Comcast Corporation: 10-K Risk Factor Changes

Network and information systems and other technologies, including those that are related to our network management, customer service operations and programming delivery and are embedded in our products and services, are critical to our business activities. In the ordinary course of our business, there are constant attempts by third parties to cause systems-related events and security incidents and to identify and exploit vulnerabilities in security architecture and system design. These incidents include computer hackings, cyber attacks, computer viruses, worms or other destructive or disruptive software, denial of service attacks, phishing attacks, malicious social engineering and other malicious activities. Incidents can be caused inadvertently by us or our third-party vendors, such as process breakdowns and vulnerabilities in security architecture or system design. Cyber threats and attacks are constantly evolving and are growing in sophistication and frequency, which increases the difficulty of detecting and successfully defending against them. For example, we expect threat actors will continue to gain sophistication by using tools and techniques (such as AI) that are specifically designed to circumvent security controls. Some cyber attacks have had, and in the future can have, cascading impacts that unfold with increasing speed across networks, information systems and other technologies across the world and create latent vulnerabilities in our and third-party vendors’ systems and other technologies. We also obtain certain confidential, proprietary and personal information about our customers, personnel and vendors, that in many cases is provided or made available to third-party vendors who agree to protect it, which has in the past and may in the future become compromised through a cyber attack or data breach, misappropriation, misuse, leakage, falsification or accidental release or loss of information by us or a third party. Due to the nature of our businesses, we may be at a disproportionately heightened risk of these types of incidents occurring because we maintain certain information necessary to conduct our business in digital form. We also incorporate third-party software (including extensive open-source software), applications, and data hosting and cloud-based services into many aspects of our products, services and operations, as well as rely on service providers to help us perform our business operations, all of which expose us to cyber attacks with respect to such third-party suppliers and service providers and their products and services. While we develop and maintain systems, and operate programs that seek to prevent security incidents from occurring, these efforts are costly and must be constantly monitored and updated in the face of sophisticated and rapidly evolving attempts to overcome our security measures and protections. The occurrence of both intentional and unintentional incidents has caused, and may from time to time in the future cause, a variety of business impacts. These include degradation or disruption of our network, products and services, excessive call volume to call centers, theft or misuse of our intellectual property or other assets, disruption of the security of our internal systems, products, services or satellite transmission signals, power outages, and the compromise or exfiltration of confidential or technical business information and customer or vendor data, and reputational impacts. Moreover, the amount and scope of insurance we maintain against losses resulting from any of the foregoing events likely would not be sufficient to fully cover our losses or otherwise adequately compensate us for disruptions to our business that may result. In addition, any such events have and could continue to lead to litigation or cause regulators in the United States and internationally to impose significant fines or other remedial measures, including with respect to relevant customer privacy rules, or otherwise have an adverse effect on our company. Despite our efforts, we expect that we will continue to experience such incidents in the future, and there can be no assurance that any such incident will not have an adverse effect on our business, reputation or results of operations. Refer to Item 1C: Cybersecurity for additional information.

Network and information systems and other technologies, including those that are related to our network management, customer service operations and programming delivery and are embedded in our products and services, are critical to our business activities. In the ordinary course of our business, there are constant attempts by third parties to cause systems-related events and security incidents and to identify and exploit vulnerabilities in security architecture and system design. These incidents include computer hackings, cyber attacks, computer viruses, worms or other destructive or disruptive software, denial of service attacks, phishing attacks, malicious social engineering, and other malicious activities. Incidents also may be caused inadvertently by us or our third-party vendors, such as process breakdowns and vulnerabilities in security architecture or system design. Cyber threats and attacks are constantly evolving and are growing in sophistication and frequency, which increases the difficulty of detecting and successfully defending against them. Some cyber attacks have had, and in the future can have, cascading impacts that unfold with increasing speed across networks, information systems and other technologies across the world and create latent vulnerabilities in our and third-party vendors’ systems and other technologies. Moreover, as we also obtain certain confidential, proprietary and personal information about our customers, personnel and vendors, and in some cases provide this information to third party vendors who agree to protect it, we face the risk that this information may become compromised through a cyber attack or data breach, misappropriation, misuse, leakage, falsification or accidental release or loss of information. Due to the nature of our businesses, we may be at a disproportionately heightened risk of these types of incidents occurring because we maintain certain information necessary to conduct our business in digital form. We also incorporate third-party software (including extensive open-source software), applications, and data hosting and cloud-based services into many aspects of our products, services and operations, as well as rely on service providers to help us perform our business operations, all of which expose us to cyber attacks on such third-party suppliers and service providers. Comcast 2022 Annual Report on Form 10-K28 Comcast 2022 Annual Report on Form 10-K28 Comcast 2022 Annual Report on Form 10-K28 28 Comcast 2022 Annual Report on Form 10-K28 Comcast 2022 Annual Report on Form 10-K28 28 Comcast 2022 Annual Report on Form 10-K28 28 28 Table of Contents Table of Contents Table of Contents While we develop and maintain systems, and operate extensive programs that seek to prevent security incidents from occurring, these efforts are costly and must be constantly monitored and updated in the face of sophisticated and rapidly evolving attempts to overcome our security measures and protections. The occurrence of both intentional and unintentional incidents have in the past, and could in the future, cause a variety of potential adverse business impacts. These include degradation or disruption of our network, products and services, excessive call volume to call centers, theft or misuse of our intellectual property or other assets, disruption of the security of our internal systems, products, services or satellite transmission signals, power outages, and the compromise of confidential or technical business information or damage to our or our customers’ or vendors’ data, equipment and reputation. Moreover, the amount and scope of insurance we maintain against losses resulting from any of the foregoing events likely would not be sufficient to fully cover our losses or otherwise adequately compensate us for disruptions to our business that may result. In addition, any such events could lead to litigation or cause regulators in the United States and internationally to impose significant fines or other remedial measures, including with respect to relevant customer privacy rules, or otherwise have an adverse effect on our company. Despite our efforts, we expect that we will continue to experience such incidents in the future, and there can be no assurance that any such incident will not have an adverse effect on our business, reputation or results of operations.

Our businesses are subject to various federal, state and local laws and regulations, with some also subject to international laws and regulations. In particular, the Communications Act and FCC regulations and policies affect significant aspects of our cable communications and broadcast businesses in the United States. Legislators and regulators at all levels of government frequently consider changing, and sometimes do change, existing statutes, rules or regulations, or interpretations of existing statutes, rules or regulations, or prescribe new ones, any of which may significantly affect our businesses and ability to effectively compete. These legislators and regulators, along with some state attorneys general and foreign governmental authorities, have been active in conducting inquiries and reviews regarding our services. State legislative and regulatory initiatives can create a patchwork of different and/or conflicting state requirements, such as with respect to privacy and Open Internet/net neutrality regulations, that can affect our businesses and ability to effectively compete. Legislative and regulatory activity has increased under the Biden Administration, particularly with respect to broadband networks. For example, Congress has approved tens of billions of dollars in new funding for broadband deployment and adoption initiatives, and may consider other proposals that address communications issues, including whether it should rewrite the entire Communications Act to account for changes in the communications marketplace and whether it should enact new, permanent Open Internet/net neutrality requirements. Comcast 2023 Annual Report on Form 10-K26 Comcast 2023 Annual Report on Form 10-K26 Comcast 2023 Annual Report on Form 10-K26 26 Comcast 2023 Annual Report on Form 10-K26 Comcast 2023 Annual Report on Form 10-K26 26 Comcast 2023 Annual Report on Form 10-K26 26 26 Table of Contents Table of Contents Table of Contents Federal agencies likewise may consider adopting new regulations for communications services, including broadband. For example, the FCC has proposed reimposing network neutrality requirements that would reclassify our broadband service as a “telecommunications service” under Title II of the Communications Act, which would authorize the FCC to potentially regulate our customer rates, speeds, data usage thresholds or other terms for internet services and prohibit, or seriously restrict, arrangements between us and internet content, applications and service providers. States and localities are also increasingly proposing new regulations impacting communications services, including broader regulation of broadband networks. Any of these regulations could significantly affect our business and our legal and compliance costs. In addition, U.S. and foreign regulators and courts could adopt new interpretations of existing competition or antitrust laws or enact new competition or antitrust laws or regulatory tools that could negatively impact our businesses. Any future legislative, judicial, regulatory or administrative actions may increase our costs or impose additional restrictions on our businesses, some of which may be significant. We are unable to predict the outcome or effects of any of these potential actions or any other legislative or regulatory proposals on our businesses. Failure to comply with the laws and regulations applicable to our businesses could result in administrative enforcement actions, fines, and civil and criminal liability. Any changes to the legal and regulatory framework applicable to any of our services or businesses could have an adverse impact on our businesses and results of operations. For a more extensive discussion of the significant risks associated with the regulation of our businesses, see Item 1: Business and refer to the “Legislation and Regulation” discussion within that section.

Our businesses are subject to various federal, state and local laws and regulations, with some also subject to international laws and regulations. In particular, the Communications Act and FCC regulations and policies affect significant aspects of our cable communications and broadcast businesses in the United States. Legislators and regulators at all levels of government frequently consider changing, and sometimes do change, existing statutes, rules or regulations, or interpretations of existing statutes, rules or regulations, or prescribe new ones, any of which may significantly affect our businesses and ability to effectively compete. These legislators and regulators, along with some state attorneys general and foreign governmental authorities, have been active in conducting inquiries and reviews regarding our services. State legislative and regulatory initiatives can create a patchwork of different and/or conflicting state requirements, such as with respect to privacy and Open Internet/net neutrality regulations, that can affect our businesses and ability to effectively compete. Legislative and regulatory activity has increased under the Biden Administration, particularly with respect to broadband networks. For example, Congress has approved tens of billions of dollars in new funding for broadband deployment and adoption initiatives, and may consider other proposals that address communications issues, including whether it should rewrite the entire Communications Act to account for changes in the communications marketplace and whether it should enact new, permanent Open Internet/net neutrality requirements. Federal agencies likewise may consider adopting new regulations for communications services, including broadband. States and localities are also increasingly proposing new regulations impacting communications services, including broader regulation of broadband networks. Any of these regulations could significantly affect our business and compliance costs. In addition, United States and foreign regulators and courts could adopt new interpretations of existing competition or antitrust laws or enact new competition or antitrust laws or regulatory tools that could negatively impact our businesses. Any future legislative, judicial, regulatory or administrative actions may increase our costs or impose additional restrictions on our businesses, some of which may be significant. We are unable to predict the outcome or effects of any of these potential actions or any other legislative or regulatory proposals on our businesses. Failure to comply with the laws and regulations applicable to our businesses could result in administrative enforcement actions, fines, and civil and criminal liability. Any changes to the legal and regulatory framework applicable to any of our services or businesses could have an adverse impact on our businesses and results of operations. For a more extensive discussion of the significant risks associated with the regulation of our businesses, see Item 1: Business and refer to the “Legislation and Regulation” discussion within that section.

We rely on our intellectual property, such as patents, copyrights, trademarks and trade secrets, as well as licenses and other agreements with our vendors and other third parties, to use various technologies, conduct our business operations and sell our products and services. Legal challenges to our intellectual property rights and claims of intellectual property infringement by third parties could require that we enter into royalty or licensing agreements on unfavorable terms, incur substantial monetary liability, or be enjoined preliminarily or permanently from further use of the intellectual property in question, from importing into the United States or other jurisdictions in which we operate hardware or software that uses such intellectual property or from the continuation of our businesses as currently conducted. We may need to change our business practices if any of these events occur, which may limit our ability to compete effectively and could have an adverse effect on our results of operations. Even if we believe any such challenges or claims are without merit, they can be time-consuming, costly to defend and may divert management’s attention and resources away from our businesses. Moreover, if we are unable to obtain or continue to obtain licenses from our vendors and other third parties on reasonable terms, our businesses could be adversely affected. Comcast 2023 Annual Report on Form 10-K22 Comcast 2023 Annual Report on Form 10-K22 Comcast 2023 Annual Report on Form 10-K22 22 Comcast 2023 Annual Report on Form 10-K22 Comcast 2023 Annual Report on Form 10-K22 22 Comcast 2023 Annual Report on Form 10-K22 22 22 Table of Contents Table of Contents Table of Contents In addition, intellectual property constitutes a significant part of the value of our businesses, and our success is highly dependent on protecting the intellectual property rights of the content we create or acquire against third-party misappropriation, reproduction or infringement. The unauthorized reproduction, distribution or display of copyrighted material negatively affects our ability to generate revenue from the legitimate sale of our content, as well as from the sale of advertising in connection with our content, and increases our costs due to our active enforcement of our intellectual property rights. The legal landscape for new technologies, including artificial intelligence (“AI”), remains uncertain, and development of the law in this area could impact our ability to protect against unauthorized third-party use, misappropriation, reproduction or infringement. Piracy and other unauthorized uses of content are made easier, and the enforcement of intellectual property rights more challenging, by technological advances that allow the conversion of programming, films and other content into digital formats, which facilitates the creation, transmission and sharing of high-quality unauthorized copies. In particular, piracy of programming and films through unauthorized distribution platforms continues to present challenges for our businesses. For example, certain entities may stream our broadcast television content illegally online without our consent and without paying us any compensation, and sporting events on our international networks may be illegally transmitted. While piracy is a challenge in the United States, it is particularly prevalent in many parts of the world that lack developed copyright laws, effective enforcement of copyright laws and technical protective measures like those in effect in the United States. If any U.S. or international laws intended to combat piracy and protect intellectual property rights are repealed or weakened or are not adequately enforced, or if the legal system fails to adapt to new technologies that facilitate piracy, we may be unable to effectively protect our rights, the value of our intellectual property may be negatively impacted and our costs of enforcing our rights may increase.

