)		466		(569)		1,179
Balance, end of period	$	(1,822)	$	(1,432)	$	(1,822)	$	(1,432)

Noncontrolling Interests
Balance, beginning of period	$	500	$	612	$	523	$	684
Other comprehensive income (loss)	—		(36)		(13)		(39)
Contributions from (distributions to) noncontrolling interests, net	66		41		147		56
Other	—		(2)		—		(2)
Net income (loss)	(81)		(55)		(172)		(139)
Balance, end of period	$	485	$	559	$	485	$	559

Total equity	$	83,704	$	84,679	$	83,704	$	84,679

Cash dividends declared per common share	$	0.31	$	0.29	$	0.62	$	0.58

See accompanying notes to condensed consolidated financial statements.

Table of Contents

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 2023 Annual Report on Form 10-K.

Recent Accounting Pronouncements

Segment Disclosures

In November 2023, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to annual and interim segment disclosures. The updated accounting guidance, among other things, requires disclosure of certain significant segment expenses. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2024.

Income Tax Disclosures

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

Table of Contents

Comcast Corporation

Note 2: Segment Information

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

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


	Three Months Ended June 30, 2024
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	17,794	$	2,416	$	5,190	$	1,657	$	1,974	$	29,030
Intersegment revenue(a)	30		6		1,134		597		1		1,768
	17,824		2,421		6,324		2,253		1,975		30,798
Reconciliation of Revenue
Other revenue(b)											715
Eliminations(a)											(1,825)
Total consolidated revenue											$	29,688






Segment Adjusted EBITDA(c)	$	7,103	$	1,380	$	1,356	$	124	$	632	$	10,594

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(198)
Corporate and other(b)(c)											(257)

Eliminations											36
Depreciation											(2,153)
Amortization											(1,387)


Interest expense											(1,026)
Investment and other income (loss), net											(434)
Income before income taxes											$	5,175


	Three Months Ended June 30, 2023
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	18,025	$	2,281	$	5,030	$	2,341	$	2,209	$	29,886
Intersegment revenue(a)	43		11		1,164		747		—		1,965
	18,068		2,292		6,195		3,087		2,209		31,851
Reconciliation of Revenue
Other revenue(b)											665
Eliminations(a)											(2,003)
Total consolidated revenue											$	30,513






Segment Adjusted EBITDA(c)	$	7,024	$	1,322	$	1,244	$	255	$	833	$	10,677

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(200)
Corporate and other(b)(c)											(300)

Eliminations											70
Depreciation											(2,195)
Amortization											(1,343)


Interest expense											(998)
Investment and other income (loss), net											15
Income before income taxes											$	5,726

Table of Contents

Comcast Corporation


	Six Months Ended June 30, 2024
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	35,624	$	4,817	$	10,412	$	3,561	$	3,953	$	58,368
Intersegment revenue(a)	68		12		2,283		1,435		1		3,798
	35,692		4,829		12,695		4,996		3,954		62,166
Reconciliation of Revenue
Other revenue(b)											1,494
Eliminations(a)											(3,914)
Total consolidated revenue											$	59,746






Segment Adjusted EBITDA(c)	$	13,955	$	2,746	$	2,182	$	367	$	1,264	$	20,514

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(442)
Corporate and other(b)(c)											(580)

Eliminations											43
Depreciation											(4,328)
Amortization											(2,762)


Interest expense											(2,028)
Investment and other income (loss), net											(137)
Income before income taxes											$	10,280


	Six Months Ended June 30, 2023
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	35,842	$	4,564	$	10,015	$	4,334	$	4,158	$	58,913
Intersegment revenue(a)	96		11		2,332		1,709		—		4,147
	35,937		4,575		12,347		6,043		4,158		63,060
Reconciliation of Revenue
Other revenue(b)											1,391
Eliminations(a)											(4,247)
Total consolidated revenue											$	60,205






Segment Adjusted EBITDA(c)	$	13,785	$	2,654	$	2,124	$	532	$	1,490	$	20,585

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(432)
Corporate and other(b)(c)											(581)

Eliminations											98
Depreciation											(4,459)
Amortization											(2,856)


Interest expense											(2,007)
Investment and other income (loss), net											622
Income before income taxes											$	10,970

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

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

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

(d)Includes overhead, personnel costs and costs associated with corporate initiatives for our Media, Studios and Theme Park segments.

