Form 8-K

8-K — COMCAST CORP

Accession: 0001628280-26-026685

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0001166691

SIC: 4841 (CABLE & OTHER PAY TELEVISION SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cmcsa-20260423.htm (Primary)

EX-99.1 (ex991-3312026.htm)

EX-99.2 (ex992-3312026.htm)

GRAPHIC (comcastlogo.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: cmcsa-20260423.htm · Sequence: 1

cmcsa-20260423

false000116669100011666912026-04-232026-04-230001166691us-gaap:CommonClassAMember2026-04-232026-04-230001166691cmcsa:Notes0000PercentDue2026Member2026-04-232026-04-230001166691cmcsa:Notes0.250percentDue2027Member2026-04-232026-04-230001166691cmcsa:Notes1.500percentDue2029Member2026-04-232026-04-230001166691cmcsa:Notes0250PercentDue2029Member2026-04-232026-04-230001166691cmcsa:Notes0.750PercentDue2032Member2026-04-232026-04-230001166691cmcsa:Notes3.250PercentDue2032Member2026-04-232026-04-230001166691cmcsa:Notes1.875percentdue2036Member2026-04-232026-04-230001166691cmcsa:Notes3.550PercentDue2036Member2026-04-232026-04-230001166691cmcsa:Notes1.250percentdue2040Member2026-04-232026-04-230001166691cmcsa:Notes5.250PercentDue2040Member2026-04-232026-04-230001166691cmcsa:Notes5.50PercentDue2029Member2026-04-232026-04-230001166691cmcsa:ExchangeableSubordinatedDebentures2.0PercentDue2029Member2026-04-232026-04-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 23, 2026

Comcast Corporation

(Exact Name of Registrant

as Specified in its Charter)

Pennsylvania

(State or Other Jurisdiction of Incorporation)

001-32871 27-0000798

(Commission File Number) (IRS Employer Identification No.)

One Comcast Center

Philadelphia, PA 19103-2838

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (215) 286-1700

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition

On April 23, 2026, Comcast Corporation (“Comcast”) issued a press release reporting the results of its operations for the three months ended March 31, 2026. The press release is attached hereto as Exhibit 99.1. Exhibit 99.2 sets forth the reasons Comcast believes that presentation of the non-GAAP financial measures contained in the press release provides useful information to investors regarding Comcast's results of operations and financial condition. To the extent material, Exhibit 99.2 also discloses the additional purposes, if any, for which Comcast's management uses these non-GAAP financial measures. A reconciliation of these non-GAAP financial measures with the most directly comparable GAAP financial measures is included in the press release itself. Comcast does not intend for this Item 2.02 or Exhibit 99.1 or Exhibit 99.2 to be treated as "filed" under the Securities Exchange Act of 1934, as amended, or incorporated by reference into its filings under the Securities Act of 1933, as amended.

Item 9.01. Exhibits

Exhibit Number

Description

99.1

Comcast Corporation press release dated April 23, 2026.

99.2

Explanation of Non-GAAP and Other Financial Measures.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 hereunto duly authorized.

COMCAST CORPORATION

Date: April 23, 2026 By: /s/ Daniel C. Murdock

Daniel C. Murdock

Executive Vice President, Chief Accounting Officer and Controller

(Principal Accounting Officer)

EX-99.1

Filename: ex991-3312026.htm · Sequence: 2

Document

PRESS RELEASE

COMCAST REPORTS 1st QUARTER 2026 RESULTS

PHILADELPHIA - April 23, 2026… Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended March 31, 2026.

“2026 is an important year of execution, and we're seeing tangible early signs our pivot is taking hold," said Brian L. Roberts and Mike Cavanagh, co-CEOs of Comcast Corporation. "Broadband subscriber losses improved by more than 100,000 year-over-year, and we delivered record wireless line additions as customers respond to simpler, more transparent offers and a better end-to-end experience. Legendary February showcased the strength of our Media portfolio, leveraging the unmatched reach of the Milan Cortina Winter Olympics and the Super Bowl to drive record advertising and strong Peacock growth, while also powering our ability to market our connectivity products at scale. Importantly, we generated $3.9 billion in free cash flow and returned $2.5 billion to shareholders this quarter even as we continued to lean into investments across our core growth businesses, underscoring our disciplined approach to capital allocation."

($ in millions, except per share data)

1st Quarter

Consolidated Results 2026 2025 Change

Revenue $31,457 $29,887 5.3 %

Pro Forma Revenue1

$31,457 $28,369 10.9 %

Net Income Attributable to Comcast $2,174 $3,375 (35.6 %)

Adjusted Net Income2

$2,863 $4,132 (30.7 %)

Adjusted EBITDA3

$7,929 $9,532 (16.8 %)

Pro Forma Adjusted EBITDA1

$7,929 $8,692 (8.8 %)

Earnings per Share4

$0.60 $0.89 (32.6 %)

Adjusted Earnings per Share2

$0.79 $1.09 (27.5 %)

Net Cash Provided by Operating Activities $6,891 $8,294 (16.9 %)

Free Cash Flow5

$3,901 $5,421 (28.0 %)

For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedule on Comcast’s Investor Relations website at www.cmcsa.com.