We rely on our intellectual property, such as patents, copyrights, trademarks and trade secrets, as well as licenses and other agreements with our vendors and other third parties, to use various technologies, conduct our business operations and sell our products and services. Legal challenges to our intellectual property rights and claims of intellectual property infringement by third parties could require that we enter into royalty or licensing agreements on unfavorable terms, incur substantial monetary liability, or be enjoined preliminarily or permanently from further use of the intellectual property in question, from importing into the United States or other jurisdictions in which we operate hardware or software that uses such intellectual property or from the continuation of our businesses as currently conducted. We may need to change our business practices if any of these events occur, which may limit our ability to compete effectively and could have an adverse effect on our results of operations. Even if we believe any such challenges or claims are without merit, they can be time-consuming, costly to defend and may divert management’s attention and resources away from our businesses. Moreover, if we are unable to obtain or continue to obtain licenses from our vendors and other third parties on reasonable terms, our businesses could be adversely affected. In addition, intellectual property constitutes a significant part of the value of NBCUniversal’s and Sky’s businesses, and their success is highly dependent on protecting the intellectual property rights of the content they create or acquire against third-party misappropriation, reproduction or infringement. The unauthorized reproduction, distribution or display of copyrighted material negatively affects our ability to generate revenue from the legitimate sale of our content, as well as from the sale of advertising in connection with our content, and increases our costs due to our active enforcement of our intellectual property rights. Piracy and other unauthorized uses of content are made easier, and the enforcement of intellectual property rights more challenging, by technological advances that allow the conversion of programming, films and other content into digital formats, which facilitates the creation, transmission and sharing of high-quality unauthorized copies. In particular, piracy of programming and films through unauthorized distribution platforms continues to present challenges for NBCUniversal’s businesses, and certain entities may stream our broadcast television content illegally online without our consent and without paying us any compensation. It also presents similar challenges for Sky’s businesses, including as a result of illegal retransmission of sports events. While piracy is a challenge in the United States, it is particularly prevalent in many parts of the world that lack developed copyright laws, effective enforcement of copyright laws and technical protective measures like those in effect in the United States. If any U.S. or international laws intended to combat piracy and protect intellectual property rights are repealed or weakened or are not adequately enforced, or if the legal system fails to adapt to new technologies that facilitate piracy, we may be unable to effectively protect our rights, the value of our intellectual property may be negatively impacted and our costs of enforcing our rights may increase. 27Comcast 2022 Annual Report on Form 10-K 27Comcast 2022 Annual Report on Form 10-K 27Comcast 2022 Annual Report on Form 10-K 27 27Comcast 2022 Annual Report on Form 10-K 27Comcast 2022 Annual Report on Form 10-K 27 27Comcast 2022 Annual Report on Form 10-K 27 27 Table of Contents Table of Contents Table of Contents

A substantial portion of our revenue comes from customers whose spending patterns may be affected by prevailing economic conditions. Weak economic conditions in the United States, in Europe or globally could adversely affect demand for any of our products and services, including advertising, and have a negative impact on our results of operations. For example, weak economic conditions will likely impact our customers’ discretionary spending and as a result, they may reduce the level of services to which they subscribe or may discontinue subscribing to one or more of our services altogether. This risk may be increased by the expanded availability of free or lower cost competitive services, such as certain DTC streaming and other OTT services, or substitute services for broadband and voice services, such as wireless and public Wi-Fi networks. Weak economic conditions also negatively impact our advertising revenue, the performance of our films and home entertainment releases, and attendance and spending in our theme parks. In particular, the success of our theme parks and theatrical releases largely depends on consumer demand for out-of-home entertainment experiences, which may be limited by weakened economic conditions. Comcast 2023 Annual Report on Form 10-K24 Comcast 2023 Annual Report on Form 10-K24 Comcast 2023 Annual Report on Form 10-K24 24 Comcast 2023 Annual Report on Form 10-K24 Comcast 2023 Annual Report on Form 10-K24 24 Comcast 2023 Annual Report on Form 10-K24 24 24 Table of Contents Table of Contents Table of Contents Weak economic conditions and disruptions in the global financial markets, such as higher interest rates, may impact our ability to obtain financing or to refinance existing debt on acceptable terms, if at all, which could increase the cost of our borrowings over time and may increase our exposure to currency fluctuations in countries where we operate. Further, inflationary pressures in the United States, in Europe and globally may also have negative impacts on our cost structure and pricing models and may impact the ability of third parties (including advertisers, customers, suppliers, wholesale distributors, retailers and content creators, among others) to satisfy their obligations to us.

A substantial portion of our revenue comes from customers whose spending patterns may be affected by prevailing economic conditions. Weak economic conditions in the United States, in Europe or globally could adversely affect demand for any of our products and services, including advertising, and have a negative impact on our results of operations. For example, weak economic conditions will likely impact our customers’ discretionary spending and as a result, they may reduce the level of services to which they subscribe or may discontinue subscribing to one or more of our services altogether. This risk may be increased by the expanded availability of free or lower cost competitive services, such as certain DTC streaming and other OTT services, or substitute services for broadband and voice services, such as wireless and public Wi-Fi networks. Weak economic conditions also negatively impact our advertising revenue, the performance of our films and home entertainment releases, and attendance and spending in our theme parks. In particular, the success of our theme parks and theatrical releases largely depends on consumer demand for out-of-home entertainment experiences, which may be limited by weakened economic conditions. Weak economic conditions and disruptions in the global financial markets may impact our ability to obtain financing or to refinance existing debt on acceptable terms, if at all, could increase the cost of our borrowings and may increase our exposure to currency fluctuations in countries where we operate. Further, inflationary pressures in the United States, in Europe and globally may also have negative impacts on our cost structure and pricing models and may impact the ability of third parties (including advertisers, customers, suppliers, wholesale distributors, retailers and content creators, among others) to satisfy their obligations to us.

From time to time, we make acquisitions and investments and may pursue other strategic initiatives, such as Xumo, our consolidated streaming platform joint venture. In connection with such acquisitions and strategic initiatives, we may incur significant or unanticipated expenses, fail to realize anticipated benefits and synergies, have difficulty incorporating an acquired or new line of business, disrupt relationships with current and new employees, customers and vendors, incur significant debt, divert the attention of management from our current operations, or have to delay or not proceed with announced transactions or initiatives. These and other circumstances could also result in the impairment of goodwill and long-lived assets. Additionally, federal regulatory or antitrust agencies such as the FCC or DOJ or international regulators may impose restrictions on the operation of our businesses as a result of our seeking regulatory approvals for any significant acquisitions and strategic initiatives or may dissuade us from pursuing certain transactions. The occurrence of any of these events could have an adverse effect on our business and results of operations.

From time to time, we make acquisitions and investments and may pursue other strategic initiatives, such as Peacock. In connection with such acquisitions and strategic initiatives, we may incur significant or unanticipated expenses, fail to realize anticipated benefits and synergies, have difficulty incorporating an acquired or new line of business, disrupt relationships with current and new employees, customers and vendors, incur significant debt, divert the attention of management from our current operations, or have to delay or not proceed with announced transactions or initiatives. These and other circumstances could also result in the impairment of goodwill and long-lived assets. Additionally, federal regulatory or antitrust agencies such as the FCC or DOJ or international regulators may impose restrictions on the operation of our businesses as a result of our seeking regulatory approvals for any significant acquisitions and strategic initiatives or may dissuade us from pursuing certain transactions. The occurrence of any of these events could have an adverse effect on our business and results of operations. 29Comcast 2022 Annual Report on Form 10-K 29Comcast 2022 Annual Report on Form 10-K 29Comcast 2022 Annual Report on Form 10-K 29 29Comcast 2022 Annual Report on Form 10-K 29Comcast 2022 Annual Report on Form 10-K 29 29Comcast 2022 Annual Report on Form 10-K 29 29 Table of Contents Table of Contents Table of Contents

Our businesses operate in intensely competitive, consumer-driven, rapidly changing environments. We compete with a growing number of companies that provide a broad range of communications products and services and entertainment, sports, news and information content to consumers. There can be no assurance that we will be able to compete effectively against our competitors or that competition will not have an adverse effect on our businesses. Below is a summary of our most significant sources of competition. Many of these competitors offer competitive pricing, packaging and/or bundling of services to customers, which further increases competition. In addition, our ability to compete will be negatively affected if we do not provide our customers with a satisfactory customer experience. For a more detailed description of the competition facing our businesses, see Item 1: Business and refer to the “Competition” discussion within that section. •Connectivity & Platforms’ broadband services compete primarily against wireline telecommunications companies, including many that are increasing deployment of fiber-based networks; wireless telecommunications companies offering internet services (using a variety of technologies, including 5G fixed wireless networks and 4G and 5G wireless broadband services); electric cooperatives and municipalities in the United States that own and operate their own broadband networks; and DBS and newer satellite broadband providers. Broadband-deployment funding initiatives at the federal and state level may result in other service providers deploying new subsidized internet access networks within our footprint, and in cases where we receive subsidies, may impose constraints on how we conduct our businesses. For a more extensive discussion of the significant risks associated with the regulation of our businesses, see “—We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses” below and Item 1: Business and refer to the “Legislation and Regulation” discussion within that section. •Competition for video services consists primarily of DTC streaming and other OTT service providers and aggregators, DBS providers and telecommunications companies, and our wireless and voice services compete with both telecommunications and wireless telecommunication providers. •Business Services Connectivity primarily competes with wireline telecommunications companies and wide area network managed service providers. •Our businesses in Content & Experiences, as well as our video business, face substantial and increasing competition from providers of similar types of entertainment, sports, news and information content, as well as from other forms of entertainment, including from social networking and user-generated content, and recreational activities. They must compete to obtain talent, popular content (including sports programming), advertising and other resources required to successfully operate their businesses. This competition has further intensified as certain DTC streaming and other OTT service providers have commissioned, and may continue to commission, high-cost programming and acquire live sports programming rights to attract viewers at significant costs. Competitors with significant resources, greater efficiencies of scale, fewer regulatory burdens and more competitive pricing and packaging continue to increasingly compete with our businesses in all forms of content distribution and production. Further, consolidation of, or cooperation between, our competitors may increase competition in all of these areas. For example, cooperation between competitors may allow them to offer free or lower cost DTC streaming and other OTT services, potentially on an exclusive basis, through unlimited data-usage plans for internet or wireless phone services or to bundle DTC streaming and other OTT services on their platform. Our businesses’ ability to compete effectively also depends on our perceived image and reputation among our various constituencies, including our customers, consumers, advertisers, business partners, employees, investors and government authorities. For example, some of these constituencies may have their own, and some have conflicting, environmental, social and governance priorities, which may present risks to our reputation and brands if these constituencies perceive misalignment.

All of our businesses operate in intensely competitive, consumer-driven, rapidly changing environments. We compete with a growing number of companies that provide a broad range of communications products and services and entertainment, sports, news and information content to consumers. There can be no assurance that we will be able to compete effectively against our competitors or that competition will not have an adverse effect on our businesses. Below is a summary of our most significant sources of competition; for a more detailed description of the competition facing our businesses, see Item 1: Business and refer to the “Competition” discussion within that section. •Cable Communications’ and Sky’s broadband services compete primarily against wireline telecommunications companies, including many that are increasing deployment of fiber-based networks, wireless telecommunications companies offering internet services (using a variety of technologies, including 4G and 5G wireless broadband services and 5G fixed wireless networks), certain electric cooperatives and municipalities in the United States that own and operate their own broadband networks and DBS and newer satellite broadband providers. Broadband-deployment funding initiatives at the federal and state level, including as part of the America Rescue Plan Act of 2021, may result in other service providers deploying new subsidized internet access networks within our footprint, and in cases where we agree to receive subsidies, may impose constraints on how we conduct our businesses in certain areas. Competition for video services offered by Cable Communications and Sky consists primarily of DTC streaming and other OTT service providers, DBS providers and telecommunications companies. Our voice and wireless services primarily compete with wireless and wireline telecommunications providers. Many of our competitors offer bundled products and services with favorable pricing to customers, which has increased competition. •NBCUniversal and Sky face substantial and increasing competition from providers of similar types of entertainment, sports, news and information content, as well as from other forms of entertainment and recreational activities. NBCUniversal and Sky must compete to obtain talent, popular content (including sports programming) and other resources required to successfully operate their businesses. This competition has intensified as DTC streaming and other OTT service providers develop high-quality programming and acquire live sports programming rights to attract viewers. Consolidation of, or cooperation between, our competitors, including suppliers and distributors of content, may increase competition in all of these areas, as may the emergence of additional competitors with significant resources, greater efficiencies of scale, fewer regulatory burdens and more competitive pricing and packaging, that are competing with our businesses in all forms of content distribution and production. For example, such consolidation or cooperation may allow competitors to offer free or lower cost streaming services, potentially on an exclusive basis, through unlimited data-usage plans for internet or wireless phone services. The ability of our businesses to compete effectively also depends on our perceived image and reputation among our various constituencies, including our customers, consumers, advertisers, business partners, employees, investors and government authorities. In addition, our ability to compete will be negatively affected if we do not provide our customers with a satisfactory customer experience.

We rely on certain key management personnel in the operation of our businesses. While we maintain long-term and emergency transition plans for key management personnel and believe we could either identify internal candidates or attract outside candidates to fill any vacancy created by the loss of any key management personnel, the loss of one or more of our key management personnel could have a negative impact on our businesses. In addition, Content & Experiences depend on the abilities and expertise of on-air and creative talent. If we fail to attract or retain on-air or creative talent, if the costs to attract or retain such talent increase materially, or if these individuals cause negative publicity or lose their current appeal, our businesses could be adversely affected.