Table of Contents

Comcast Corporation

Note 3: Revenue


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Domestic broadband	$	6,569	$	6,377	$	13,160	$	12,720
Domestic wireless	1,019		869		1,991		1,727
International connectivity	1,148		1,002		2,264		1,900
Total residential connectivity	8,736		8,248		17,415		16,346
Video	6,781		7,358		13,658		14,741
Advertising	993		993		1,944		1,900
Other	1,313		1,469		2,675		2,950
Total Residential Connectivity & Platforms Segment	17,824		18,068		35,692		35,937

Total Business Services Connectivity Segment	2,421		2,292		4,829		4,575

Domestic advertising	1,991		2,027		4,016		4,051
Domestic distribution	2,764		2,615		5,670		5,325
International networks	1,102		1,035		2,123		2,043
Other	467		518		887		928
Total Media Segment	6,324		6,195		12,695		12,347

Content licensing	1,714		1,821		3,815		4,165
Theatrical	237		913		567		1,232
Other	302		354		614		646
Total Studios Segment	2,253		3,087		4,996		6,043

Total Theme Parks Segment	1,975		2,209		3,954		4,158

Other revenue	715		665		1,494		1,391
Eliminations(a)	(1,825)		(2,003)		(3,914)		(4,247)
Total revenue	$	29,688	$	30,513	$	59,746	$	60,205

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

Condensed Consolidated Balance Sheets


(in millions)	June 30, 2024		December 31, 2023
Receivables, gross	$	13,903	$	14,511
Less: Allowance for credit losses	736		698
Receivables, net	$	13,167	$	13,813

The following table summarizes our 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, 2024		December 31, 2023
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,767	$	1,914
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	703	$	618

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


(in millions)	June 30, 2024		December 31, 2023
Receivables, net	$	1,718	$	1,695
Noncurrent receivables, net (included in other noncurrent assets, net)	1,161		1,223

Total	$	2,879	$	2,918

Table of Contents

Comcast Corporation

Note 4: Programming and Production Costs


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Video distribution programming	$	2,879	$	3,191	$	5,899	$	6,381
Film and television content:
Owned(a)	2,215		2,804		4,776		5,539
Licensed, including sports rights	2,570		2,461		5,494		5,193
Other	298		393		615		740
Total programming and production costs	$	7,961	$	8,849	$	16,784	$	17,853

(a) Amount includes amortization of owned content of $1.8 billion and $4.0 billion for the three and six months ended June 30, 2024, respectively, and $2.0 billion and $4.3 billion for the three and six months ended June 30,2023, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs


(in millions)	June 30, 2024		December 31, 2023
Owned:
In production and in development	$	3,474	$	2,893
Completed, not released	241		317
Released, less amortization	4,035		4,340
	7,751		7,551
Licensed, including sports advances	5,102		5,369


Film and television costs	$	12,853	$	12,920

Note 5: Debt

As of June 30, 2024, our debt had a carrying value of $98.1 billion and an estimated fair value of $89.5 billion. As of December 31, 2023, our debt had a carrying value of $97.1 billion and an estimated fair value of $92.2 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

In May 2024, we entered into a new $11.8 billion revolving credit facility with a syndicate of banks, due May 17, 2029, that may be used for general corporate purposes. We may increase the commitments under the facility up to a total of $14.8 billion, as well as extend the expiration date to no later than May 17, 2031, subject to the approval of the lenders. The interest rate consists of a benchmark rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of June 30, 2024, the borrowing margin for borrowings based on the Adjusted Term SOFR Rate, as defined in the agreement, was 0.875%. The facility requires that we maintain a certain financial ratio based on debt and EBITDA, as defined in the agreement. In connection with our entry into the new credit facility, we terminated our prior credit facility dated as of March 30, 2021, and as of June 30, 2024 and December 31, 2023, we had no borrowings outstanding under the new and prior credit facility, respectively. As of June 30, 2024, amounts available under our new credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.8 billion.

Table of Contents

Comcast Corporation

Note 6: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Equity in net income (losses) of investees, net	$	(444)	$	(80)	$	(286)	$	405
Realized and unrealized gains (losses) on equity securities, net	(89)		(38)		(141)		(44)
Other income (loss), net	99		133		290		261
Investment and other income (loss), net	$	(434)	$	15	$	(137)	$	622

The amount of unrealized gains (losses), net recognized in the three months ended June 30, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(70) million and $(41) million, respectively. The amount of unrealized gains (losses), net recognized in the six months ended June 30, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(141) million and $(66) million, respectively.