1st Quarter 2026 Highlights:

•Generated Consolidated Adjusted EBITDA of $7.9 Billion, Adjusted EPS of $0.79 and Free Cash Flow of $3.9 Billion

•Returned $2.5 Billion to Shareholders Through a Combination of $1.2 Billion in Dividend Payments and $1.3 Billion in Share Repurchases

•At Connectivity & Platforms, Connectivity Revenue Increased 1.6% to $11.6 Billion, Primarily Reflecting Growth in Domestic Wireless Equipment, Business Services Connectivity, Domestic Wireless Service and International Connectivity

•Gained Traction with Our New Go-to-Market Strategy Reflected by Domestic Residential Broadband Customer Net Losses Improving by 117,000 Year-over-Year to 65,000, and Domestic Wireless Customer Line Net Additions of 435,000 - Our Best Quarterly Result on Record; Total Wireless Lines Increased to 9.7 Million, Reaching 16% Penetration of Domestic Residential Broadband Customers

•Business Services Connectivity Revenue Increased 5.8% to $2.6 Billion, EBITDA Increased 3.8% to $1.5 Billion and EBITDA Margin Was 55.9%

•“Legendary February” Delivered Record-Setting Viewership, Reaching Over 225 Million Americans with the Milan Cortina Olympics - the Most-Watched Winter Games Since 2014 - Averaging 23.5 Million Viewers; Super Bowl LX - the Most-Watched Show in NBCU's Company History - Averaging 125 Million Viewers and the Second Most-Watched Event of All Time; and the NBA All-Star Game Delivering Its Largest Audience Since 2011

•Peacock Delivered Strong Growth with Paid Subscribers Increasing 12% Year-over-Year to 46 Million and Revenue Growth of 71%, Surpassing $2 Billion for the First Time

•Theme Parks EBITDA Increased 33% to $551 Million, Fueled by the Opening of Epic Universe in May 2025

1st Quarter Consolidated Financial Results

Revenue increased 5.3% compared to the prior year period. Net Income Attributable to Comcast decreased 35.6%. Adjusted Net Income decreased 30.7%. Adjusted EBITDA decreased 16.8%. On a pro forma basis to reflect the separation of Versant, which was completed on January 2, 2026, revenue increased 10.9% and Adjusted EBITDA decreased 8.8%.

Earnings per Share (EPS) decreased 32.6% to $0.60. Adjusted EPS decreased 27.5% to $0.79.

Capital Expenditures increased 4.4% to $2.4 billion. Connectivity & Platforms’ capital expenditures increased 13.4% to $1.8 billion, primarily reflecting higher spending on customer premise equipment, scalable infrastructure and support capital. Content & Experiences' capital expenditures decreased 20.1% to $481 million, reflecting the opening of Epic Universe in May 2025.

Net Cash Provided by Operating Activities was $6.9 billion. Free Cash Flow was $3.9 billion.

Dividends and Share Repurchases. Comcast paid dividends totaling $1.2 billion and repurchased 42 million of its shares for $1.3 billion, resulting in a total return of capital to shareholders of $2.5 billion.

Connectivity & Platforms

($ in millions)

Constant

Currency

Change7

1st Quarter

2026

20256

Change

Connectivity & Platforms Revenue

Residential Connectivity & Platforms $17,323 $17,665 (1.9 %) (3.6 %)

Business Services Connectivity 2,640 2,496 5.8 % 5.7 %

Total Connectivity & Platforms Revenue $19,962 $20,161 (1.0 %) (2.5 %)

Connectivity & Platforms Adjusted EBITDA

Residential Connectivity & Platforms $6,434 $6,842 (6.0 %) (6.5 %)

Business Services Connectivity 1,476 1,422 3.8 % 3.9 %

Total Connectivity & Platforms Adjusted EBITDA $7,910 $8,264 (4.3 %) (4.7 %)

Connectivity & Platforms Adjusted EBITDA Margin

Residential Connectivity & Platforms 37.1 % 38.7 % (160) bps (120) bps

Business Services Connectivity 55.9 % 57.0 % (110) bps (100) bps

Total Connectivity & Platforms Adjusted EBITDA Margin 39.6 % 41.0 % (140) bps (100) bps

Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.

Revenue for Connectivity & Platforms decreased compared to the prior year period. Adjusted EBITDA decreased due to a decline in Residential Connectivity & Platforms, partially offset by growth in Business Services Connectivity. Residential Connectivity & Platforms revenue and Adjusted EBITDA reflect the investment in our new go-to-market strategy. Adjusted EBITDA margin was 39.6%.

(in thousands) Net Additions / (Losses)

1st Quarter

1Q26 1Q25 2026 2025

Residential Connectivity & Platforms Customer Relationships

Domestic Residential Connectivity & Platforms Customer Relationships 30,345 30,969 (94) (204)

International Residential Connectivity & Platforms Customer Relationships8

17,603 17,674 104 (11)

Total Residential Connectivity & Platforms Customer Relationships8

47,948 48,643 10 (215)

Total Domestic Broadband Residential Customers 28,654 29,190 (65) (183)

Total Domestic Wireless Lines 9,739 8,148 435 323

Total Domestic Video Customers 10,948 12,096 (322) (427)

Total Customer Relationships for Residential Connectivity & Platforms increased by 10,000 to 47.9 million, reflecting an increase in international residential customer relationships, offset by a decrease in domestic residential customer relationships. Total domestic broadband residential customer net losses were 65,000, total domestic wireless line net additions were 435,000 and total domestic video customer net losses were 322,000.