We rely on certain key management personnel in the operation of our businesses. While we maintain long-term and emergency transition plans for key management personnel and believe we could either identify internal candidates or attract outside candidates to fill any vacancy created by the loss of any key management personnel, the loss of one or more of our key management personnel could have a negative impact on our businesses. In addition, NBCUniversal and Sky depend on the abilities and expertise of on-air and creative talent. If we fail to attract or retain on-air or creative talent, if the costs to attract or retain such talent increase materially, or if these individuals cause negative publicity or lose their current appeal, our businesses could be adversely affected. Comcast 2022 Annual Report on Form 10-K30 Comcast 2022 Annual Report on Form 10-K30 Comcast 2022 Annual Report on Form 10-K30 30 Comcast 2022 Annual Report on Form 10-K30 Comcast 2022 Annual Report on Form 10-K30 30 Comcast 2022 Annual Report on Form 10-K30 30 30 Table of Contents Table of Contents Table of Contents Risks Related to Legal, Regulatory and Governance Matters

(a)Adjusted EBITDA is a financial measure that is not defined by generally accepted accounting principles in the United States (“GAAP”). Refer to the “Non-GAAP Financial Measures” section on page 47 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. Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA charts are not presented on the same scale. 2023 Revenue and Adjusted EBITDA Segment Contribution(a) 2023 Revenue and Adjusted EBITDA Segment Contribution(a) 2023 Revenue and Adjusted EBITDA Segment Contribution(a)

(a)Adjusted EBITDA is a financial measure that is not defined by generally accepted accounting principles in the United States (“GAAP”). Refer to the “Non-GAAP Financial Measure” section on page 52 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. Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA charts are not presented on the same scale.

Our success is, to a large extent, dependent on our ability to acquire, develop, adopt and leverage new and existing technologies, and our competitors’ use of certain types of technology and equipment may provide them with a competitive advantage. New technologies can materially impact our businesses in a number of ways, including affecting the demand for our products, the distribution methods of our products and content to our customers, how we create our entertainment products, the ways in which our customers can purchase and view our content and the growth of distribution platforms available to advertisers. For example, current and new wireless internet technologies (including 5G fixed wireless networks and 4G and 5G wireless broadband services) continue to evolve rapidly and may allow for greater speed and reliability for those services as compared with prior technologies and create more competitors for our businesses. In addition, some companies and U.S. municipalities are building advanced fiber-based networks that provide very fast internet access speeds, and some providers offer newer satellite broadband services. We expect advances in communications technology to continue to occur in the future. If we choose technology or equipment that is not as effective or attractive to consumers as that employed by our competitors, if we fail to employ technologies desired by consumers or that enhance our business operations, such as through the use of AI, or if we fail to execute effectively on our technology initiatives, our businesses and results of operations could be adversely affected. We also will continue to incur additional costs as we execute our technology initiatives, such as the deployment of multigigabit symmetrical speeds by leveraging our DOCSIS 4.0 technology and the development and enhancement of various streaming platforms. There can be no assurance that we can execute on these and other initiatives in a manner sufficient to grow or maintain our revenue or to successfully compete in the future. We also may generate less revenue or incur increased costs if changes in our competitors’ product offerings require that we offer certain services or enhancements at a lower or no cost to our customers or that we increase our research and development expenditures. 23Comcast 2023 Annual Report on Form 10-K 23Comcast 2023 Annual Report on Form 10-K 23Comcast 2023 Annual Report on Form 10-K 23 23Comcast 2023 Annual Report on Form 10-K 23Comcast 2023 Annual Report on Form 10-K 23 23Comcast 2023 Annual Report on Form 10-K 23 23 Table of Contents Table of Contents Table of Contents

Our success is, to a large extent, dependent on our ability to acquire, develop, adopt and leverage new and existing technologies, and our competitors’ use of certain types of technology and equipment may provide them with a competitive advantage. New technologies can materially impact our businesses in a number of ways, including affecting the demand for our products, the distribution methods of our products and content to our customers, the ways in which our customers can purchase and view our content and the growth of distribution platforms available to advertisers. For example, current and new wireless internet technologies (including 4G and 5G wireless broadband services and 5G fixed wireless networks) continue to evolve rapidly and may allow for greater speed and reliability for those services as compared with prior technologies. In addition, some companies and U.S. municipalities are building advanced fiber-based networks that provide very fast internet access speeds. We expect advances in communications technology to continue to occur in the future. If we choose technology or equipment that is not as effective or attractive to consumers as that employed by our competitors, if we fail to employ technologies desired by consumers before our competitors do so, or if we fail to execute effectively on our technology initiatives, our businesses and results of operations could be adversely affected. We also will continue to incur additional costs as we execute our technology initiatives, such as the deployment of multigigabit symmetrical speeds by leveraging our DOCSIS 4.0 technology and the development and enhancement of various streaming platforms. There can be no assurance that we can execute on these and other initiatives in a manner sufficient to grow or maintain our revenue or to successfully compete in the future. We also may generate less revenue or incur increased costs if changes in our competitors’ product offerings require that we offer certain services or enhancements at a lower or no cost to our customers or that we increase our research and development expenditures.

Our services, products and properties are vulnerable to damage from the occurrence of certain events, including natural disasters, severe weather events such as hurricanes and wildfires, and a range of other unforeseeable events such as infectious disease outbreaks, including COVID-19, terrorist attacks or other similar events. Such events have in the past caused, and could in the future cause, a variety of adverse business impacts including degradation or disruption of our network, products and services, excessive call volume to call centers, a reduction in demand for our products, services and theme parks, disruption of our internal systems, products, services or satellite transmission signals, power outages, and damage to our or our customers’ or vendors’ equipment and properties. These events also may result in lost revenue and large expenditures to repair or replace damaged properties, products and services and could lead to litigation and fines, including if we inadvertently contributed to damages suffered by others. For example, COVID-19 and corresponding governmental measures negatively impacted our businesses in the past, including as recently as in 2022 by requiring temporary closures of our theme parks. The amount and scope of insurance we maintain against losses resulting from these types of events likely would not be sufficient to fully cover our losses or otherwise adequately compensate us for disruptions to our business that may result. We expect that we will continue to experience some or all of these events in the future, and there can be no assurance that any such event will not have an adverse effect on our business, reputation or results of operations. 25Comcast 2023 Annual Report on Form 10-K 25Comcast 2023 Annual Report on Form 10-K 25Comcast 2023 Annual Report on Form 10-K 25 25Comcast 2023 Annual Report on Form 10-K 25Comcast 2023 Annual Report on Form 10-K 25 25Comcast 2023 Annual Report on Form 10-K 25 25 Table of Contents Table of Contents Table of Contents

Our services, products and properties are vulnerable to damage from the occurrence of certain events, including natural disasters, severe weather events such as hurricanes and wild fires, and a range of other unforeseeable events such as infectious disease outbreaks, including COVID-19, terrorist attacks or other similar events. Such events have in the past caused, and could in the future cause, a variety of adverse business impacts including degradation or disruption of our network, products and services, excessive call volume to call centers, a reduction in demand for our products, services and theme parks, disruption of our internal systems, products, services or satellite transmission signals, power outages, and damage to our or our customers’ or vendors’ equipment and properties. These events also may result in lost revenue and large expenditures to repair or replace damaged properties, products and services and could lead to litigation and fines, including if we inadvertently contributed to damages suffered by others. In addition, COVID-19 and corresponding governmental measures to prevent its spread across the globe have negatively impacted, and may continue to negatively impact, our businesses. For example, as a result of COVID-19, we have at times temporarily closed our theme parks or operated them with capacity restrictions. The amount and scope of insurance we maintain against losses resulting from these types of events likely would not be sufficient to fully cover our losses or otherwise adequately compensate us for disruptions to our business that may result. We expect that we will continue to experience some or all of these events in the future, and there can be no assurance that any such event will not have an adverse effect on our business, reputation or results of operations.

We compete for the sale of advertising time with television networks and stations, digital properties, including an increasing number of ad-supported DTC streaming service providers and a broad array of other online content providers, such as social networking platforms and user-generated content providers, and all other advertising platforms. We derive substantial revenue from the sale of advertising, and we expect that a decline in expenditures by advertisers, including through traditional linear television distribution models or on Peacock, could negatively impact our results of operations. We have experienced, and may continue to experience, declines caused by the economic prospects of specific advertisers or industries, increased competition for the leisure time of viewers, such as from social networking and user-generated content platforms and video games, audience fragmentation, increased viewing of content through DTC streaming and other OTT service providers, increased use of time-shifting and advertising-blocking technologies or regulatory intervention regarding where and when advertising may be placed, and economic conditions generally. In addition, advertisers have shifted, and may continue to shift, a portion of their total expenditures to digital media, including DTC streaming service providers and other online content providers, and this trend may continue or accelerate. Lower audience ratings and reduced viewership, which many of our linear television networks have experienced, and likely will continue to experience, as well as the level of popularity of Peacock, affect advertisers’ willingness to purchase advertising from us and the rates paid. Advertising sales and rates also are dependent on the methodology used for audience measurement and could be negatively affected if methodologies do not accurately reflect actual viewership levels.

We compete for the sale of advertising time with digital media distributors, websites and search engines, other television networks and stations, as well as with all other advertising platforms, such as radio and print. We derive substantial revenue from the sale of advertising, and a decline in expenditures by advertisers, including through traditional linear television distribution models, could negatively impact our results of operations. Declines can be caused by the economic prospects of specific advertisers or industries, increased competition for the leisure time of viewers, such as from social media and video games, audience fragmentation, increased viewing of content through DTC streaming and other OTT service providers, increased use of time-shifting and advertising-blocking technologies, regulatory intervention regarding where and when advertising may be placed, or economic conditions generally. In addition, advertisers have shifted a portion of their total expenditures to digital media, and this trend may continue or accelerate. Their willingness to purchase advertising from us may be adversely affected by lower audience ratings and reduced viewership, which many of NBCUniversal’s networks and some of Sky’s television channels have experienced and likely will continue to experience, or from the level of popularity or perceived acceptance of Peacock. Advertising sales and rates also are dependent on the methodology used for audience measurement and could be negatively affected if methodologies do not accurately reflect actual viewership levels.

Our effective income tax rate in 2023 and 2022 was 26.2% and 47.0%, respectively. Our effective income tax rate for 2022 was impacted by the goodwill impairment, which was primarily not deductible for tax purposes. See Note 5 for additional information on our effective income tax rate. The increase in income tax expense in 2023 was primarily driven by higher income before income taxes and the effect of a change in our net deferred tax liabilities as a result of the enactment of state tax law changes, which resulted in a $286 million benefit in the prior year.

Our effective income tax rate in 2022 and 2021 was 47.0% and 27.5%, respectively. Income tax expense for 2022 was affected by changes in our net deferred tax liabilities as a result of the enactment of tax law changes, including $286 million of benefit in 2022 related to state taxes and $498 million of expense in 2021 in the United Kingdom. Our effective income tax rate for 2022 was also impacted by the goodwill impairment, which was primarily not deductible for tax purposes. See Note 5 for additional information on our effective income tax rate.

Many of the writers, directors, actors, technical and production personnel, as well as some on-air and creative talent employees in our Content & Experiences business, are covered by collective bargaining agreements or works councils. Many of these collective bargaining agreements are industry-wide agreements, and we may lack practical control over the negotiations and terms of the agreements. If we are unable to reach agreement with a labor union before the expiration of a collective bargaining agreement, our employees who were covered by that agreement may have a right to strike or take other actions that could adversely affect us, which could disrupt our operations and reduce our revenue, and the resolution of any disputes may increase our costs. For example, the Writers Guild of America (“Writers Guild”) and the Screen Actors Guild-American Federation of Television and Radio Artists (“SAG”) work stoppages from May to September 2023 and July to November 2023, respectively, paused productions, which reduced content licensing revenue at our Studios segment. There can be no assurance that we will renew our collective bargaining agreements as they expire or that we can renew them on favorable terms or without any work stoppages in the future. In addition, labor disputes in sports organizations with which we have programming rights agreements of varying scope and duration could have an adverse effect on our businesses. Risks Related to Legal, Regulatory and Governance Matters

Many of NBCUniversal’s writers, directors, actors, technical and production personnel, as well as some of our on-air and creative talent employees, are covered by collective bargaining agreements or works councils. Most of NBCUniversal’s collective bargaining agreements are industry-wide agreements, and we may lack practical control over the negotiations and terms of the agreements. If we are unable to reach agreement with a labor union before the expiration of a collective bargaining agreement, our employees who were covered by that agreement may have a right to strike or take other actions that could adversely affect us, which could disrupt our operations and reduce our revenue, and the resolution of any disputes may increase our costs. There can be no assurance that we will renew our collective bargaining agreements as they expire or that we can renew them on favorable terms or without any work stoppages. 31Comcast 2022 Annual Report on Form 10-K 31Comcast 2022 Annual Report on Form 10-K 31Comcast 2022 Annual Report on Form 10-K 31 31Comcast 2022 Annual Report on Form 10-K 31Comcast 2022 Annual Report on Form 10-K 31 31Comcast 2022 Annual Report on Form 10-K 31 31 Table of Contents Table of Contents Table of Contents In addition, labor disputes in sports organizations with which we have programming rights agreements of varying scope and duration could have an adverse effect on our businesses.