Investments


(in millions)	June 30, 2024		December 31, 2023
Equity method	$	7,478	$	7,615
Marketable equity securities	15		39
Nonmarketable equity securities	1,402		1,482
Other investments	422		559
Total investments	9,318		9,694
Less: Current investments	146		310
Noncurrent investments	$	9,171	$	9,385

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, 2024 and 2023 was $66 million and $142 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, 2024 and 2023, we made cash capital contributions to Atairos totaling $26 million and $28 million, respectively. As of June 30, 2024 and December 31, 2023, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was $5.3 billion and $5.5 billion, respectively. As of June 30, 2024, our remaining unfunded capital commitment was $1.4 billion.

Other Investments

Other investments also includes investments in certain short-term instruments, which totaled $117 million and $254 million as of June 30, 2024 and December 31, 2023, respectively. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities. Proceeds from short-term instruments for the six months ended June 30, 2024 and 2023 were $514 million and $304 million, respectively. Purchases of short-term instruments for the six months ended June 30, 2024 and 2023 were $373 million and $162 million, respectively.

Table of Contents

Comcast Corporation

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, 2024, Universal Beijing Resort had $3.4 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement. As of December 31, 2023, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement.

As of June 30, 2024, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.4 billion and $7.0 billion, respectively. As of December 31, 2023, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.8 billion and $7.2 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

Note 7: Equity and Share-Based Compensation

Weighted-Average Common Shares Outstanding


	Three Months Ended June 30,		Six Months Ended June 30,
(in millions)	2024	2023		2024	2023
Weighted-average number of common shares outstanding – basic	3,905	4,165		3,932	4,186
Effect of dilutive securities	15	18		24	19
Weighted-average number of common shares outstanding – diluted	3,920	4,183		3,956	4,205

Antidilutive securities	228	230		195	216

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, 2024		December 31, 2023
Cumulative translation adjustments	$	(2,149)	$	(1,596)

Deferred gains (losses) on cash flow hedges	70		49
Unrecognized gains (losses) on employee benefit obligations and other	257		293

Accumulated other comprehensive income (loss), net of deferred taxes	$	(1,822)	$	(1,253)

Share-Based Compensation

Our share-based compensation plans consist primarily of awards of restricted share units (“RSUs”) and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions.

In March 2024, we granted 31 million RSUs and 3 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $42.62 per RSU and $9.49 per stock option. During the three months ended June 30, 2024 and 2023, share-based compensation expense recognized in our condensed consolidated statements of income was $261 million and $252 million, respectively. During the six months ended June 30, 2024 and 2023, share-based compensation expense recognized in our condensed consolidated statements of income was $564 million and $547 million, respectively. As of June 30, 2024, we had unrecognized pretax compensation expense of $2.6 billion related to nonvested RSUs and nonvested stock options.

Table of Contents

Comcast Corporation

Note 8: Supplemental Financial Information

Cash Payments for Interest and Income Taxes


	Six Months Ended June 30,
(in millions)	2024		2023
Interest	$	1,813	$	1,823
Income taxes	$	4,568	$	2,384

Noncash Activities

During the six months ended June 30, 2024:

•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 $0.31 per common share paid in July 2024

During the six months ended June 30, 2023:

•we acquired $2.2 billion of property and equipment and intangible assets that were accrued but unpaid

•we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.29 per common share paid in July 2023

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, 2024		December 31, 2023
Cash and cash equivalents	$	6,065	$	6,215
Restricted cash included in other current assets and other noncurrent assets, net	77		67
Cash, cash equivalents and restricted cash, end of period	$	6,141	$	6,282

Note 9: 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.

Table of Contents

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 2023 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.

Consolidated Operating Results


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions, except per share data)	2024		2023		%		2024		2023		%
Revenue	$	29,688	$	30,513	(2.7)	%	$	59,746	$	60,205	(0.8)	%
Costs and Expenses:
Programming and production	7,961		8,849		(10.0)		16,784		17,853		(6.0)
Marketing and promotion	1,922		2,100		(8.5)		3,940		4,063		(3.0)
Other operating and administrative	9,630		9,317		3.4		19,487		18,618		4.7
Depreciation	2,153		2,195		(1.9)		4,328		4,459		(2.9)
Amortization	1,387		1,343		3.2		2,762		2,856		(3.3)