Residential Connectivity & Platforms

($ in millions)

Constant

Currency

Change7

1st Quarter

2026

20256, 9

Change

Revenue

Domestic Broadband $6,338 $6,679 (5.1 %) (5.1 %)

Domestic Wireless Service 977 850 15.0 % 15.0 %

Domestic Convergence Revenue 7,315 7,529 (2.8 %) (2.8 %)

Domestic Wireless Equipment 418 273 52.9 % 52.9 %

International Connectivity 1,240 1,132 9.5 % 2.0 %

Total Residential Connectivity 8,973 8,933 0.4 % (0.5 %)

Video 6,256 6,600 (5.2 %) (7.6 %)

Advertising 951 899 5.8 % 2.9 %

Other 1,143 1,233 (7.2 %) (8.9 %)

Total Revenue $17,323 $17,665 (1.9 %) (3.6 %)

Operating Expenses

Programming $3,787 $4,107 (7.8 %) (10.2 %)

Non-Programming 7,102 6,716 5.7 % 3.4 %

Total Operating Expenses $10,889 $10,823 0.6 % (1.8 %)

Adjusted EBITDA $6,434 $6,842 (6.0 %) (6.5 %)

Adjusted EBITDA Margin 37.1 % 38.7 % (160) bps (120) bps

Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.

Revenue for Residential Connectivity & Platforms decreased compared to the prior year period, reflecting decreases in video, domestic broadband and other revenue, partially offset by increases in domestic wireless equipment, domestic wireless service, international connectivity and advertising revenue. Domestic broadband revenue decreased due to lower average rates and a decline in the number of domestic broadband customers. Domestic wireless service revenue increased due to an increase in the number of customer lines. Domestic wireless equipment revenue increased due to an increase in device sales. International connectivity revenue increased primarily due to the positive impact of foreign currency and an increase in broadband revenue from higher average rates. Video revenue decreased primarily due to a decline in the number of video customers, partially offset by the positive impact of foreign currency. Advertising revenue increased primarily due to higher revenue from our advanced advertising business, the positive impact of foreign currency and higher domestic political advertising. Other revenue decreased primarily due to lower residential wireline voice revenue, driven by a decline in the number of customers.

Adjusted EBITDA for Residential Connectivity & Platforms decreased due to lower revenue, partially offset by lower operating expenses when excluding the impact of foreign currency. Programming expenses decreased primarily due to a decline in the number of domestic video customers, partially offset by the impact of foreign currency. Non-programming expenses increased primarily reflecting an increase in direct product costs mainly due to higher mobile device sales, the impact of foreign currency and higher marketing and promotion costs. Adjusted EBITDA margin was 37.1%.

Business Services Connectivity

($ in millions)

Constant

Currency

Change7

1st Quarter

2026 2025 Change

Revenue $2,640 $2,496 5.8 % 5.7 %

Operating Expenses 1,163 1,074 8.3 % 8.1 %

Adjusted EBITDA $1,476 $1,422 3.8 % 3.9 %

Adjusted EBITDA Margin 55.9 % 57.0 % (110) bps (100) bps

Change percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.

Revenue for Business Services Connectivity increased primarily due to an increase in revenue from enterprise solutions offerings, including the results from a recent acquisition.

Adjusted EBITDA for Business Services Connectivity increased due to higher revenue, partially offset by higher operating expenses. The increase in operating expenses was primarily due to an increase in direct product costs, which include the results from a recent acquisition, and higher marketing and promotion expenses. Adjusted EBITDA margin was 55.9%.

Content & Experiences

($ in millions)

1st Quarter

2026

20256

Change

Content & Experiences Revenue

Media $7,280 $4,527 60.8 %

Excluding Olympics and Super Bowl10

5,102 4,527 12.7 %

Studios 3,426 2,826 21.2 %

Theme Parks 2,331 1,876 24.2 %

Headquarters & Other 15 11 35.9 %

Eliminations (1,111) (694) (60.0 %)

Total Content & Experiences Revenue $11,940 $8,546 39.7 %

Content & Experiences Adjusted EBITDA

Media ($426) $107 NM

Studios 555 274 102.4 %

Theme Parks 551 413 33.3 %

Headquarters & Other (208) (195) (6.8 %)

Eliminations (140) 14 NM

Total Content & Experiences Adjusted EBITDA $331 $614 (46.0 %)

NM=comparison not meaningful.

Revenue for Content & Experiences increased compared to the prior year period, including $2.2 billion of

incremental revenue from the Milan Cortina Olympics and the NFL’s Super Bowl included in the Media segment. Adjusted EBITDA for Content & Experiences decreased primarily due to a decline in Media, partially offset by growth in Studios and Theme Parks.

Media

($ in millions)

1st Quarter

2026

20256

Change

Revenue

Domestic Advertising $3,453 $1,468 135.3 %

Excluding Olympics and Super Bowl10

1,536 1,468 4.7 %

Domestic Distribution 2,283 1,667 37.0 %

Excluding Olympics10

2,021 1,667 21.3 %

International Networks 1,291 1,148 12.4 %

Other 253 244 3.9 %

Total Revenue $7,280 $4,527 60.8 %

Excluding Olympics and Super Bowl10

5,102 4,527 12.7 %

Operating Expenses 7,706 4,420 74.4 %

Adjusted EBITDA ($426) $107 NM

NM=comparison not meaningful.

Revenue for Media increased primarily due to higher domestic advertising and domestic distribution revenue. Excluding $2.2 billion of incremental revenue from the Milan Cortina Olympics and the NFL’s Super Bowl, Media revenue increased 12.7% primarily due to higher domestic distribution, international networks and domestic advertising revenue. Domestic advertising revenue increased primarily reflecting the Milan Cortina Olympics and the NFL’s Super Bowl. Excluding the incremental revenue associated with these events, domestic advertising revenue increased primarily due to higher revenue at Peacock, partially offset by lower revenue at our networks. Domestic distribution revenue increased including the Milan Cortina Olympics. Excluding the incremental revenue associated with this event, domestic distribution revenue increased due to higher revenue at Peacock, driven by an increase in paid subscribers and higher average rates compared to the prior year period. International networks revenue increased primarily due to the positive impact of foreign currency.