We create and acquire media and entertainment content, the success of which depends substantially on consumer tastes and preferences that often change in unpredictable ways, and to meet the changing preferences of the broad domestic and international consumer markets, we must consistently create, acquire, market and distribute television programming, filmed entertainment, theme park attractions and other content. We have invested, and will continue to invest, substantial amounts in content, such as the production of films and original content for television networks and streaming services, and in the creation of new theme parks and theme park attractions, before learning the extent to which they will earn consumer acceptance. In addition, there can be no assurance that Peacock will continue to grow or sustain its revenue or user base, successfully compete as a standalone DTC streaming service or fully offset decreases to our linear television networks’ results of operations as the media distribution business model continues to change. We obtain a significant portion of our content from third parties, such as movie studios, television production companies, sports organizations and other suppliers, sometimes on an exclusive basis. Competition for popular content, particularly for sports programming, is intense, and at times, we may increase the price we are willing to pay or be outbid by our competitors for popular content. We also may be unable to license popular third-party content if media companies determine that licensing the content to us is not in their strategic best interests. For example, content creators have launched, and may continue to launch, their own DTC streaming or other OTT services, forgoing license fees from us to provide their content directly to consumers, or they may license their content to our competitors on an exclusive basis. 21Comcast 2023 Annual Report on Form 10-K 21Comcast 2023 Annual Report on Form 10-K 21Comcast 2023 Annual Report on Form 10-K 21 21Comcast 2023 Annual Report on Form 10-K 21Comcast 2023 Annual Report on Form 10-K 21 21Comcast 2023 Annual Report on Form 10-K 21 21 Table of Contents Table of Contents Table of Contents Entering into or renewing contracts for such content rights or acquiring additional rights has in the past resulted, and may result in the future, in significantly increased costs. Particularly with respect to contracts for sports rights, our results of operations and cash flows over the term of a contract depend on a number of factors, including the strength of the advertising market, audience size, the timing and amount of rights payments, and the ability to secure distribution from, impose surcharges on, or obtain carriage on multichannel video providers or to grow and retain subscribers to our own DTC services. There can be no assurance that revenue from these contracts will exceed our costs for the rights, as well as the other costs of producing and distributing the programming. If our content does not achieve sufficient consumer acceptance, or if we cannot obtain or retain rights to popular content on acceptable terms, or at all, our businesses may be adversely affected.

NBCUniversal and Sky create and acquire media and entertainment content, the success of which depends substantially on consumer tastes and preferences that often change in unpredictable ways. The success of these businesses depends on our ability to consistently create, acquire, market and distribute television programming, filmed entertainment, theme park attractions and other content that meet the changing preferences of the broad domestic and international consumer markets. We have invested, and will continue to invest, substantial amounts in our content, including in the production of original content for NBCUniversal, including Peacock, and Sky, in our films and for new theme parks and theme park attractions, before learning the extent to which they will earn consumer acceptance. In addition, there can be no assurance that Peacock will continue to grow or sustain its revenue or user base or successfully compete as a standalone DTC streaming service. NBCUniversal and Sky also obtain a significant portion of their content from third parties, such as movie studios, television production companies, sports organizations and other suppliers, sometimes on an exclusive basis. Competition for popular content, particularly for sports programming, is intense, and at times, we may increase the price we are willing to pay or be outbid by our competitors for popular content. We also may be unable to license popular third-party content for NBCUniversal’s and Sky’s television programming channels if media companies determine that licensing the content to us is not in their strategic best interests. For example, content creators have launched and may continue to launch their own DTC streaming or other OTT services, forgoing license fees from us to provide their content directly to consumers, or they may license their content to our competitors on an exclusive basis. Entering into or renewing contracts for such programming rights or acquiring additional rights has in the past resulted, and may result in the future, in significantly increased costs. Particularly with respect to long-term contracts for sports programming rights for NBCUniversal and Sky, our results of operations and cash flows over the term of a contract depend on a number of factors, including the strength of the advertising market, audience size, the timing and amount of rights payments, and the ability to secure distribution from, impose surcharges on, or obtain carriage on multichannel video providers or to grow and retain subscribers to our own DTC services. There can be no assurance that revenue from these contracts will exceed our costs for the rights, as well as the other costs of producing and distributing the programming. If our content does not achieve sufficient consumer acceptance, or if we cannot obtain or retain rights to popular content on acceptable terms, or at all, NBCUniversal’s and Sky’s businesses may be adversely affected.

Our linear television networks depend on their ability to secure and maintain distribution agreements with traditional and virtual multichannel video providers. The number of subscribers to our television networks has been, and likely will continue to be, reduced as a result of fewer subscribers to multichannel video providers as the media distribution business model changes. Similarly, multichannel video providers may elect not to enter into agreements to distribute some or all of our linear television networks as a result of these changing market dynamics. In addition, our broadcast television networks depend on their ability to secure and maintain network affiliation agreements with third-party local broadcast television stations in the markets where we do not own the affiliated local broadcast television station. Our owned local broadcast television stations must elect, with respect to retransmission by certain multichannel video providers, either “must-carry” status, in which we require the provider to carry the station without paying any compensation to us, or “retransmission consent,” in which we give up our right to mandatory carriage and instead seek to negotiate the terms and conditions of carriage, including the amount of compensation, if any, paid to us by such provider. For all of these types of arrangements, our ability to renew agreements on favorable terms may be affected by evolving market dynamics and industry consolidation. There can be no assurance that any of these agreements will be entered into or renewed in the future on similar terms. The inability to enter into or renew some or all of these agreements could reduce our revenues and the reach of our programming, which could adversely affect our businesses.

NBCUniversal’s cable television networks depend on their ability to secure and maintain distribution agreements with traditional and virtual multichannel video providers. The number of subscribers to NBCUniversal’s cable television networks has been, and likely will continue to be, reduced as a result of fewer subscribers to multichannel video providers. In addition, NBCUniversal’s broadcast television networks depend on their ability to secure and maintain network affiliation agreements with third-party local broadcast television stations in the markets where we do not own the affiliated local broadcast television station. Our owned local broadcast television stations must elect, with respect to retransmission by certain multichannel video providers, either “must-carry” status, in which we require the provider to carry the station without paying any compensation to us, or “retransmission consent,” in which we give up our right to mandatory carriage and instead seek to negotiate the terms and conditions of carriage, including the amount of compensation, if any, paid to us by such provider. Sky also depends on its ability to secure and maintain wholesale distribution agreements for its television channels with multichannel video providers. For all of these types of arrangements, NBCUniversal’s and Sky’s ability to renew agreements on favorable terms may be affected by industry consolidation and new participants entering the market for distribution of content on digital platforms. There can be no assurance that any of these agreements will be entered into or renewed in the future on acceptable terms. The inability to enter into or renew these agreements could reduce our revenues and the reach of our programming, which could adversely affect NBCUniversal’s and Sky’s businesses. Comcast 2022 Annual Report on Form 10-K26 Comcast 2022 Annual Report on Form 10-K26 Comcast 2022 Annual Report on Form 10-K26 26 Comcast 2022 Annual Report on Form 10-K26 Comcast 2022 Annual Report on Form 10-K26 26 Comcast 2022 Annual Report on Form 10-K26 26 26 Table of Contents Table of Contents Table of Contents

We expect programming expenses for our video services to continue to be the largest single expense item for our Residential Connectivity & Platforms business and to continue to increase on a per subscriber basis. Part of these programming expenses include payments to certain local broadcast television stations in exchange for their required consent for the retransmission of broadcast network programming to video services customers; we expect to continue to be subject to increasing demands for payment and other concessions from local broadcast television stations. These market factors may be exacerbated by consolidation in the media industry, which may further increase our programming expenses. If we are unable to offset programming cost increases through rate increases, the sale of additional services, cost management or other initiatives, the increasing cost of programming could have an adverse effect on our results of operations. Moreover, as our contracts with programming providers expire, there can be no assurance that they will be renewed on acceptable terms, or at all, in which case we may be unable to provide such programming as part of our video services, and our businesses and results of operations could be adversely affected.

We expect programming expenses for our video services to continue to be the largest single expense item for our Cable Communications segment and to continue to increase on a per subscriber basis. Part of Cable Communications’ programming expenses include payments to certain local broadcast television stations in exchange for their required consent for the retransmission of broadcast network programming to video services customers; we expect to continue to be subject to increasing demands for payment and other concessions from local broadcast television stations. These market factors may be exacerbated by increased consolidation in the media industry, which may further increase our programming expenses. If we are unable to offset programming cost increases through rate increases, the sale of additional services, cost management or other initiatives, the increasing cost of programming could have an adverse effect on our Cable Communications segment’s results of operations. Moreover, as our contracts with content providers expire, there can be no assurance that they will be renewed on acceptable terms, or at all, in which case we may be unable to provide such content as part of Cable Communications’ video services, and our businesses and results of operations could be adversely affected. 25Comcast 2022 Annual Report on Form 10-K 25Comcast 2022 Annual Report on Form 10-K 25Comcast 2022 Annual Report on Form 10-K 25 25Comcast 2022 Annual Report on Form 10-K 25Comcast 2022 Annual Report on Form 10-K 25 25Comcast 2022 Annual Report on Form 10-K 25 25 Table of Contents Table of Contents Table of Contents

Distribution platforms for viewing and purchasing content have been, and will likely continue to be, developed that further challenge existing business models and increase the number of competitors that our businesses face. DTC streaming and other OTT services have driven, and will continue to drive, changes in consumer behavior as consumers seek more control over when, where and how they consume content and access communications services, and how much they pay for such content. Comcast 2023 Annual Report on Form 10-K20 Comcast 2023 Annual Report on Form 10-K20 Comcast 2023 Annual Report on Form 10-K20 20 Comcast 2023 Annual Report on Form 10-K20 Comcast 2023 Annual Report on Form 10-K20 20 Comcast 2023 Annual Report on Form 10-K20 20 20 Table of Contents Table of Contents Table of Contents As consumers increasingly turn to DTC streaming and other OTT services in lieu of our linear video services, which continue to experience accelerated net customer losses, the number of video customers we have, the related video revenues and the amount of subscriber fees we receive for our linear television networks from other video service providers each decrease. The continuing trend of content owners delivering their content directly to consumers, rather than through, or in addition to, traditional video distribution channels, continues to disrupt traditional media distribution business models despite our efforts to adapt our video service offerings and offer new services, such as Peacock and NOW. The number of entertainment choices available to consumers, such as DTC streaming and other OTT service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products and services, continue to significantly increase, intensify audience fragmentation and disaggregate the way that content traditionally has been distributed and viewed by consumers. This in turn has reduced traditional television viewership, and when coupled with time-shifting technologies, such as DVR and on demand services, has caused, and likely will continue to cause, audience ratings declines for our television networks. In addition, as more content owners offer their content directly to consumers through their own platforms, they may reduce the quantity and quality of the content they license to our linear television networks or Peacock. On the other hand, this practice may also negatively impact our results of operations when we keep our content for our own use, including for Peacock, rather than licensing it to third parties who pay us licensing fees for such content. Our failure to effectively anticipate or adapt to emerging competitors or changes in consumer behavior, including among younger consumers, and shifting business models could have an adverse effect on our competitive position, businesses and results of operations.

Distribution platforms for viewing and purchasing content have been, and will likely continue to be, developed that further increase the number of competitors that all our businesses face and challenge existing business models. As consumers increasingly turn to DTC streaming and other OTT services, the number of Cable Communications’ video customers and amount of subscriber fees paid to NBCUniversal’s television networks decrease, even as Cable Communications’ broadband services have become more important to consumers. DTC streaming and other OTT services have driven, and will continue to drive, changes in consumer behavior as consumers seek more control over when, where and how they consume content and access communications services, and how much they pay for such content. Comcast 2022 Annual Report on Form 10-K24 Comcast 2022 Annual Report on Form 10-K24 Comcast 2022 Annual Report on Form 10-K24 24 Comcast 2022 Annual Report on Form 10-K24 Comcast 2022 Annual Report on Form 10-K24 24 Comcast 2022 Annual Report on Form 10-K24 24 24 Table of Contents Table of Contents Table of Contents Cable Communications continues to experience accelerated net losses in its video and voice customers. For example, in Europe, more of Sky’s new video customers have recently subscribed, and may continue to subscribe, to NOW, Sky’s DTC streaming service, instead of its traditional DTH video service. Although we have attempted to adapt our video service offerings, enhance our broadband services for changing consumer behaviors, and offer new programming, such as Peacock, the continuing trend of content owners delivering their content directly to consumers rather than through, or in addition to, traditional video distribution channels continues to disrupt traditional distribution business models. The increase in DTC streaming and other OTT service providers, as well as in gaming and virtual reality products and services, also has significantly increased the number of entertainment choices available to consumers, which has intensified audience fragmentation and disaggregated the way that content traditionally has been distributed and viewed by consumers. The use of DTC streaming and other OTT services reduces traditional television viewership, coupled with time-shifting technologies, such as DVR and on demand services, has caused and likely will continue to cause audience ratings declines for our television programming channels. In addition, as more programming providers offer their content directly to consumers through their own apps or platforms, they may reduce the quantity and quality of the programming they license to NBCUniversal or Sky’s television channels or to Peacock. Our results of operations may be impacted as we license our own content exclusively on our content platforms, including Peacock, rather than receiving license revenue from third parties for rights to such content. Our failure to effectively anticipate or adapt to emerging competitors or changes in consumer behavior, including among younger consumers, and shifting business models could have an adverse effect on our competitive position, businesses and results of operations.