Total costs and expenses	23,053		23,804		(3.2)		47,301		47,849		(1.1)
Operating income	6,635		6,709		(1.1)		12,445		12,355		0.7
Interest expense	(1,026)		(998)		2.9		(2,028)		(2,007)		1.1
Investment and other income (loss), net	(434)		15		NM		(137)		622		NM
Income before income taxes	5,175		5,726		(9.6)		10,280		10,970		(6.3)
Income tax expense	(1,336)		(1,537)		(13.1)		(2,663)		(3,013)		(11.6)
Net income	3,839		4,189		(8.4)		7,616		7,957		(4.3)
Less: Net income (loss) attributable to noncontrolling interests	(89)		(59)		51.7		(169)		(126)		34.3
Net income attributable to Comcast Corporation	$	3,929	$	4,248	(7.5)	%	$	7,785	$	8,082	(3.7)	%
Basic earnings per common share attributable to Comcast Corporation shareholders	$	1.01	$	1.02	(1.4)	%	$	1.98	$	1.93	2.6	%
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	1.00	$	1.02	(1.3)	%	$	1.97	$	1.92	2.4	%
Weighted-average number of common shares outstanding – basic	3,905		4,165		(6.2)	%	3,932		4,186		(6.1)	%
Weighted-average number of common shares outstanding – diluted	3,920		4,183		(6.3)	%	3,956		4,205		(5.9)	%

Adjusted EBITDA(a)	$	10,171	$	10,244	(0.7)	%	$	19,526	$	19,659	(0.7)	%

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

(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 24 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.

Table of Contents

Consolidated revenue decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily driven by a decrease in the Content & Experiences business, partially offset by an increase in Corporate and Other. Consolidated revenue remained consistent with the prior year period for the six months ended June 30, 2024 driven by a decrease in the Content & Experiences business, offset by an increase in Corporate and Other. 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, decreased for the three months ended June 30, 2024 primarily driven by decreases in the Content & Experiences and Connectivity & Platforms businesses, partially offset by an increase in Corporate and Other. Consolidated costs and expenses, excluding depreciation and amortization expense, remained consistent with the prior year period for the six months ended June 30, 2024, driven by decreases in the Content & Experiences and Connectivity & Platforms businesses, offset by an increase in Corporate and Other. 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 remained consistent with the prior year period for the three months ended June 30, 2024. Consolidated depreciation and amortization expense decreased for the six months ended June 30, 2024 primarily due to decreased depreciation of international property and equipment and decreased amortization of software.

Amortization expense from acquisition-related intangible assets totaled $563 million and $1.1 billion for the three and six months ended June 30, 2024, respectively, and $572 million and $1.1 billion for the three and six months ended June 30, 2023, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.

Consolidated interest expense increased for the three and six months ended June 30, 2024 primarily due to higher weighted-average interest rates and increases in average debt outstanding, partially offset by interest expense in the prior year periods associated with a collateralized obligation that was repaid in the fourth quarter of 2023.

Consolidated investment and other income (loss), net decreased for the three and six months ended June 30, 2024 compared to the same period in 2023.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Equity in net income (losses) of investees, net	$	(444)	$	(80)	$	(286)	$	405
Realized and unrealized gains (losses) on equity securities, net	(89)		(38)		(141)		(44)
Other income (loss), net	99		133		290		261
Total investment and other income (loss), net	$	(434)	$	15	$	(137)	$	622

The change in equity in net income (losses) of investees, net was 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 $(391) million and $(196) million for the three and six months ended June 30, 2024, respectively, and $(23) million and $501 million for the three and six months ended June 30, 2023, respectively.

The change in realized and unrealized gains (losses) on equity securities, net for the three months ended June 30, 2024 was primarily due to higher losses on nonmarketable and marketable securities in the current year period. The change in realized and unrealized gains (losses) on equity securities, net for the six months ended June 30, 2024 was primarily due to higher losses on nonmarketable securities in the current year period and losses on marketable securities in the current year period compared to gains in the prior year period.

The change in other income (loss), net for the three months ended June 30, 2024 primarily resulted from a gain related to an investment in the prior year period. The change in other income (loss), net for the six months ended June 30, 2024 primarily resulted from higher interest income in the current year period.

Consolidated income tax expense for the three and six months ended June 30, 2024 and 2023 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, 2024 compared to the same periods in 2023 were primarily driven by lower domestic income before income taxes.

Consolidated net income (loss) attributable to noncontrolling interests changed for the three and six months ended June 30, 2024 compared with the same periods in 2023 primarily due to Universal Beijing Resort and our regional sports networks.

Table of Contents

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)

2024

2023

COMCAST CORP [CCZ] Filings

COMCAST CORP [CMCSA] Filings