Adjusted EBITDA for Media decreased due to higher operating expenses more than offsetting higher revenue. The increase in operating expenses primarily reflects higher programming costs associated with the Milan Cortina Olympics and the NFL's Super Bowl, as well as the impact of NBA rights in the current year period. Media results include $2.1 billion of revenue and an Adjusted EBITDA11 loss of $432 million related to Peacock, which includes amounts attributable to the Olympics and Super Bowl, compared to $1.2 billion of revenue and an Adjusted EBITDA11 loss of $215 million in the prior year period.

Studios

($ in millions)

1st Quarter

2026

20256

Change

Revenue

Content Licensing $2,973 $2,174 36.8 %

Theatrical 117 286 (59.2 %)

Other 336 366 (8.2 %)

Total Revenue $3,426 $2,826 21.2 %

Operating Expenses 2,871 2,552 12.5 %

Adjusted EBITDA $555 $274 102.4 %

Revenue for Studios increased due to higher content licensing revenue. Content licensing revenue increased primarily due to the timing of when content was made available by our television studios, primarily driven by a renewed licensing agreement for content exclusively available for streaming on Peacock. Theatrical revenue decreased primarily due to higher revenue from releases in the prior year period, including Dog Man and Nosferatu, compared to revenue from recent releases impacting the current year period.

Adjusted EBITDA for Studios increased due to higher revenue, which more than offset higher operating expenses. The higher operating expenses primarily reflected higher programming and production expenses, primarily due to higher costs associated with the renewed licensing agreement for content exclusively available for streaming on Peacock.

Theme Parks

($ in millions)

1st Quarter

2026

20256

Change

Revenue $2,331 $1,876 24.2 %

Operating Expenses 1,780 1,463 21.6 %

Adjusted EBITDA $551 $413 33.3 %

Revenue for Theme Parks increased due to higher revenue at our theme parks in Orlando driven by the successful opening of Epic Universe in May 2025.

Adjusted EBITDA for Theme Parks increased, reflecting higher revenue, which more than offset higher operating expenses. The increase in operating expenses was primarily due to operating costs associated with Epic Universe.

Headquarters & Other

Content & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the first quarter was $208 million, compared to a loss of $195 million in the prior year period.

Eliminations

Amounts represent eliminations of transactions between our Content & Experiences segments, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses. Revenue eliminations were $1.1 billion, compared to $694 million in the prior year period, and Adjusted EBITDA eliminations were a loss of $140 million, compared

to a benefit of $14 million in the prior year period. The year-over-year changes were primarily driven by the licensing of content by the Studios segment to Peacock in the Media segment.

Corporate, Other and Eliminations

($ in millions)

1st Quarter

2026

20256

Change

Corporate & Other

Revenue $1,006 $906 11.0 %

Operating Expenses 1,288 1,105 16.6 %

Adjusted EBITDA ($283) ($198) (42.6 %)

Eliminations

Revenue ($1,452) ($1,244) 16.7 %

Operating Expenses (1,421) (1,256) 13.1 %

Adjusted EBITDA ($31) $12 NM

NM=comparison not meaningful.

Amounts for 2025 exclude the impacts of Versant. See Table 8 for the reconciliation to consolidated results.

Corporate & Other

Corporate & Other primarily includes overhead and personnel costs; our Sky-branded video services and television networks in Germany; our regional sports networks; and Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania. Corporate & Other Adjusted EBITDA decreased primarily reflecting higher costs related to Sky operations in Germany, lower revenue associated with our regional sports networks and higher costs related to corporate functions, including marketing associated with the Milan Cortina Olympics.

Eliminations

Amounts represent eliminations of transactions between Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Revenue eliminations were $1.5 billion, compared to $1.2 billion in the prior year period, and Adjusted EBITDA eliminations were a loss of $31 million compared to a benefit of $12 million in the prior year period. Current year amounts reflect an increase in eliminations associated with the Milan Cortina Olympics.

Notes:

1Certain financial information is presented on a pro forma basis in connection with the separation of Versant, which was completed on January 2, 2026 (the “Separation”). The pro forma financial measures are non-GAAP financial measures and are presented as if the Separation had occurred on January 1, 2024. The pro forma information is primarily based on historical results of operations and includes pro forma adjustments in accordance with Article 11 of Regulation S-X that are directly attributable to the Separation, including adjustments related to the commercial services agreement for the sale and use of Versant’s advertising and promotional inventory. This pro forma information is not necessarily indicative of future results. See Table 8 for reconciliations of non-GAAP financial measures.

2We define Adjusted Net Income and Adjusted EPS as net income attributable to Comcast Corporation and diluted earnings per common share attributable to Comcast Corporation shareholders, respectively, adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. See Table 5 for reconciliations of non-GAAP financial measures.

3We 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. See Table 4 for reconciliation of non-GAAP financial measure.

4All earnings per share amounts are presented on a diluted basis.

5We define Free Cash Flow as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments related to certain capital or intangible assets, such as the construction of Universal Beijing Resort, are presented separately in our Consolidated Statement of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. See Table 4 for reconciliation of non-GAAP financial measure.

6Beginning 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 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 Content & Experiences Headquarters & Other; and (5) adjusting the Media segment and Versant for the effects of our commercial services agreement. Prior periods have been reclassified to reflect the current year presentation.

7Constant 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. See Table 6 for reconciliations of non-GAAP financial measures.

8Residential 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 all periods have been recast on a comparable basis.

9Beginning in the first quarter of 2026, commission revenue from the sale of certain direct to consumer (“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.

10From time to time, we may present adjusted information (e.g., Adjusted Revenues) to exclude the impact of certain events, gains, losses or other charges affecting period-to-period comparability of our operating performance. See Table 7 for reconciliations of non-GAAP financial measures.