The following graph compares the annual percentage change in the cumulative total shareholder return on Comcast’s Class A common stock during the five years ended December 31, 2023 with the cumulative total returns on the Standard & Poor’s 500 Stock Index and a select peer group consisting of us and other companies engaged in the transmission and distribution and media industries. This peer group consists of our Class A common stock and the common stock of AT&T Inc., Charter Communications, Inc., Fox Corp. (Class A), Lumen Technologies, Inc., Paramount Global (Class B), T-Mobile US, Inc., Verizon Communications Inc., Warner Bros. Discovery Inc. and The Walt Disney Company (the “New Peer Group”). Following the change in our segment reporting in 2023, we have updated the peer group presented to simplify the calculation, to remove DISH Network Corporation (Class A) due to its smaller market capitalization and to add Fox Corp. The peer group presented in our 2022 Annual Report on Form 10-K was constructed as a composite peer group in which the subgroup of transmission and distribution industry peer companies listed above, along with DISH Network, and the subgroup of media industry peer companies listed above, were weighted based on the respective revenue of our transmission and distribution and media businesses, or 65% and 35%, respectively in the current year (the “Prior Peer Group”). The comparison assumes $100 was invested on December 31, 2018 in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends. Comparison of 5 Year Cumulative Total Return Comparison of 5 Year Cumulative Total Return Comparison of 5 Year Cumulative Total Return 20192020202120222023Comcast Class A$134 $160 $156 $111 $144 S&P 500 Stock Index$131 $156 $200 $164 $207 Prior Peer Group$132 $147 $137 $108 $120 New Peer Group$131 $147 $135 $104 $114 Prior Peer Group New Peer Group Prior Peer Group New Peer Group Item 6: [Reserved] [Reserved] 31Comcast 2023 Annual Report on Form 10-K 31Comcast 2023 Annual Report on Form 10-K 31Comcast 2023 Annual Report on Form 10-K 31 31Comcast 2023 Annual Report on Form 10-K 31Comcast 2023 Annual Report on Form 10-K 31 31Comcast 2023 Annual Report on Form 10-K 31 31 Table of Contents Table of Contents Table of Contents Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and related notes (“Notes”) to enhance the understanding of our operations and our present business environment. For more information about our company’s operations and the risks facing our businesses, see Item 1: Business and Item 1A: Risk Factors, respectively. As discussed in Note 2, we changed the presentation of our segment operating results in 2023, and all amounts are presented under the new segment structure. Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2022 Annual Report on Form 10-K for management’s discussion and analysis of our consolidated financial condition and results of operations for fiscal year 2022 compared to fiscal year 2021. The discussion and analysis related to our segment operating results and Corporate, Other and Eliminations are included below for all periods based on the new segment structure. Overview Overview 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 reportable business segments: Residential Connectivity & Platforms and Business Services Connectivity and (2) our Content & Experiences business in three reportable business segments: Media, Studios and Theme Parks. Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA(a)(in billions) Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA(a) Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA(a)

The following graph compares the annual percentage change in the cumulative total shareholder return on Comcast’s Class A common stock during the five years ended December 31, 2022 with the cumulative total returns on the Standard & Poor’s 500 Stock Index and a select peer group consisting of us and other companies engaged in the cable, communications and media industries. This peer group consists of our Class A common stock and the common stock of AT&T Inc., Charter Communications, Inc., DISH Network Corporation (Class A), Lumen Technologies, Inc., T-Mobile US, Inc. and Verizon Communications Inc. (the “transmission and distribution subgroup”); and Warner Bros. Discovery Inc. (formerly Discovery Inc. Class A), Paramount Global (formerly ViacomCBS Inc.) (Class B) and The Walt Disney Company (the “media subgroup”). The peer group is constructed as a composite peer group in which the transmission and distribution subgroup is weighted 66% and the media subgroup is weighted 34% based on the respective revenue of our transmission and distribution and media businesses. The comparison assumes $100 was invested on December 31, 2017 in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends. Comparison of 5 Year Cumulative Total Return Comparison of 5 Year Cumulative Total Return Comparison of 5 Year Cumulative Total Return 20182019202020212022Comcast Class A$87 $117 $139 $136 $97 S&P 500 Stock Index$96 $126 $149 $191 $157 Peer Group Index$93 $122 $136 $127 $100 Item 6: [Reserved] [Reserved] 35Comcast 2022 Annual Report on Form 10-K 35Comcast 2022 Annual Report on Form 10-K 35Comcast 2022 Annual Report on Form 10-K 35 35Comcast 2022 Annual Report on Form 10-K 35Comcast 2022 Annual Report on Form 10-K 35 35Comcast 2022 Annual Report on Form 10-K 35 35 Table of Contents Table of Contents Table of Contents Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and related notes to enhance the understanding of our operations and our present business environment. For more information about our company’s operations and the risks facing our businesses, see Item 1: Business and Item 1A: Risk Factors, respectively. Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2021 Annual Report on Form 10-K for management’s discussion and analysis of financial condition and results of operations for the fiscal year 2021 compared to fiscal year 2020. Overview Overview Overview We are a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal and Sky. We present our operations in five reportable business segments (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment. Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA(a)(in billions) Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA(a) Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA(a)

Our segment operating results are presented based on how we assess operating performance and internally report financial information. We use Adjusted EBITDA as the measure of profit or loss for our operating segments. See Note 2 for our definition of Adjusted EBITDA and a reconciliation from the aggregate amount of Adjusted EBITDA for our reportable business segments to consolidated income before income taxes.

Our Class B common stock has a non-dilutable 33 1/3% of the combined voting power of our Class A and Class B common stock. This non-dilutable voting power is subject to proportional decrease to the extent the number of shares of Class B common stock is reduced below 9,444,375, which was the number of shares of Class B common stock outstanding on the date of our 2002 acquisition of AT&T Corp.’s cable business, subject to adjustment in specified situations. Stock dividends payable on the Class B common stock in the form of Class B or Class A common stock do not decrease the non-dilutable voting power of the Class B common stock. The Class B common stock also has separate approval rights over several potentially material transactions, even if they are approved by our Board of Directors or by our other shareholders and even if they might be in the best interests of our other shareholders. These potentially material transactions include mergers or consolidations involving us, transactions (such as a sale of all or substantially all of our assets) or issuances of securities that require shareholder approval, transactions that result in any person or group owning shares representing more than 10% of the combined voting power of the resulting or surviving corporation, issuances of Class B common stock or securities exercisable or convertible into Class B common stock, and amendments to our articles of incorporation or by-laws that would limit the rights of holders of our Class B common stock. Brian L. Roberts, our chairman and CEO, beneficially owns all of the outstanding shares of our Class B common stock and, accordingly, has considerable influence over our company and the potential ability to transfer effective control by selling the Class B common stock, which could be at a premium. Item 1B: Unresolved Staff Comments None. 27Comcast 2023 Annual Report on Form 10-K 27Comcast 2023 Annual Report on Form 10-K 27Comcast 2023 Annual Report on Form 10-K 27 27Comcast 2023 Annual Report on Form 10-K 27Comcast 2023 Annual Report on Form 10-K 27 27Comcast 2023 Annual Report on Form 10-K 27 27 Table of Contents Table of Contents Table of Contents Item 1C: Cybersecurity Our management, with involvement and input from our Board of Directors, performs an annual enterprise-wide risk management (“ERM”) assessment to identify and manage key existing and emerging risks for our company. Our ERM process assesses the characteristics and circumstances of the evolving business environment at the time and seeks to identify both the potential impacts to our company of a particular risk and the velocity with which the risk may manifest (e.g., rapidly in less than three months or more slowly in more than twelve months). Our senior executive management team has the overall responsibility for, and oversight of, our ERM process, and an ERM steering committee manages the process, with one or more senior business executives then monitoring and managing each of the identified risks. Cybersecurity is among the risks identified for Board-level oversight as a result of our most recent ERM assessment, with our Audit Committee of the Board being responsible for overseeing our policies, practices and assessments with respect to cybersecurity. The Board and/or our Audit Committee receive regular updates throughout the year on cybersecurity. Each of our Board and Audit Committee separately receives an annual report on cybersecurity matters and related risk exposures from our primary businesses’ Chief Information Security Officers (“CISOs”) and Chief Technology Officers or other similar officers (“CTOs”). When covered during an Audit Committee meeting, the chair of the Audit Committee reports on its discussion to the full Board. Our Audit Committee also receives regular updates on our cybersecurity posture throughout the year, as appropriate. In addition to this Board-level oversight, our Cybersecurity Leadership Council (“CLC”) oversees our cybersecurity strategy and is responsible for overseeing and managing our cybersecurity risk. The CLC includes our Chief Financial Officer (“CFO”), Chief Legal Officer, head of Internal Audit, and lead internal securities counsel, as well as the CISOs, CTOs, CFOs and General Counsels of our primary businesses. Given the complex and varied nature of our businesses, the Connectivity & Platforms and Content & Experiences businesses each have a dedicated CISO who we believe is appropriately qualified to assess and manage cybersecurity risks. The Connectivity & Platforms CISO has served in various roles in product security and privacy at our company since 2016, held various leadership and technical positions in Fortune 500 companies before joining our company, and has educational degrees in computer science and electrical engineering. The Content & Experiences CISO has served in various roles in information security at our company since 2018, held various roles in managing security operation center service portfolios and information security before joining our company, and has educational degrees in management and business organizational management and management information systems and services. The CLC conducts regular meetings throughout the year during which CISOs provide updates and report on meaningful cybersecurity risks, threats, incidents and vulnerabilities in accordance with the CLC’s reporting framework, as well as related priorities, mitigation and remediation activities, financial and employee resource levels, regulatory compliance, technology trends and third-party provider risks. To help inform this reporting framework, our primary businesses maintain incident response plans and other policies and procedures designed to respond to, mitigate and remediate cybersecurity incidents according to a defined set of severity ratings based on the potential impact to our business, information technology systems, network or data, including data held or information technology (“IT”) services provided by third-party vendors or other service providers. Network and information systems and other technologies, including those that are related to our network management, customer service operations and programming delivery and are embedded in our products and services, are critical to our business activities. We also obtain certain confidential, proprietary and personal information about our customers, personnel and vendors, that in many cases is provided or made available to third-party vendors who agree to protect it. As a result, we have multiple layers of security designed to detect and block cybersecurity events, as well as a dedicated team of cybersecurity personnel, which assist our CISOs in helping to assess, identify, monitor, detect and manage cybersecurity risks, threats, vulnerabilities and incidents. In the normal course, we engage assessors, consultants and other third parties to assist in various cyber-related matters. For example, an outside consulting firm conducts a National Institute of Standards and Technology and International Organization for Standardization based cybersecurity capability maturity assessment every three years, which is reviewed with the Audit Committee, and our security teams leverage third-party advisors, as appropriate. We also perform penetration tests, data recovery testing, security audits and risk assessments throughout the year. Our cybersecurity program also incorporates intelligence sharing capabilities about emerging threats within the telecommunications industry and other industries through collaboration with peer companies and specialized consultants and through public-private partnerships with government intelligence agencies. We hold cybersecurity trainings for our employees and request that key vendors do the same. Comcast 2023 Annual Report on Form 10-K28 Comcast 2023 Annual Report on Form 10-K28 Comcast 2023 Annual Report on Form 10-K28 28 Comcast 2023 Annual Report on Form 10-K28 Comcast 2023 Annual Report on Form 10-K28 28 Comcast 2023 Annual Report on Form 10-K28 28 28 Table of Contents Table of Contents Table of Contents However, while we develop and maintain systems, and operate programs that seek to prevent security incidents from occurring, these systems and programs must be constantly monitored and updated in the face of sophisticated and rapidly evolving attempts to overcome our security measures and protections. The occurrence of both intentional and unintentional incidents has caused, and could cause in the future, a variety of adverse business impacts. See “Item 1A: Risk Factors” above for additional information on risks related our business, including for example risks related to cyber attacks, information and system breaches, and technology disruptions and failures; our reliance on using and protecting certain intellectual property rights; keeping pace with technological developments; legal and regulatory developments; and obtaining hardware, software and operational support from third-party vendors. Item 2: Properties We believe our physical assets are generally in good operating condition and are suitable and adequate for our business operations. We own our corporate headquarters, which is located in Philadelphia, Pennsylvania at One Comcast Center.

Our Class B common stock has a non-dilutable 33 1/3% of the combined voting power of our Class A and Class B common stock. This non-dilutable voting power is subject to proportional decrease to the extent the number of shares of Class B common stock is reduced below 9,444,375, which was the number of shares of Class B common stock outstanding on the date of our 2002 acquisition of AT&T Corp.’s cable business, subject to adjustment in specified situations. Stock dividends payable on the Class B common stock in the form of Class B or Class A common stock do not decrease the non-dilutable voting power of the Class B common stock. The Class B common stock also has separate approval rights over several potentially material transactions, even if they are approved by our Board of Directors or by our other shareholders and even if they might be in the best interests of our other shareholders. These potentially material transactions include mergers or consolidations involving us, transactions (such as a sale of all or substantially all of our assets) or issuances of securities that require shareholder approval, transactions that result in any person or group owning shares representing more than 10% of the combined voting power of the resulting or surviving corporation, issuances of Class B common stock or securities exercisable or convertible into Class B common stock, and amendments to our articles of incorporation or by-laws that would limit the rights of holders of our Class B common stock. Brian L. Roberts, our chairman and CEO, beneficially owns all of the outstanding shares of our Class B common stock and, accordingly, has considerable influence over our company and the potential ability to transfer effective control by selling the Class B common stock, which could be at a premium. Item 1B: Unresolved Staff Comments None. Item 2: Properties We believe our physical assets are generally in good operating condition and are suitable and adequate for our business operations. We own our corporate headquarters and Cable Communications segment headquarters, which are located in Philadelphia, Pennsylvania at One Comcast Center. Additionally, we own the Comcast Technology Center, which is adjacent to the Comcast Center, and is a center for Cable Communications’ technology and engineering workforce, as well as the home of our NBCUniversal and Telemundo owned local broadcast stations in Philadelphia, Pennsylvania. We also have leases for numerous business offices, warehouses and properties throughout the United States that house divisional information technology operations.