11Adjusted EBITDA is the measure of profit or loss for our segments. From time to time, we may present Adjusted EBITDA for components of our reportable segments, such as Peacock. We believe these measures are useful to evaluate our financial results and provide a basis of comparison to others, although our definition of Adjusted EBITDA may not be directly comparable to similar measures used by other companies. Adjusted EBITDA for components are presented on a consistent basis with the respective segments and disaggregated in accordance with GAAP.

Numerical information is presented on a rounded basis using actual amounts, unless otherwise noted. The change in Peacock paid subscribers is calculated using rounded paid subscriber amounts. Minor differences in totals and percentage calculations may exist due to rounding.

Conference Call and Other Information

Comcast Corporation will host a conference call with the financial community today, April 23, 2026, at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on our Investor Relations website at www.cmcsa.com. A replay of the call will be available today, April 23, 2026, starting at 11:30 a.m. ET on the Investor Relations website.

From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com and on our corporate website, www.comcastcorporation.com. To automatically receive Comcast financial news by email, please visit www.cmcsa.com and subscribe to email alerts.

###

Investor Contacts: Press Contacts:

Marci Ryvicker

Marci_Ryvicker@Comcast.com

Jennifer Khoury

Jennifer_Khoury@Comcast.com

(215) 531-3296

Jane Kearns

Jane_Kearns@Comcast.com

John Demming

John_Demming@Comcast.com

(215) 429-4744

###

Caution Concerning Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of our content; programming costs; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; labor disputes; significant tax liability if the separation of Versant is not tax-free; laws and regulations; adverse decisions in litigation or governmental investigations; and other risks described from time to time in reports and other documents we file with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors.

###

Non-GAAP Financial Measures

In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered “non-GAAP financial measures” under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast’s Form 8-K (Quarterly Earnings Release) furnished to the SEC.

###

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit www.comcastcorporation.com for more information.

TABLE 1

Condensed Consolidated Statements of Income (Unaudited)

Three Months Ended

(in millions, except per share data) March 31,

2026 2025

Revenue $31,457 $29,887

Costs and expenses

Programming and production 10,884 8,415

Marketing and promotion 2,164 2,071

Other operating and administrative 10,408 9,893

Depreciation 2,333 2,231

Amortization 1,533 1,618

27,321 24,228

Operating income 4,135 5,658

Interest expense (1,094) (1,050)

Investment and other income (loss), net

Equity in net income (losses) of investees, net (391) (194)

Realized and unrealized gains (losses) on equity securities, net (5) (24)

Other income (loss), net 87 102

(309) (116)

Income before income taxes 2,733 4,492

Income tax (expense) benefit (706) (1,196)

Net income 2,027 3,296

Less: Net income (loss) attributable to noncontrolling interests (147) (79)

Net income attributable to Comcast Corporation $2,174 $3,375

Diluted earnings per common share attributable to Comcast Corporation shareholders $0.60 $0.89

Diluted weighted-average number of common shares 3,617 3,784

TABLE 2

Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended

(in millions) March 31,

2026 2025

OPERATING ACTIVITIES

Net income $2,027 $3,296

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 3,865 3,849

Share-based compensation 427 382

Noncash interest expense (income), net 134 130

Net (gain) loss on investment activity and other 263 231

Deferred income taxes 730 (43)

Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:

Current and noncurrent receivables, net (1,376) 935

Film and television costs, net 375 (123)

Accounts payable and accrued expenses related to trade creditors 1,119 (35)

Other operating assets and liabilities (673) (327)

Net cash provided by operating activities 6,891 8,294

INVESTING ACTIVITIES

Capital expenditures (2,351) (2,252)

Cash paid for intangible assets (639) (622)

Construction of Universal Beijing Resort — (2)

Proceeds from sales of businesses and investments 32 43

Purchases of investments (237) (145)

Other 276 19

Net cash (used in) investing activities (2,919) (2,958)

FINANCING ACTIVITIES

Proceeds from borrowings 1,990 —

Repurchases and repayments of debt (3,182) (636)

Repurchases of common stock under repurchase program and employee plans (1,502) (2,240)

Dividends paid (1,248) (1,224)

Cash transferred to Versant, net (750) —

Other (316) 24

Net cash (used in) financing activities (5,008) (4,075)

Impact of foreign currency on cash, cash equivalents and restricted cash (6) 14

Increase (decrease) in cash, cash equivalents and restricted cash (1,042) 1,275

Cash, cash equivalents and restricted cash, beginning of period 10,559 7,377

Cash, cash equivalents and restricted cash, end of period $9,517 $8,652

TABLE 3

Condensed Consolidated Balance Sheets (Unaudited)

(in millions) March 31, December 31,

2026 2025

ASSETS

Current Assets

Cash and cash equivalents $9,468 9,481

Receivables, net 14,078 13,869

Other current assets 5,275 6,217

Total current assets 28,822 29,567

Film and television costs 11,047 12,214

Investments 7,450 7,952

Property and equipment, net 65,472 65,680

Goodwill 53,374 61,502

Franchise rights 59,365 59,365

Other intangible assets, net 20,418 22,474

Other noncurrent assets, net 14,054 13,877

$260,002 $272,631

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and accrued expenses related to trade creditors $11,977 $11,058

Deferred revenue 4,006 4,097

Accrued expenses and other current liabilities 11,932 12,410

Current portion of debt 5,394 5,958

Total current liabilities 33,308 33,524

Noncurrent portion of debt 89,218 92,979

Deferred income taxes 28,227 27,788

Other noncurrent liabilities 20,708 20,965

Redeemable noncontrolling interests 205 224

Equity

Comcast Corporation shareholders' equity 88,274 96,903

Noncontrolling interests 61 249

Total equity 88,335 97,151

$260,002 $272,631

TABLE 4

Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited)

Three Months Ended March 31,

(in millions) 2026 2025

Net income attributable to Comcast Corporation $2,174 $3,375

Net income (loss) attributable to noncontrolling interests (147) (79)

Income tax expense (benefit) 706 1,196

Interest expense 1,094 1,050

Investment and other (income) loss, net 309 116

Depreciation 2,333 2,231

Amortization 1,533 1,618

Transaction costs(1)

51 20

Transaction-related costs(1)

— 2

Other adjustments (2)

(123) 3

Adjusted EBITDA $7,929 $9,532

Reconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited)

Three Months Ended March 31,

(in millions) 2026 2025

Net cash provided by operating activities $6,891 $8,294

Capital expenditures (2,351) (2,252)

Cash paid for capitalized software and other intangible assets (639) (622)

Free Cash Flow $3,901 $5,421

(1) Transaction costs are incremental costs directly related to effectuating the 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 Separation, including costs that reflect strategic decisions about how the standalone 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.

(2) Amounts represent the impact of certain other events, gains, losses or other charges that are excluded from Adjusted EBITDA. The three months ended March 31, 2026 includes a gain related to a legal settlement, certain share-based compensation expenses and costs related our investment portfolio. The three months ended March 31, 2025 includes certain costs related to our investment portfolio.

TABLE 5

Reconciliations of Adjusted Net Income and Adjusted EPS (Unaudited)

Three Months Ended

March 31,

2026 2025

(in millions, except per share data)

$ EPS $ EPS

Net income attributable to Comcast Corporation and diluted earnings per share attributable to Comcast Corporation shareholders $2,174 $0.60 $3,375 $0.89

Change (35.6 %) (32.6 %)

Amortization of acquisition-related intangible assets (1)

405 0.11 606 0.16

Investments (2)

259 0.07 132 0.03

Items affecting period-over-period comparability:

Long-lived asset impairments(3)

130 0.04 — —

Transaction costs(4)

45 0.01 17 —

Transaction-related costs(5)

— — 2 —

Tax benefit related to assets held for sale(6)

(57) (0.02) — —

Other adjustments(7)

(92) (0.03) — —

Adjusted Net income and Adjusted EPS $2,863 $0.79 $4,132 $1.09

Change (30.7 %) (27.5 %)

(1)Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Amortization of intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks) is included in Adjusted Net Income and Adjusted EPS.

Three Months Ended

March 31,

2026 2025

Amortization of acquisition-related intangible assets before income taxes $528 $789

Amortization of acquisition-related intangible assets, net of tax $405 $606

(2)Adjustments for investments include realized and unrealized (gains) losses on equity securities, net (as stated in Table 1), as well as the equity in net (income) losses of investees, net, for certain equity method investments, including Atairos and Hulu and costs related to our investment portfolio.

Three Months Ended

March 31,

2026 2025

Realized and unrealized (gains) losses on equity securities, net $5 $24

Equity in net (income) losses of investees, net and other 335 148

Investments before income taxes 340 172

Investments, net of tax $259 $132

(3)1st quarter 2026 net income attributable to Comcast Corporation includes $171 million, $130 million net of tax, of long-lived asset impairments.

(4)1st quarter 2026 net income attributable to Comcast Corporation includes $51 million, $45 million net of tax, of transaction costs related to the separation of Versant. 1st quarter 2025 net income attributable to Comcast Corporation includes $20 million, $17 million, net of tax, of transaction costs related to the separation of Versant. Transaction costs are incremental costs directly related to effectuating the separation and primarily include advisory, legal and audit fees, and legal entity separation costs.

(5)1st quarter 2025 net income attributable to Comcast Corporation includes $2 million, $2 million, net of tax, of transaction-related costs related to the separation of Versant. Transaction-related costs are incremental costs incurred related to the separation, including costs that reflect strategic decisions about how the standalone 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.

(6)1st quarter 2026 net income attributable to Comcast Corporation includes a $57 million income tax benefit related to assets that are classified as held for sale as of March 31, 2026.

(7)1st quarter 2026 net income attributable to Comcast Corporation includes $123 million, $92 million net of tax, of other adjustments, which includes a gain related to a legal settlement and certain share-based compensation expenses.

TABLE 6

Reconciliation of Constant Currency (Unaudited)

Three Months Ended

March 31, 2025

(in millions) As Reported Effects of Foreign Currency Constant Currency Amounts

Reconciliation of Connectivity & Platforms Constant Currency

Connectivity & Platforms Revenue

Residential Connectivity & Platforms $17,665 $301 $17,966

Business Services Connectivity 2,496 2 2,497

Total Connectivity & Platforms Revenue $20,161 $303 $20,464

Connectivity and Platforms Adjusted EBITDA

Residential Connectivity & Platforms $6,842 $37 $6,879

Business Services Connectivity 1,422 — 1,422

Total Connectivity & Platforms Adjusted EBITDA $8,264 $37 $8,301

Connectivity & Platforms Adjusted EBITDA Margin

Residential Connectivity & Platforms 38.7 % (40) bps 38.3 %

Business Services Connectivity 57.0 % (10) bps 56.9 %

Total Connectivity & Platforms Adjusted EBITDA Margin 41.0 % (40) bps 40.6 %

Three Months Ended

March 31, 2025

(in millions) As Reported Effects of Foreign Currency Constant Currency Amounts

Reconciliation of Residential Connectivity & Platforms Constant Currency

Revenue

Domestic broadband $6,679 — $6,679

Domestic wireless service 850 — 850

Domestic convergence revenue 7,529 — 7,529

Domestic wireless equipment 273 — 273

International connectivity 1,132 84 1,215

Total residential connectivity $8,933 $84 $9,017

Video 6,600 169 6,769

Advertising 899 26 924

Other 1,233 23 1,256

Total Revenue $17,665 $301 $17,966

Operating Expenses

Programming $4,107 $110 $4,217

Non-Programming 6,716 154 6,870

Total Operating Expenses $10,823 $264 $11,087

Adjusted EBITDA $6,842 $37 $6,879

Adjusted EBITDA Margin 38.7 % (40) bps 38.3 %

TABLE 7

Reconciliation of Media Revenue Excluding Olympics and Super Bowl (Unaudited)