Our Content & Experiences business and NBCUniversal headquarters are located in New York, New York at 30 Rockefeller Plaza and its surrounding campus, which include offices and studios used by the Media segment. We own substantially all of the space we occupy at 30 Rockefeller Plaza, and we lease the spaces in the surrounding campus. Other principal locations supporting our Media segment operations include our leased Telemundo headquarters and production facilities in Miami, Florida, as well as our Universal City location in Los Angeles, California and our owned CNBC headquarters and production facilities located in Englewood Cliffs, New Jersey. Refer to Item 1: Business: Studios Segment and Theme Parks Segment for information on properties used in those respective segment operations. We also own or lease additional offices, studios, production facilities, screening rooms, retail operations, warehouse space, satellite transmission receiving facilities and data centers in numerous locations in the United States and around the world. Item 3: Legal Proceedings See Note 15 to the consolidated financial statements included in this Annual Report on Form 10-K for a discussion of legal proceedings. Item 4: Mine Safety Disclosures Not applicable. 29Comcast 2023 Annual Report on Form 10-K 29Comcast 2023 Annual Report on Form 10-K 29Comcast 2023 Annual Report on Form 10-K 29 29Comcast 2023 Annual Report on Form 10-K 29Comcast 2023 Annual Report on Form 10-K 29 29Comcast 2023 Annual Report on Form 10-K 29 29 Table of Contents Table of Contents Table of Contents Part II Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Comcast’s Class A common stock is listed on The Nasdaq Stock Market LLC under the symbol CMCSA. There is no established public trading market for Comcast’s Class B common stock. The Class B common stock can be converted, on a share for share basis, into Class A common stock. Holders Record holders as of January 15, 2024 are presented in the table below. Stock ClassRecordHoldersClass A Common Stock320,193 Class B Common Stock1 Record Holders Record Holders Holders of Class A common stock in the aggregate hold 662/3% of the combined voting power of our common stock. The number of votes that each share of Class A common stock has at any given time depends on the number of shares of Class A common stock and Class B common stock then outstanding, with each share of Class B common stock having 15 votes per share. The Class B common stock represents 331/3% of the combined voting power of our common stock, which percentage is generally non-dilutable under the terms of our articles of incorporation. Mr. Brian L. Roberts beneficially owns all outstanding shares of Class B common stock. Generally, including as to the election of directors, holders of Class A common stock and Class B common stock vote as one class except where class voting is required by law. Dividends We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors. Refer to Liquidity and Capital Resources in Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Share Repurchases The table below summarizes Comcast’s common stock repurchases during 2023. PeriodTotal Number ofSharesPurchasedAveragePrice PerShareTotal Number ofSharesPurchased asPart of PubliclyAnnouncedAuthorizationTotal DollarAmountPurchased Under the Publicly Announced AuthorizationMaximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a)First Quarter 202352,545,035 $38.06 52,545,035 $1,999,999,325 $14,000,000,855 Second Quarter 202350,509,440 $39.60 50,509,440 $1,999,999,962 $12,000,000,893 Third Quarter 202377,464,030 $45.18 77,464,030 $3,500,000,652 $8,500,000,241 October 1-31, 202344,347,247 $42.84 44,347,247 $1,899,957,474 $6,600,042,767 November 1-30, 202322,423,430 $42.14 22,423,430 $944,948,397 $5,655,094,370 December 1-31, 202315,161,912 $43.21 15,161,912 $655,093,867 $5,000,000,503 Total262,451,094 $41.91 262,451,094 $10,999,999,677 $5,000,000,503 Maximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a) First Quarter 2023 Second Quarter 2023 Third Quarter 2023 October 1-31, 2023 November 1-30, 2023 December 1-31, 2023 Maximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a) First Quarter 2023 Second Quarter 2023 Third Quarter 2023 October 1-31, 2023 November 1-30, 2023 December 1-31, 2023 (a)In September 2022, our Board of Directors approved a share repurchase program authorization of $20 billion. In January 2024, our Board of Directors approved a new share repurchase program authorization of $15 billion, which has no expiration date. We expect to repurchase additional shares of our Class A common stock under this authorization in the open market or in private transactions, subject to market and other conditions. Comcast 2023 Annual Report on Form 10-K30 Comcast 2023 Annual Report on Form 10-K30 Comcast 2023 Annual Report on Form 10-K30 30 Comcast 2023 Annual Report on Form 10-K30 Comcast 2023 Annual Report on Form 10-K30 30 Comcast 2023 Annual Report on Form 10-K30 30 30 Table of Contents Table of Contents Table of Contents

Month Declared: Dividend Per Share We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors. In January 2023, our Board of Directors approved a 7.4% increase in our dividend to $1.16 per share on an annualized basis. Holders of Class A common stock in the aggregate hold 662/3% of the combined voting power of our common stock. The number of votes that each share of Class A common stock has at any given time depends on the number of shares of Class A common stock and Class B common stock then outstanding, with each share of Class B common stock having 15 votes per share. The Class B common stock represents 331/3% of the combined voting power of our common stock, which percentage is generally non-dilutable under the terms of our articles of incorporation. Mr. Brian L. Roberts beneficially owns all outstanding shares of Class B common stock. Generally, including as to the election of directors, holders of Class A common stock and Class B common stock vote as one class except where class voting is required by law. Record holders as of January 15, 2023 are presented in the table below. Stock ClassRecordHoldersClass A Common Stock336,649 Class B Common Stock1 Record Holders Record Holders The table below summarizes Comcast’s common stock repurchases during 2022.PeriodTotal Number ofSharesPurchasedAveragePrice PerShareTotal Number ofSharesPurchased asPart of PubliclyAnnouncedAuthorizationTotal DollarAmountPurchased Under the Publicly Announced AuthorizationMaximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a)First Quarter 202262,528,653 $47.98 62,528,653 $2,999,999,980 $7,000,000,020 Second Quarter 202270,846,487 $42.35 70,846,487 $3,000,000,186 $3,999,999,835 Third Quarter 202292,343,679 $37.90 92,343,679 $3,499,999,758 $19,500,000,217 October 1-31, 202236,283,485 $30.32 36,283,485 $1,100,000,250 $18,399,999,967 November 1-30, 202237,890,008 $33.48 37,890,008 $1,268,472,576 $17,131,527,391 December 1-31, 202232,128,261 $35.22 32,128,261 $1,131,527,211 $16,000,000,180 Total332,020,573 $39.15 332,020,573 $12,999,999,960 $16,000,000,180 Maximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a) Maximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a) (a)Effective January 1, 2022, our Board of Directors increased our share repurchase program authorization to $10 billion. In September 2022, our Board of Directors approved a new share repurchase program authorization of $20 billion, effective September 13, 2022. Under the new authorization, which does not have an expiration date, we expect to repurchase additional shares of our Class A common stock in the open market or in private transactions, subject to market and other conditions. Comcast 2022 Annual Report on Form 10-K34 Comcast 2022 Annual Report on Form 10-K34 Comcast 2022 Annual Report on Form 10-K34 34 Comcast 2022 Annual Report on Form 10-K34 Comcast 2022 Annual Report on Form 10-K34 34 Comcast 2022 Annual Report on Form 10-K34 34 34 Table of Contents Table of Contents Table of Contents

Revenue decreased in 2023 primarily due to our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022. Excluding incremental revenue associated with our broadcasts of these events, revenue increased in 2023 driven by increases in domestic distribution and international networks revenue, partially offset by decreases in domestic advertising and other revenue. Revenue decreased in 2022 due to our broadcast of the Tokyo Olympics in 2021, which more than offset the impact of our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022. Excluding incremental revenue associated with the broadcast of these events, revenue decreased in 2022 primarily due to a decline in international networks revenue, partially offset by an increase in domestic distribution revenue. Year ended December 31 (in millions)202320222021Change 2022 to 2023Change 2021 to 2022Total revenue$25,355 $26,719 $27,406 (5.1)%(2.5)%Olympics, Super Bowl and FIFA World Cup— 1,744 1,759 NM(0.9)Total revenue, excluding Olympics, Super Bowl and FIFA World Cup$25,355 $24,975 $25,647 1.5 %(2.6)%Total domestic advertising revenue$8,600 $10,360 $10,177 (17.0)%1.8 %Olympics, Super Bowl and FIFA World Cup— 1,417 1,238 NM14.5 Domestic advertising revenue, excluding Olympics, Super Bowl and FIFA World Cup$8,600 $8,943 $8,939 (3.8)%— %Total domestic distribution revenue$10,663 $10,525 $10,080 1.3 %4.4 %Olympics— 327 522 NM(37.4)Domestic distribution revenue, excluding Olympics$10,663 $10,198 $9,558 4.6 %6.7 % Percentage changes that are considered not meaningful are denoted with NM. Comcast 2023 Annual Report on Form 10-K42 Comcast 2023 Annual Report on Form 10-K42 Comcast 2023 Annual Report on Form 10-K42 42 Comcast 2023 Annual Report on Form 10-K42 Comcast 2023 Annual Report on Form 10-K42 42 Comcast 2023 Annual Report on Form 10-K42 42 42 Table of Contents Table of Contents Table of Contents Domestic advertising revenue consists of revenue generated from sales of advertising on our linear television networks, Peacock and other digital properties operating predominantly in the United States. Domestic advertising revenue decreased in 2023 primarily due to our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022. Excluding incremental revenue associated with the broadcasts of these events in 2022, domestic advertising revenue decreased in 2023 primarily due to a decrease in revenue at our networks, partially offset by an increase in revenue at Peacock. Domestic advertising revenue increased in 2022, including the impacts of our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022, partially offset by our broadcast of the Tokyo Olympics in 2021. Excluding incremental revenue associated with the broadcasts of these events in 2022 and 2021, domestic advertising in 2022 remained consistent with 2021 primarily due to increased revenue at Peacock, offset by a decrease in revenue at our networks. The decreases at our networks were primarily due to continued audience ratings declines and the impact of additional sporting events in 2021, partially offset by higher pricing in 2022 and increased political advertising. Domestic distribution revenue primarily includes revenue generated from the distribution of our television networks operating predominantly in the United States to traditional and virtual multichannel video providers, and from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Our revenue from distribution agreements is generally based on the number of subscribers receiving the programming on our television networks and a per subscriber fee. Distribution revenue also includes Peacock subscription fees. Domestic distribution revenue increased in 2023, including the impacts of our broadcast of the Beijing Olympics in 2022. Excluding incremental revenue associated with our broadcast of the Beijing Olympics in 2022, domestic distribution revenue increased primarily due to an increase in Peacock paid subscribers, partially offset by a decrease in revenue at our networks. The decrease in revenue at our networks was primarily due to a decline in the number of subscribers, partially offset by contractual rate increases. Domestic distribution revenue increased in 2022, including the impacts of our broadcast of the Beijing Olympics in 2022, offset by our broadcast of the Tokyo Olympics in 2021. Excluding incremental revenue associated with the broadcasts of these events in 2022 and 2021, domestic distribution revenue increased in 2022 primarily due to increased revenue at Peacock. Distribution revenue at our networks in 2022 remained consistent with 2021 due to contractual rates increases, offset by a decline in the number of subscribers. International networks revenue consists of revenue generated by our networks operating predominantly outside the United States, including the Sky Sports networks in the United Kingdom and Italy. This revenue primarily results from the distribution of our television networks to traditional and virtual multichannel video providers and other platforms, as well as sales of advertising. A significant portion of this revenue comes from the Residential Connectivity & Platforms segment. International networks revenue increased in 2023 primarily due to an increase in revenue associated with the distribution of sports networks. International networks revenue decreased in 2022 primarily due to a decrease in revenue associated with the distribution of sports networks, including the impact of our reduced broadcast rights for Serie A in Italy, and the negative impact of foreign currency. Other revenue consists primarily of revenue generated from the licensing of our owned content and technology and from various digital properties.

Advertising revenue consists of the sale of advertising on our television networks, Peacock and other digital properties. Year ended December 31 (in millions)202220212020% Change 2021 to 2022% Change 2020 to 2021Advertising$10,467 $10,291 $8,296 1.7 %24.1 %Advertising, excluding Olympics, Super Bowl and FIFA World Cup9,050 9,054 8,296 — 9.1 Advertising revenue increased in 2022 compared to 2021 and included our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022, offset by our broadcast of the Tokyo Olympics in 2021. Excluding $1.4 billion and $1.2 billion of incremental revenue associated with the broadcasts of these events in 2022 and 2021, respectively, advertising revenue remained consistent with the prior year primarily due to a decrease in revenue at our networks, offset by increased revenue at Peacock. The decreases at our networks were primarily due to continued audience ratings declines and the impact of additional sporting events in the prior year, partially offset by higher pricing in the current year and increased political advertising. Distribution revenue includes the fees received from the distribution of our cable and broadcast television network programming to traditional and virtual multichannel video providers and from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Distribution revenue also includes distribution revenue associated with our periodic broadcasts of the Olympic Games and subscription fees received from Peacock subscribers. Year ended December 31 (in millions)202220212020% Change 2021 to 2022% Change 2020 to 2021Distribution$10,881 $10,449 $8,795 4.1 %18.8 %Distribution, excluding Olympics 10,554 9,928 8,795 6.3 12.9 Distribution revenue increased in 2022 compared to 2021 and included our broadcast of the Beijing Olympics in 2022, offset by our broadcast of the Tokyo Olympics in 2021. Excluding $327 million and $522 million of incremental revenue associated with our broadcasts of the Beijing and Tokyo Olympics in 2022 and 2021, respectively, distribution revenue increased primarily due to increased revenue at Peacock. Distribution revenue at our networks remained consistent with the prior year due to contractual rates increases, offset by a decline in the number of subscribers. Other revenue primarily relates to the licensing of our owned programming and revenue generated by various digital properties. * * * We expect the number of subscribers and audience ratings at our networks will continue to decline as a result of the competitive environment and shifting video consumption patterns. Media segment total revenue included $2.1 billion and $778 million related to Peacock in 2022 and 2021, respectively. 47Comcast 2022 Annual Report on Form 10-K 47Comcast 2022 Annual Report on Form 10-K 47Comcast 2022 Annual Report on Form 10-K 47 47Comcast 2022 Annual Report on Form 10-K 47Comcast 2022 Annual Report on Form 10-K 47 47Comcast 2022 Annual Report on Form 10-K 47 47 Table of Contents Table of Contents Table of Contents

Domestic broadband revenue consists of revenue from sales of broadband services to residential customers in the United States, including equipment and installation services. Domestic broadband revenue also includes revenue related to Xumo Stream Boxes and commission revenue from the sale of certain DTC streaming services. Domestic broadband revenue increased in 2023 and 2022 primarily due to an increase in average rates. The increase in 2022 also includes an increase in the number of residential broadband customers. Domestic wireless revenue consists of revenue from sales of wireless services and devices, including handsets, tablets and smart watches, to residential customers in the United States. Domestic wireless revenue increased in 2023 and 2022 primarily due to an increase in the number of customer lines. Wireless devices sales were consistent in 2023 compared to 2022 and increased in 2022 compared to 2021. International connectivity revenue consists of revenue from sales of broadband services, including equipment and installation services, wireless services and wireless devices to residential customers in the United Kingdom and Italy, as well as commission revenue from the sale of certain third-party DTC streaming services. International connectivity revenue increased in 2023 and 2022 primarily due to increases in broadband and in wireless revenue resulting from increases in the sale of wireless devices and wireless services. International connectivity revenue included the negative impact of foreign currency in 2022. Video revenue consists of revenue from sales of video services to residential and business customers across the Connectivity & Platforms markets, including equipment and installation services. Video revenue includes pay-per-view and other transactional revenue and franchise fees, as well as revenue from sales of certain hardware, including Sky Glass smart televisions. Video revenue decreased in 2023 and 2022 primarily due to declines in the overall number of residential video customers, partially offset by an overall increase in average rates. The decrease in 2022 includes the negative impact of foreign currency. Advertising revenue includes revenue from the sale of advertising across our platforms in the Connectivity & Platforms markets, including advertising as part of our distribution agreements with cable networks in the United States, and advertising on Sky-branded entertainment television networks and on our digital properties. Advertising also includes revenue where we represent the sales efforts of third parties and from our advanced advertising businesses. Advertising revenue decreased in 2023 primarily due to a decline in domestic political advertising and overall market weakness compared to the prior year. Advertising revenue increased in 2022 primarily due to increases in domestic political advertising and revenue from our advanced advertising business, partially offset by the negative impact of foreign currency and lower local and national advertising revenue. Other revenue includes revenue in the Connectivity & Platforms markets from sales of wireline voice services to residential customers; our residential security and automation services businesses; the licensing of our technology platforms to other multichannel video providers; the distribution of certain of our Sky-branded entertainment television networks to third-party video service providers; commissions from electronic retailing networks; and certain billing and collection fees. Other revenue decreased in 2023 and 2022 primarily due to decreases in residential wireline voice revenue driven by declines in the number of customers. The decrease in 2022 includes the negative impact of foreign currency.

We are a leading provider of broadband, video, voice, wireless, and other services to residential customers in the United States under the Xfinity brand; we also provide these and other services to business customers and sell advertising. We market our services to residential and business customers individually and as bundled services at a discounted rate. Residential revenue includes amounts earned for providing our broadband, video, voice and wireless services, including equipment and installation services. Residential broadband revenue also includes revenue earned related to our customers’ use of Flex and streaming services, and wireless revenue also includes device sales. Revenue from each of our residential services is impacted by changes in the allocation of revenue among services sold in a bundle. Franchise and regulatory fees billed to our customers are included with the relevant service, which primarily relate to video and voice services. Broadband revenue increased in 2022 primarily due to an increase in average rates and an increase in the number of residential broadband customers. Video revenue decreased in 2022 primarily due to a decline in the number of residential video customers, partially offset by an increase in average rates. We expect that the number of residential video customers will continue to decline, negatively impacting video revenue as a result of the competitive environment and shifting video consumption patterns. Voice revenue decreased in 2022 primarily due to a decline in the number of residential voice customers. We expect that the number of residential voice customers and voice revenue will continue to decline. Wireless revenue increased in 2022 primarily due to an increase in the number of customer lines and device sales. Business services revenue from our business customers includes our service offerings for small business locations, which primarily include broadband, voice and video services, as well as our solutions for medium-sized customers and larger enterprises, and cellular backhaul services to mobile network operators. Business services revenue increased in 2022 primarily due to increases in average rates and customer relationships compared to the prior year and due to the acquisition of Masergy in October 2021. Advertising revenue consists of the sale of advertising on linear television and digital platforms to local, regional and national advertisers, including where we represent the advertising sales efforts of other multichannel video providers, and revenue from our advanced advertising business. Advertising revenue increased in 2022 primarily due to increases in political advertising and revenue from our advanced advertising business. These increases were partially offset by lower local and national advertising revenue, and by advertising revenue at our Xumo Play streaming service, which is a part of our Xumo streaming platform that has been reported in Corporate and Other since June 2022. Other revenue primarily relates to our security and automation services and also includes revenue related to residential customer late fees and related to other services, such as the licensing of our technology platforms to other multichannel video providers.

Year ended December 31 (in millions, except per share data)202320222021Change 2022 to 2023Change 2021 to 2022Revenue$121,572 $121,427 $116,385 0.1 %4.3 %Costs and Expenses:Programming and production36,762 38,213 38,450 (3.8)(0.6)Marketing and promotion7,971 8,506 7,695 (6.3)10.5 Other operating and administrative39,190 38,263 35,619 2.4 7.4 Depreciation8,854 8,724 8,628 1.5 1.1 Amortization5,482 5,097 5,176 7.5 (1.5)Goodwill and long-lived assets impairments— 8,583 — NMNMTotal costs and expenses98,258 107,385 95,568 (8.5)12.4 Operating income23,314 14,041 20,817 66.0 (32.5)Interest expense(4,087)(3,896)(4,281)4.9 (9.0)Investment and other income (loss), net1,252 (861)2,557 NMNMIncome before income taxes20,478 9,284 19,093 120.6 (51.4)Income tax expense(5,371)(4,359)(5,259)23.2 (17.1)Net income15,107 4,925 13,833 NM(64.4)Less: Net income (loss) attributable to noncontrolling interests(282)(445)(325)(36.8)36.9Net income attributable to Comcast Corporation$15,388 $5,370 $14,159 186.5 %(62.1)%Basic earnings per common share attributable to Comcast Corporation shareholders$3.73 $1.22 $3.09 NM(60.5)%Diluted earnings per common share attributable to Comcast Corporation shareholders$3.71 $1.21 $3.04 NM(60.2)%Weighted-average number of common shares outstanding - basic4,1224,4064,584(6.4)%(3.9)%Weighted average number of common shares outstanding - diluted4,1484,4304,654(6.4)%(4.8)%Adjusted EBITDA(a)$37,633 $36,459 $34,708 3.2 %5.0 %

Year ended December 31 (in millions, except per share data)202220212020% Change 2021 to 2022% Change 2020 to 2021Revenue$121,427 $116,385 $103,564 4.3 %12.4 %Costs and Expenses:Programming and production38,213 38,450 33,121 (0.6)16.1 Other operating and administrative38,263 35,619 33,109 7.4 7.6 Advertising, marketing and promotion8,506 7,695 6,741 10.5 14.2 Depreciation8,724 8,628 8,320 1.1 3.7 Amortization5,097 5,176 4,780 (1.5)8.3 Goodwill and long-lived assets impairments8,583 — — NMNMTotal costs and expenses107,385 95,568 86,071 12.4 11.0 Operating income14,041 20,817 17,493 (32.5)19.0 Interest expense(3,896)(4,281)(4,588)(9.0)(6.7)Investment and other income (loss), net(861)2,557 1,160 NM120.4 Income before income taxes9,284 19,093 14,065 (51.4)35.7 Income tax expense(4,359)(5,259)(3,364)(17.1)56.3 Net income4,925 13,833 10,701 (64.4)29.3 Less: Net income (loss) attributable to noncontrolling interests(445)(325)167 36.9NMNet income attributable to Comcast Corporation$5,370 $14,159 $10,534 (62.1)%34.4 %Basic earnings per common share attributable to Comcast Corporation shareholders$1.22 $3.09 $2.30 (60.5)%34.3 %Diluted earnings per common share attributable to Comcast Corporation shareholders$1.21 $3.04 $2.28 (60.2)%33.3 %Adjusted EBITDA(a)$36,459 $34,708 $30,826 5.0 %12.6 %

The following graph illustrates the contributions to the change in consolidated revenue made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including eliminations. (a) Graph is presented using a truncated scale. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”

The following graph illustrates the contributions to the change in consolidated revenue made by our Cable Communications, NBCUniversal and Sky segments, as well as by Corporate and Other activities, including eliminations. The primary drivers of the change in revenue from 2021 to 2022 were as follows: •Growth in our NBCUniversal segments driven by increased revenue in the Theme Parks, Studios and Media segments. •Growth in our Cable Communications segment driven by increased broadband, business services, wireless and advertising, partially offset by decreased video, voice and other revenue. •Growth in Corporate and Other revenue driven by sales of Sky Glass televisions, Spectacor revenue and Xumo revenue related to the Xumo Play streaming service. •A decrease in our Sky segment driven by decreased direct-to-consumer, content and advertising revenue, as well as the impact of foreign currency translation. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”

The changes in net income (loss) attributable to noncontrolling interests in 2023 compared to 2022 was primarily due to decreases in losses at Universal Beijing Resort (see Note 8), partially offset by increases in losses in our Xumo streaming platform joint venture in the current year. Comcast 2023 Annual Report on Form 10-K36 Comcast 2023 Annual Report on Form 10-K36 Comcast 2023 Annual Report on Form 10-K36 36 Comcast 2023 Annual Report on Form 10-K36 Comcast 2023 Annual Report on Form 10-K36 36 Comcast 2023 Annual Report on Form 10-K36 36 36 Table of Contents Table of Contents Table of Contents

The changes in net income (loss) attributable to noncontrolling interests in 2022 compared to 2021 was primarily due to the operations of our Xumo streaming platform joint venture in the current year and increased losses at Universal Beijing Resort due to operations in the current year compared to pre-opening costs in the prior year in advance of the park’s opening in September 2021 (see Note 8). 41Comcast 2022 Annual Report on Form 10-K 41Comcast 2022 Annual Report on Form 10-K 41Comcast 2022 Annual Report on Form 10-K 41 41Comcast 2022 Annual Report on Form 10-K 41Comcast 2022 Annual Report on Form 10-K 41 41Comcast 2022 Annual Report on Form 10-K 41 41 Table of Contents Table of Contents Table of Contents

The following graph illustrates the contributions to the change in consolidated costs and expenses, excluding depreciation expense, amortization expense, and goodwill and long-lived asset impairments, made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including adjustments and eliminations. (a) Graph is presented using a truncated scale. 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 increased in 2023 compared to 2022 primarily due to increases in the amortization of software and theme park depreciation. Amortization expense from acquisition-related intangible assets totaled $2.3 billion and $2.2 billion in 2023 and 2022, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011. 35Comcast 2023 Annual Report on Form 10-K 35Comcast 2023 Annual Report on Form 10-K 35Comcast 2023 Annual Report on Form 10-K 35 35Comcast 2023 Annual Report on Form 10-K 35Comcast 2023 Annual Report on Form 10-K 35 35Comcast 2023 Annual Report on Form 10-K 35 35 Table of Contents Table of Contents Table of Contents Consolidated goodwill and long-lived asset impairments included charges related to Sky totaling $8.6 billion in 2022 recognized in connection with our annual impairment assessment. The impairments primarily reflected an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions. See “Critical Accounting Estimates” and Note 10 for further discussion. Consolidated interest expense increased in 2023 compared to 2022 primarily due to an increase in average debt outstanding and higher weighted-average interest rates, partially offset by increased capitalized interest. Consolidated investment and other income (loss), net increased in 2023 compared to 2022. Year ended December 31 (in millions)202320222021Equity in net income (losses) of investees, net$789 $(537)$2,006 Realized and unrealized gains (losses) on equity securities, net(130)(320)339 Other income (loss), net592 (3)211 Total investment and other income (loss), net$1,252 $(861)$2,557 The change in equity in net income (losses) of investees, net in 2023 compared to 2022 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 $1.1 billion and $(434) million in 2023 and 2022, respectively. The change in realized and unrealized gains (losses) on equity securities, net in 2023 compared to 2022 was primarily due to losses on marketable securities in the prior year, partially offset by losses on nonmarketable securities in the current year. The change in other income (loss), net in 2023 compared to 2022 primarily resulted from gains on foreign exchange remeasurement compared to losses in the prior year, gains on insurance contracts compared to losses in the prior year, and increased interest income.

Year ended December 31 (in millions)202220212020Equity in net income (losses) of investees, net$(537)$2,006 $(113)Realized and unrealized gains (losses) on equity securities, net(320)339 1,014 Other income (loss), net(3)211 259 Total investment and other income (loss), net$(861)$2,557 $1,160 Comcast 2022 Annual Report on Form 10-K40 Comcast 2022 Annual Report on Form 10-K40 Comcast 2022 Annual Report on Form 10-K40 40 Comcast 2022 Annual Report on Form 10-K40 Comcast 2022 Annual Report on Form 10-K40 40 Comcast 2022 Annual Report on Form 10-K40 40 40 Table of Contents Table of Contents Table of Contents The change in equity in net income (losses) of investees, net in 2022 compared to 2021 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 $(434) million and $1.8 billion in 2022 and 2021, respectively. The change in realized and unrealized gains (losses) on equity securities, net in 2022 compared to 2021 was primarily due to gains on nonmarketable securities in the prior year, while losses on marketable securities were consistent in both years. The change in other income (loss), net in 2022 compared to 2021 primarily resulted from losses on insurance contracts and equity method investment impairments.

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 47 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. Comcast 2023 Annual Report on Form 10-K34 Comcast 2023 Annual Report on Form 10-K34 Comcast 2023 Annual Report on Form 10-K34 34 Comcast 2023 Annual Report on Form 10-K34 Comcast 2023 Annual Report on Form 10-K34 34 Comcast 2023 Annual Report on Form 10-K34 34 34 Table of Contents Table of Contents Table of Contents

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 Measure” section on page 52 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. Comcast 2022 Annual Report on Form 10-K38 Comcast 2022 Annual Report on Form 10-K38 Comcast 2022 Annual Report on Form 10-K38 38 Comcast 2022 Annual Report on Form 10-K38 Comcast 2022 Annual Report on Form 10-K38 38 Comcast 2022 Annual Report on Form 10-K38 38 38 Table of Contents Table of Contents Table of Contents

•Total customer relationships decreased by 288,000 to 52.1 million. •Domestic broadband customers decreased by 66,000 to 32.3 million. •Domestic wireless lines increased by 1.3 million to 6.6 million. •Domestic video customers decreased by 2.0 million to 14.1 million. •Revenue decreased primarily due to the impact of our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022. Excluding $1.7 billion of revenue associated with these events, revenue increased due to increases in domestic distribution and international networks revenue, partially offset by decreases in domestic advertising and other revenue. •Adjusted EBITDA decreased primarily due to a decrease in revenue, which was partially offset by a decrease in programming and production costs driven by events in 2022 and higher Peacock programming costs in 2023. •Peacock generated revenue and costs and expenses of $3.4 billion and $6.1 billion in 2023, respectively, compared to $2.1 billion and $4.6 billion in 2022, respectively. Paid subscribers increased by 10 million to 31 million in 2023. Studios •Revenue decreased due to a decrease in content licensing revenue primarily driven by the Writers Guild and SAG work stoppages in 2023, partially offset by an increase in theatrical revenue. •Adjusted EBITDA increased due to decreases in programming and production and marketing and promotion expenses, partially offset by a decrease in revenue. 33Comcast 2023 Annual Report on Form 10-K 33Comcast 2023 Annual Report on Form 10-K 33Comcast 2023 Annual Report on Form 10-K 33 33Comcast 2023 Annual Report on Form 10-K 33Comcast 2023 Annual Report on Form 10-K 33 33Comcast 2023 Annual Report on Form 10-K 33 33 Table of ContentsCapital Expenditures•Total Connectivity & Platforms capital expenditures increased 1.5% to $8.2 billion, reflecting increased spending on line extensions and scalable infrastructure, partially offset by decreased spending on customer premise equipment and support capital.Theme Parks•Revenue increased due to increases in revenue at our international theme parks and our theme park in Hollywood, partially offset by a decrease in revenue at our theme park in Orlando.•Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses driven by increased guest attendance.•Capital expenditures increased related to the development of Epic Universe in Orlando.Other•Repurchased a total of 262 million shares of our Class A common stock for $11.0 billion in 2023 compared to a total of 332 million shares of our Class A common stock for $13.0 billion in 2022. Raised our dividend by $0.08 to $1.16 per share on an annualized basis in January 2023 and paid $4.8 billion of dividends in 2023.•Exercised the put right to sell our 33% interest in Hulu in the fourth quarter of 2023 and received $8.6 billion of net pre-tax proceeds relating to the minimum equity value, net of capital calls. A portion of these proceeds was used to repay our $5.2 billion collateralized obligation. Additional proceeds for any excess of the fair value of our interest over the minimum equity value will be due following the final determination of Hulu’s fair value pursuant to a third-party appraisal process. See Note 8.Consolidated Operating ResultsYear ended December 31 (in millions, except per share data)202320222021Change 2022 to 2023Change 2021 to 2022Revenue$121,572 $121,427 $116,385 0.1 %4.3 %Costs and Expenses:Programming and production36,762 38,213 38,450 (3.8)(0.6)Marketing and promotion7,971 8,506 7,695 (6.3)10.5 Other operating and administrative39,190 38,263 35,619 2.4 7.4 Depreciation8,854 8,724 8,628 1.5 1.1 Amortization5,482 5,097 5,176 7.5 (1.5)Goodwill and long-lived assets impairments— 8,583 — NMNMTotal costs and expenses98,258 107,385 95,568 (8.5)12.4 Operating income23,314 14,041 20,817 66.0 (32.5)Interest expense(4,087)(3,896)(4,281)4.9 (9.0)Investment and other income (loss), net1,252 (861)2,557 NMNMIncome before income taxes20,478 9,284 19,093 120.6 (51.4)Income tax expense(5,371)(4,359)(5,259)23.2 (17.1)Net income15,107 4,925 13,833 NM(64.4)Less: Net income (loss) attributable to noncontrolling interests(282)(445)(325)(36.8)36.9Net income attributable to Comcast Corporation$15,388 $5,370 $14,159 186.5 %(62.1)%Basic earnings per common share attributable to Comcast Corporation shareholders$3.73 $1.22 $3.09 NM(60.5)%Diluted earnings per common share attributable to Comcast Corporation shareholders$3.71 $1.21 $3.04 NM(60.2)%Weighted-average number of common shares outstanding - basic4,1224,4064,584(6.4)%(3.9)%Weighted average number of common shares outstanding - diluted4,1484,4304,654(6.4)%(4.8)%Adjusted EBITDA(a)$37,633 $36,459 $34,708 3.2 %5.0 %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 47 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.Comcast 2023 Annual Report on Form 10-K34 Table of Contents Table of Contents Capital Expenditures•Total Connectivity & Platforms capital expenditures increased 1.5% to $8.2 billion, reflecting increased spending on line extensions and scalable infrastructure, partially offset by decreased spending on customer premise equipment and support capital.Theme Parks•Revenue increased due to increases in revenue at our international theme parks and our theme park in Hollywood, partially offset by a decrease in revenue at our theme park in Orlando.•Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses driven by increased guest attendance.•Capital expenditures increased related to the development of Epic Universe in Orlando.

The following are the more significant developments in our businesses during 2022: Cable Communications •Revenue increased 3.1% to $66.3 billion, reflecting increases in broadband, business services, wireless and advertising revenue, partially offset by declines in video, voice and other revenue. •Adjusted EBITDA increased 4.6% to $29.4 billion primarily due to increases in revenue and decreases in programming expenses, partially offset by increases in other expenses and in technical and product support expenses. Comcast 2022 Annual Report on Form 10-K36 Comcast 2022 Annual Report on Form 10-K36 Comcast 2022 Annual Report on Form 10-K36 36 Comcast 2022 Annual Report on Form 10-K36 Comcast 2022 Annual Report on Form 10-K36 36 Comcast 2022 Annual Report on Form 10-K36 36 36 Table of Contents Table of Contents Table of Contents •Operating margin increased from 43.7% to 44.3%. •Total customer relationships increased by 75,000, total wireless lines increased by 1.3 million, total broadband customers increased by 250,000, and total video customers decreased by 2.0 million. •Capital expenditures increased 9.2% to $7.6 billion, reflecting increased spending on line extensions, scalable infrastructure, support capital and customer premise equipment. NBCUniversal •Total NBCUniversal revenue increased 14.2% to $39.2 billion and total NBCUniversal Adjusted EBITDA increased 4.9% to $6.0 billion. •Media segment revenue increased 2.7% to $23.4 billion and Adjusted EBITDA decreased 29.7% to $3.2 billion, including the impact of our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022 and the Tokyo Olympics in 2021. Excluding $1.7 billion and $1.8 billion of revenue associated with our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022 and the Tokyo Olympics in 2021, respectively, revenue in the Media segment increased 3.0%, primarily due to increases in distribution and other revenue. •Media segment results include the operations of Peacock, which in 2022 generated revenue of $2.1 billion and costs and expenses of $4.6 billion, compared to revenue of $778 million and costs and expenses of $2.5 billion in 2021. We continued to invest in content and grow our customer base during 2022. •Studios segment revenue increased 23.0% to $11.6 billion and Adjusted EBITDA increased 6.6% to $942 million. Revenue increased due to increases in content licensing, theatrical, and home entertainment and other revenue. Studios revenue included licenses of content to our Media and other segments, which are eliminated in consolidation. •Theme Parks segment revenue increased 49.3% to $7.5 billion and Adjusted EBITDA increased from $1.3 billion to $2.7 billion, reflecting improved operating conditions related to COVID-19 compared to the prior year and the operations of Universal Beijing Resort, which opened in September 2021. Sky •Revenue decreased 11.5% to $17.9 billion. Excluding the impact of foreign currency, Sky revenue decreased due to decreases in direct-to-consumer, content and advertising revenue. •Adjusted EBITDA increased 7.0% to $2.5 billion. Excluding the impact of foreign currency, Sky Adjusted EBITDA increased due to decreases in programming and production expenses, which more than offset increases in direct network costs and other expenses and the decreases in revenue. •We recorded goodwill and long-lived asset impairments related to our Sky segment totaling $8.6 billion in connection with our 2022 annual impairment assessment. The impairments primarily reflected an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions in Sky’s territories. Other •Our consolidated joint venture with Charter Communications, now named Xumo, was formed in June 2022 to focus on developing and offering a streaming platform on a variety of devices, including XClass TV smart televisions, and also operates the Xumo Play streaming service. •SkyShowtime, our direct-to-consumer streaming service joint venture with Paramount Global, launched in select European markets beginning in September 2022 and will launch in additional European markets in 2023. •Corporate and Other Adjusted EBITDA losses of $1.4 billion remained consistent with the prior year primarily due to increased losses from Sky Glass and Xumo, offset by lower administrative costs. •Our Board of Directors approved a new share repurchase program authorization of $20 billion, effective September 13, 2022. Repurchased a total of 332 million shares of our Class A common stock for $13.0 billion in 2022 compared to a total of 73.2 million shares of our Class A common stock for $4.0 billion in 2021. Raised our dividend by $0.08 to $1.08 per share on an annualized basis in January 2022 and paid $4.7 billion of dividends in 2022. 37Comcast 2022 Annual Report on Form 10-K 37Comcast 2022 Annual Report on Form 10-K 37Comcast 2022 Annual Report on Form 10-K 37 37Comcast 2022 Annual Report on Form 10-K 37Comcast 2022 Annual Report on Form 10-K 37 37Comcast 2022 Annual Report on Form 10-K 37 37 Table of Contents Table of Contents Table of Contents COVID-19 has impacted our businesses in a number of ways, affecting the comparability of periods included in this report. The most significant continuing impacts have resulted from temporary restrictions and closures at our international theme parks. The continuing effects of COVID-19, in addition to worsening U.S., European and global economic conditions and consumer sentiment, may adversely impact demand for our products and services, including advertising, and our results of operations over the near to medium term. In addition, changes in foreign currency exchange rates have impacted our results of operations in our Sky and Theme Parks segments as a result of the strengthening of the U.S. dollar in 2022 compared to the prior year.

Constant Currency Change(g) Programming(a) Technical and support(b) Direct product costs(c) Marketing and promotion(d) Customer service(e) Other(f) (a)Programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations. These expenses also include the costs of content on the Sky-branded entertainment television networks, including amortization of licensed content. (b)Technical and support expenses primarily include costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning. (c)Direct product costs primarily include access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions. (d)Marketing and promotion expenses include the costs associated with attracting new customers and promoting our service offerings. (e)Customer service expenses include the personnel and other costs associated with customer service and certain selling activities. (f)Other expenses primarily include administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we represent the advertising sales efforts; other business support costs, including building and office expenses, taxes and billing costs; and bad debt. (g)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 47 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

Programming expenses, which represent our most significant operating expense, are the fees we incur to provide content to our customers. These expenses represent the programming license fees charged by content providers, including the fees related to the distribution of cable and broadcast network programming and fees charged for retransmission of the signals from local broadcast television stations. Programming expenses decreased in 2022 primarily due to a decline in the number of video subscribers, partially offset by contractual rate increases. We expect that our programming expenses will be impacted by rate increases to a greater extent in 2023 compared to 2022 due to the timing of contract renewals, which will be offset by expected declines in the number of residential video customers. Technical and product support expenses include costs to complete service call and installation activities; costs for network operations, product development, fulfillment and provisioning; the cost of wireless handsets, tablets and smart watches sold to customers; and monthly wholesale wireless access fees. Technical and product support expenses increased in 2022 primarily due to increased costs associated with our wireless phone service resulting from increases in device sales and the number of customers receiving the service, and the acquisition of Masergy, partially offset by lower personnel costs. Comcast 2022 Annual Report on Form 10-K44 Comcast 2022 Annual Report on Form 10-K44 Comcast 2022 Annual Report on Form 10-K44 44 Comcast 2022 Annual Report on Form 10-K44 Comcast 2022 Annual Report on Form 10-K44 44 Comcast 2022 Annual Report on Form 10-K44 44 44 Table of Contents Table of Contents Table of Contents Customer service expenses include the personnel and other costs associated with handling the sale of services to customers and customer service activity. Customer service expenses decreased in 2022 primarily due to lower labor costs as a result of reduced call volumes. Advertising, marketing and promotion expenses include the costs associated with attracting new customers and promoting our service offerings. Advertising, marketing and promotion expenses decreased in 2022 primarily due to a decrease in spending. Franchise and other regulatory fees represent the fees we are required to pay to federal, state and local authorities, including fees under the terms of our cable franchise agreements. Franchise and other regulatory fees decreased in 2022 primarily due to a decrease in the revenue to which the fees apply and a decrease in the related rates of these fees. Other expenses primarily include administrative personnel costs; fees paid to third-party channels for which Cable represents the advertising sales efforts; other business support costs, including building and office expenses, taxes and billing costs; and bad debt. Other expenses increased in 2022 primarily due to lower levels of bad debt expense in the prior year and severance charges in the current year.