Three Months Ended

March 31,

(in millions) 2026 2025 Change

Revenue $7,280 $4,527 60.8 %

Milan Cortina Olympics 1,420 —

2026 Super Bowl 758 —

Revenue excluding Olympics and Super Bowl $5,102 $4,527 12.7 %

Reconciliation of Media Domestic Advertising Revenue Excluding Olympics and Super Bowl (Unaudited)

Three Months Ended

March 31,

(in millions) 2026 2025 Change

Revenue $3,453 $1,468 135.3 %

Milan Cortina Olympics 1,159 —

2026 Super Bowl 758 —

Revenue excluding Olympics and Super Bowl $1,536 $1,468 4.7 %

Reconciliation of Media Domestic Distribution Revenue Excluding Olympics (Unaudited)

Three Months Ended

March 31,

(in millions) 2026 2025 Change

Revenue $2,283 $1,667 37.0 %

Milan Cortina Olympics 262 —

Revenue excluding Olympics $2,021 $1,667 21.3 %

TABLE 8

Reconciliation of Pro Forma Consolidated Revenue (Unaudited)

Three Months Ended

March 31,

(in millions) 2026 2025 Change

Consolidated Revenue $31,457 $29,887 5.3 %

Less: Versant — 1,769

Less: Eliminations — (251)

Pro Forma Consolidated Revenue $31,457 $28,369 10.9 %

Reconciliation of Pro Forma Consolidated Adjusted EBITDA (Unaudited)

Three Months Ended

March 31,

(in millions) 2026 2025 Change

Net income attributable to Comcast Corporation $2,174 $3,375

Net income (loss) attributable to noncontrolling interests (147) (79)

Income tax expense (benefit) 706 1,196

Interest expense 1,094 1,050

Investment and other (income) loss, net 309 116

Depreciation 2,333 2,231

Amortization 1,533 1,618

Transaction costs(1)

51 20

Transaction-related costs(1)

— 2

Other adjustments (2)

(123) 3

Adjusted EBITDA $7,929 $9,532 (16.8 %)

Less: Versant — 834

Less: Eliminations — 6

Pro Forma Consolidated Adjusted EBITDA $7,929 $8,692 (8.8) %

(1)Transaction costs are incremental costs directly related to effectuating the 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 Separation, including costs that reflect strategic decisions about how the standalone 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.

(2)Amounts represent the impact of certain other events, gains, losses or other charges that are excluded from Adjusted EBITDA. The three months ended March 31, 2026 includes a gain related to a legal settlement, certain share-based compensation expenses and costs related our investment portfolio. The three months ended March 31, 2025 includes certain costs related to our investment portfolio.

EX-99.2

Filename: ex992-3312026.htm · Sequence: 3

Document

Exhibit 99.2

Exhibit 99.2 - Explanation of Non-GAAP and Other Financial Measures

This Exhibit 99.2 to the accompanying Current Report on Form 8-K for Comcast Corporation (“we”, “us” or “our”) sets forth the reasons we believe that presentation of financial measures not in accordance with generally accepted accounting principles in the United States (GAAP) contained in the earnings press release filed as Exhibit 99.1 to the Current Report on Form 8-K provides useful information to investors regarding our results of operations and financial condition. To the extent material, this Exhibit also discloses the additional purposes, if any, for which our management uses these non-GAAP financial measures. Reconciliations between these non-GAAP financial measures and their most directly comparable GAAP financial measures are included in the earnings press release itself. Non-GAAP financial information should be considered in addition to, but not as a substitute for, operating income, net income, net income attributable to Comcast Corporation, earnings per common share attributable to Comcast Corporation shareholders, net cash provided by operating activities or other measures of performance or liquidity reported in accordance with GAAP.

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 also use Adjusted EBITDA as the measure of profit or loss for our segments. Our measure of Adjusted EBITDA for our segments is not a non-GAAP financial measure under rules promulgated by the Securities and Exchange Commission.

Adjusted Net Income and Adjusted EPS

Adjusted Net Income and Adjusted EPS are non-GAAP financial measures presenting the earnings generated by our ongoing operations that we believe is useful to investors in making meaningful comparisons to other companies, although these measures may not be directly comparable to similar measures used by other companies, and period-over-period comparisons. Adjusted Net Income and Adjusted EPS are defined as net income attributable to Comcast Corporation and diluted earnings per common share attributable to Comcast Corporation shareholders, respectively, adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic (“ASC”) 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Amortization of intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks) is included in Adjusted Net Income and Adjusted EPS. Investments that investors may want to evaluate separately include all equity securities accounted for under ASC Topic 321, Investments-Equity Securities, as well as certain investments accounted for under ASC 323, Investments-Equity Method and Joint Ventures.

Exhibit 99.2 - Explanation of Non-GAAP and Other Financial Measures, cont’d

Free Cash Flow

Free Cash Flow is a non-GAAP financial measure that we believe provides a meaningful measure of liquidity and a useful basis for assessing our ability to repay debt, make strategic acquisitions and investments, and return capital to investors through stock repurchases and dividends. It is also a significant performance measure in our annual incentive compensation programs. Additionally, we believe Free Cash Flow is useful to investors as a basis for comparing our performance and coverage ratios with other companies in our industries, although our measure of Free Cash Flow may not be directly comparable to similar measures used by other companies. Free Cash Flow has certain limitations, including that it does not represent the residual cash flow available for discretionary expenditures since other non-discretionary payments, such as mandatory debt repayments, are not deducted from the measure.

Free Cash Flow is defined as net cash provided by operating activities (as stated in our Consolidated Statements of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments related to certain capital or intangible assets, such as the construction of Universal Beijing Resort, are presented separately in our Consolidated Statements of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow.

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.

Other Adjustments

We also present adjusted information (e.g., Adjusted Revenues), 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.

Pro Forma Information Related to the Separation of Versant

Pro forma information presented related to the separation of Versant Media Group, Inc. (“Versant”), which was completed on January 2, 2026, resulting in Versant becoming an independent, publicly traded company (the “Separation”), are non-GAAP financial measures. The pro forma financial measures are presented as if the Separation had occurred on January 1, 2024. We believe this pro forma information is useful to investors as it enhances comparability of financial information between periods and provides useful information for assessing trends in our ongoing operations. The pro forma information is primarily based on historical results of operations and includes pro forma adjustments in accordance with Article 11 of Regulation S-X that are directly attributable to the Separation, including adjustments related to the commercial services agreement for the sale and use of Versant’s advertising and promotional inventory. This pro forma information is not necessarily indicative of future results.

GRAPHIC

Filename: comcastlogo.jpg · Sequence: 8

Binary file (8498 bytes)

Download comcastlogo.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 10

v3.26.1

Document and Entity Information

Apr. 23, 2026

Document Information [Line Items]

Document Type

8-K

Amendment Flag

false

Document Period End Date

Apr. 23, 2026

Entity Registrant Name

Comcast Corporation

Entity Central Index Key

0001166691

Entity Incorporation, State or Country Code

Entity File Number

001-32871

Entity Tax Identification Number

27-0000798

Entity Address, Address Line One

One Comcast Center

Entity Address, City or Town

Philadelphia,

Entity Address, State or Province

Entity Address, Postal Zip Code

19103-2838

City Area Code

215

Local Phone Number

286-1700

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Class A Common Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

Class A Common Stock, $0.01 par value

Trading Symbol

CMCSA

Security Exchange Name

NASDAQ

0.250% Notes Due 2027 [Member]

Document Information [Line Items]

Title of 12(b) Security

0.250% Notes due 2027

Trading Symbol

CMCS27

Security Exchange Name

NASDAQ

1.500% Notes Due 2029 [Member]

Document Information [Line Items]

Title of 12(b) Security

1.500% Notes due 2029

Trading Symbol

CMCS29

Security Exchange Name

NASDAQ

0.750% Notes Due 2032 [Member]

Document Information [Line Items]

Title of 12(b) Security

0.750% Notes due 2032

Trading Symbol

CMCS32

Security Exchange Name

NASDAQ

1.875% Notes Due 2036 [Member]

Document Information [Line Items]

Title of 12(b) Security

1.875% Notes due 2036

Trading Symbol

CMCS36

Security Exchange Name

NASDAQ

1.250% Notes Due 2040 [Member]

Document Information [Line Items]

Title of 12(b) Security

1.250% Notes due 2040

Trading Symbol

CMCS40

Security Exchange Name

NASDAQ

5.50% Notes Due 2029 [Member]

Document Information [Line Items]

Title of 12(b) Security

5.50% Notes due 2029

Trading Symbol

CCGBP29

Security Exchange Name

NYSE

2.0% Exchangeable Subordinated Debentures Due 2029 [Member]

Document Information [Line Items]

Title of 12(b) Security

2.0% Exchangeable Subordinated Debentures due 2029

Trading Symbol

CCZ

Security Exchange Name

NYSE

Notes 0.000 percent Due 2026

Document Information [Line Items]

Title of 12(b) Security

0.000% Notes due 2026

Trading Symbol

CMCS26

Security Exchange Name

NASDAQ

Notes 0.0250 percent Due 2029

Document Information [Line Items]

Title of 12(b) Security

0.250% Notes due 2029

Trading Symbol

CMCS29A

Security Exchange Name

NASDAQ

Notes 3.250 percent due 2032

Document Information [Line Items]

Title of 12(b) Security

3.250% Notes due 2032

Trading Symbol

CMCS32A

Security Exchange Name

NASDAQ

Notes 3.550 percent due 2036

Document Information [Line Items]

Title of 12(b) Security

3.550% Notes due 2036

Trading Symbol

CMCS36A

Security Exchange Name

NASDAQ

Notes 5.250 percent due 2040

Document Information [Line Items]

Title of 12(b) Security

5.250% Notes due 2040

Trading Symbol

CMCS40A

Security Exchange Name

NASDAQ

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_DocumentInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=cmcsa_Notes0.250percentDue2027Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=cmcsa_Notes1.500percentDue2029Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=cmcsa_Notes0.750PercentDue2032Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=cmcsa_Notes1.875percentdue2036Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=cmcsa_Notes1.250percentdue2040Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=cmcsa_Notes5.50PercentDue2029Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=cmcsa_ExchangeableSubordinatedDebentures2.0PercentDue2029Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=cmcsa_Notes0000PercentDue2026Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=cmcsa_Notes0250PercentDue2029Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=cmcsa_Notes3.250PercentDue2032Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=cmcsa_Notes3.550PercentDue2036Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=cmcsa_Notes5.250PercentDue2040Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type: