Comcast Corporation: 10-K Risk Factor Changes

(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 46 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. 2025 Revenue and Adjusted EBITDA Segment Contribution(a) 2025 Revenue and Adjusted EBITDA Segment Contribution(a) 2025 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 Measures” section on page 44 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. 2024 Revenue and Adjusted EBITDA Segment Contribution(a) 2024 Revenue and Adjusted EBITDA Segment Contribution(a) 2024 Revenue and Adjusted EBITDA Segment Contribution(a)

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 unauthorized 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 hacking, cyber attacks, computer viruses, worms or other destructive or disruptive software, denial of service attacks, phishing attacks, malware, ransomware, malicious social engineering, theft, misconduct, fraud and other malicious activities. Incidents can be caused inadvertently by us or our third-party vendors due to factors such as process breakdowns, human error, software or hardware failures or 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. Due to applicable laws, regulations and contractual obligations, we may be held responsible for cybersecurity breaches or incidents experienced by such third parties in relation to the information we share with them. Due to the complexity and interconnectedness of our systems and those of our third-party vendors, the process of enhancing our protective measures can itself create a risk of systems disruptions and security issues. 23Comcast 2025 Annual Report on Form 10-K 23Comcast 2025 Annual Report on Form 10-K 23Comcast 2025 Annual Report on Form 10-K 23 Comcast 2025 Annual Report on Form 10-K 23Comcast 2025 Annual Report on Form 10-K 23Comcast 2025 Annual Report on Form 10-K 23 Comcast 2025 Annual Report on Form 10-K 23Comcast 2025 Annual Report on Form 10-K 23 Comcast 2025 Annual Report on Form 10-K 23 Comcast 2025 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents 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 sensitive, personal, proprietary, confidential or technical business information and customer or vendor data, and reputational impacts. In addition, despite efforts to detect unlawful intrusions, attacks can persist for an extended period of time before being detected, and following detection, it may take considerable time to understand the nature, scope, impact and timing of the incident. 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. Repercussions of these incidents have in the past included and may in the future include legal proceedings or significant regulatory fines, oversight or other remedial measures, including with respect to relevant consumer 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 unauthorized 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 hacking, cyber attacks, computer viruses, worms or other destructive or disruptive software, denial of service attacks, phishing attacks, malware, ransomware, malicious social engineering, theft, misconduct, fraud and other malicious activities. Incidents can be caused inadvertently by us or our third-party vendors, such as process breakdowns, human error, software or hardware failures or 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. Due to applicable laws, regulations and contractual obligations, we may be held responsible for cybersecurity breaches or incidents experienced by such third parties in relation to the information we share with them. Due to the complexity and interconnectedness of our systems and those of our third-party vendors, the process of enhancing our protective measures can itself create a risk of systems disruptions and security issues. 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 sensitive, personal, proprietary, confidential or technical business information and customer or vendor data, and reputational impacts. In addition, despite efforts to detect unlawful intrusions, attacks can persist for an extended period of time before being detected, and following detection, it may take considerable time to understand the nature, scope, impact and timing of the incident. 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. Repercussions of these incidents, some of which we have experienced in the past, could include litigation or cause regulators 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. Comcast 2024 Annual Report on Form 10-K22 Comcast 2024 Annual Report on Form 10-K22 Comcast 2024 Annual Report on Form 10-K22 Comcast 2024 Annual Report on Form 10-K 22 Comcast 2024 Annual Report on Form 10-K22 Comcast 2024 Annual Report on Form 10-K22 Comcast 2024 Annual Report on Form 10-K 22 Comcast 2024 Annual Report on Form 10-K22 Comcast 2024 Annual Report on Form 10-K 22 Comcast 2024 Annual Report on Form 10-K 22 Table of Contents Table of Contents Table of Contents

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, misappropriation or other violation 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, or at all, our businesses could be adversely affected. 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 AI, remains uncertain, and legal developments could impact our ability to protect our intellectual property against uses by unauthorized third parties, including generative AI developers, misappropriation, reproduction or infringement or impact our ability to deploy new technologies. Our use or adoption of new and emerging technologies may also increase our exposure to intellectual property claims. 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 foreign 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, misappropriation or other violation 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, or at all, our businesses could be adversely affected. Comcast 2024 Annual Report on Form 10-K20 Comcast 2024 Annual Report on Form 10-K20 Comcast 2024 Annual Report on Form 10-K20 Comcast 2024 Annual Report on Form 10-K 20 Comcast 2024 Annual Report on Form 10-K20 Comcast 2024 Annual Report on Form 10-K20 Comcast 2024 Annual Report on Form 10-K 20 Comcast 2024 Annual Report on Form 10-K20 Comcast 2024 Annual Report on Form 10-K 20 Comcast 2024 Annual Report on Form 10-K 20 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 AI, remains uncertain, and legal developments could impact our ability to protect against unauthorized third-party use, misappropriation, reproduction or infringement or impact our ability to deploy new technologies. Our use or adoption of new and emerging technologies may also increase our exposure to intellectual property claims. 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.

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. For a more detailed description of the competition facing our businesses, see Item 1: Business and refer to the “Competition” discussions 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 wireless technologies, including 5G fixed wireless networks and 4G and 5G wireless broadband services); municipalities and power companies in the United States that own and operate their own broadband networks; and satellite broadband providers. Domestic 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. •Our wireless and voice services compete with both telecommunications and wireless telecommunication providers. •Competition for video services consists primarily of DTC streaming service providers and aggregators, DBS providers and telecommunications companies. •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 or technologies such as AI that can rapidly produce large volumes of content, as well as tourism, recreational activities and lodging. 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 service providers have commissioned, and may continue to commission, high-cost programming and acquire live sports 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. Some of these competitors could also have preferential access to customer data or other competitive information. 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 a range of products and services, including aggregating certain content into a stand-alone offering, offering free or lower cost DTC streaming services, potentially on an exclusive basis, through unlimited data-usage plans for broadband and wireless services or bundling DTC streaming services on their platforms. Our competitive position may be negatively affected if we do not provide our customers with a satisfactory customer experience. In addition, our ability to compete effectively 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 and social priorities, which may present risks to our reputation and brands if these constituencies perceive misalignment. 19Comcast 2025 Annual Report on Form 10-K 19Comcast 2025 Annual Report on Form 10-K 19Comcast 2025 Annual Report on Form 10-K 19 Comcast 2025 Annual Report on Form 10-K 19Comcast 2025 Annual Report on Form 10-K 19Comcast 2025 Annual Report on Form 10-K 19 Comcast 2025 Annual Report on Form 10-K 19Comcast 2025 Annual Report on Form 10-K 19 Comcast 2025 Annual Report on Form 10-K 19 Comcast 2025 Annual Report on Form 10-K 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. 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. •Our wireless and voice services compete with both telecommunications and wireless telecommunication providers. •Competition for video services consists primarily of DTC streaming service providers and aggregators, DBS providers and telecommunications companies. •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, as well as tourism, recreational activities and lodging. 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 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. Some of these competitors could also have preferential access to customer data or other competitive information. 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 a range of products and services, including aggregating certain content into a stand-alone offering, offering free or lower cost DTC streaming services, potentially on an exclusive basis, through unlimited data-usage plans for broadband and wireless services or bundling DTC streaming services on their platforms. Our competitive position may be negatively affected if we do not provide our customers with a satisfactory customer experience. In addition, our ability to compete effectively 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.

•Total customer relationships decreased by 967,000 to 50.8 million. •Domestic broadband customers decreased by 711,000 to 31.3 million. •Domestic wireless lines increased by 1.5 million to 9.3 million. •Domestic video customers decreased by 1.3 million to 11.3 million. •Domestic homes and businesses passed increased by 1.3 million to 65.0 million.

•Total customer relationships decreased by 527,000 to 51.6 million. •Domestic broadband customers decreased by 411,000 to 31.8 million. •Domestic wireless lines increased by 1.2 million to 7.8 million. •Domestic video customers decreased by 1.6 million to 12.5 million. •Domestic homes and businesses passed increased by 1.2 million to 63.7 million.

•Total customer relationships decreased by 967,000 to 50.8 million. •Domestic broadband customers decreased by 711,000 to 31.3 million. •Domestic wireless lines increased by 1.5 million to 9.3 million. •Domestic video customers decreased by 1.3 million to 11.3 million. •Domestic homes and businesses passed increased by 1.3 million to 65.0 million.

•Total customer relationships decreased by 527,000 to 51.6 million. •Domestic broadband customers decreased by 411,000 to 31.8 million. •Domestic wireless lines increased by 1.2 million to 7.8 million. •Domestic video customers decreased by 1.6 million to 12.5 million. •Domestic homes and businesses passed increased by 1.2 million to 63.7 million.

•Total customer relationships decreased by 967,000 to 50.8 million. •Domestic broadband customers decreased by 711,000 to 31.3 million. •Domestic wireless lines increased by 1.5 million to 9.3 million. •Domestic video customers decreased by 1.3 million to 11.3 million. •Domestic homes and businesses passed increased by 1.3 million to 65.0 million.

•Total customer relationships decreased by 527,000 to 51.6 million. •Domestic broadband customers decreased by 411,000 to 31.8 million. •Domestic wireless lines increased by 1.2 million to 7.8 million. •Domestic video customers decreased by 1.6 million to 12.5 million. •Domestic homes and businesses passed increased by 1.2 million to 63.7 million.

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 consist of costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning. (c)Direct product costs primarily consist of access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions. (d)Marketing and promotion expenses primarily consist of the costs associated with attracting new customers and promoting our service offerings. (e)Customer service expenses primarily consist of the personnel and other costs associated with customer service and certain selling activities. (f)Other expenses primarily consist of administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; building and office expenses, taxes and billing costs; and other business, headquarters and support costs necessary to operate the Connectivity & Platforms business. (g)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

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 consists of costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning. (c)Direct product costs primarily consists of access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions. (d)Marketing and promotion expenses primarily consists of the costs associated with attracting new customers and promoting our service offerings. (e)Customer service expenses primarily consists of the personnel and other costs associated with customer service and certain selling activities. (f)Other expenses primarily consists of administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; building and office expenses, taxes and billing costs; and other business, headquarters and support costs necessary to operate the Connectivity & Platforms business. (g)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

We create and acquire media, sports and entertainment content, the success of which depends substantially on consumer tastes and preferences that often change in unpredictable ways. To meet the changing preferences of our consumer markets, we must consistently create, acquire, market and distribute a broad array of content and theme park attractions. We have invested, and will continue to invest, substantial amounts in content, such as sports rights, 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. Comcast 2025 Annual Report on Form 10-K20 Comcast 2025 Annual Report on Form 10-K20 Comcast 2025 Annual Report on Form 10-K20 Comcast 2025 Annual Report on Form 10-K 20 Comcast 2025 Annual Report on Form 10-K20 Comcast 2025 Annual Report on Form 10-K20 Comcast 2025 Annual Report on Form 10-K 20 Comcast 2025 Annual Report on Form 10-K20 Comcast 2025 Annual Report on Form 10-K 20 Comcast 2025 Annual Report on Form 10-K 20 Table of Contents Table of Contents Table of Contents 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 rights, is intense. 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, potentially over an extended contractual term. 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 generated from these contracts will exceed our costs for the rights and of producing and distributing the programming. In addition, media companies may determine not to license popular content to us, and 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. The inability to enter into or renew some or all of these contracts on acceptable terms could reduce the reach of our programming, which could adversely affect our results of operations and businesses. We also create content for licensing to third parties and to our linear television networks or Peacock. The inability to license such content on acceptable terms or at all could negatively impact our business. Moreover, we may generate lower revenue when we opt to retain our content for our own use, including for Peacock, rather than licensing it to third parties who pay licensing fees for such content. 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.

We create and acquire media, sports and entertainment content, the success of which depends substantially on consumer tastes and preferences that often change in unpredictable ways. To meet the changing preferences of our consumer markets, we must consistently create, acquire, market and distribute a broad array of content and theme park attractions. 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. 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. 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, potentially over an extended contractual term. 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 generated from these contracts will exceed our costs for the rights and of producing and distributing the programming. In addition, media companies may determine not to license popular content to us, and 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. The inability to enter into or renew some or all of these contracts on acceptable terms could reduce the reach of our programming, which could adversely affect our results of operations and businesses. 19Comcast 2024 Annual Report on Form 10-K 19Comcast 2024 Annual Report on Form 10-K 19Comcast 2024 Annual Report on Form 10-K 19 Comcast 2024 Annual Report on Form 10-K 19Comcast 2024 Annual Report on Form 10-K 19Comcast 2024 Annual Report on Form 10-K 19 Comcast 2024 Annual Report on Form 10-K 19Comcast 2024 Annual Report on Form 10-K 19 Comcast 2024 Annual Report on Form 10-K 19 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents We also create content for licensing to third parties and to our linear television networks or Peacock. The inability to license such content on acceptable terms or at all could negatively impact our business. Moreover, we may generate lower revenue when we opt to retain our content for our own use, including for Peacock, rather than licensing it to third parties who pay licensing fees for such content. 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.

Our businesses are subject to various federal, state, local and foreign laws and regulations. In the United States in particular, the Communications Act and FCC regulations and policies affect significant aspects of our communications businesses. 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. Applying existing laws in novel ways to new technologies, including streaming services and AI, may also affect our business. 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 in recent years, particularly with respect to broadband networks. For example, Congress has approved tens of billions of dollars in funding for broadband deployment and adoption initiatives, and it may from time to time consider other proposals that address communications issues, including whether it should rewrite the Communications Act to account for changes in the communications marketplace. Federal agencies have considered adopting new regulations for communications services, including broadband, from time to time. States and localities are increasingly proposing new regulations impacting communications services, including broader regulation of broadband networks. Regulators in various international jurisdictions are similarly considering changes to telecommunications and media requirements. Any of these regulations could significantly affect our business and our legal 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.

Our businesses are subject to various federal, state, local and federal laws and regulations. In the United States in particular, the Communications Act and FCC rules and regulations affect significant aspects of our communications businesses. 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. Applying existing laws in novel ways to new technologies, including streaming services and AI, may also affect our business. 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. Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K 24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K 24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K 24 Comcast 2024 Annual Report on Form 10-K 24 Table of Contents Table of Contents Table of Contents Legislative and regulatory activity has increased in recent years, 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 from time to time consider other proposals that address communications issues, including whether it should rewrite the Communications Act to account for changes in the communications marketplace. Federal agencies have considered adopting new regulations for communications services, including broadband, although it is uncertain whether those initiatives will continue under the new Administration. States and localities are increasingly proposing new regulations impacting communications services, including broader regulation of broadband networks. Regulators in various international jurisdictions are similarly considering changes to telecommunications and media requirements. Any of these regulations could significantly affect our business and our legal 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.

•Total Connectivity & Platforms capital expenditures increased 5.3% to $8.7 billion, reflecting increased spending on customer premise equipment, scalable infrastructure and support capital. •Revenue decreased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in international networks, domestic distribution and other revenue, partially offset by a decrease in domestic advertising revenue. •Adjusted EBITDA increased primarily due to a decrease in programming and production costs driven by the Paris Olympics, partially offset by a decrease in revenue. •Peacock generated revenue and costs and expenses of $5.4 billion and $6.5 billion in 2025, respectively, compared to $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics. Paid subscribers increased by 8 million to 44 million in 2025. Studios •Revenue increased primarily due to an increase in content licensing, partially offset by a decrease in theatrical revenue. •Adjusted EBITDA decreased due to an increase in costs and expenses driven by marketing and promotion and programming and production, partially offset by an increase in revenue.

•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure. •Revenue increased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in domestic distribution and international networks revenue. •Adjusted EBITDA increased primarily due to an increase in revenue, partially offset by an increase in programming and production costs driven by the Paris Olympics. •Peacock generated revenue and costs and expenses of $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics, compared to $3.4 billion and $6.1 billion in 2023, respectively. Paid subscribers increased by 5 million to 36 million in 2024. Studios •Revenue decreased primarily due to decreases in theatrical and content licensing revenue. 2023 included the impact of the Writers Guild and SAG work stoppages. •Adjusted EBITDA increased due to a decrease in costs and expenses driven by programming and production, partially offset by a decrease in revenue.

•Total Connectivity & Platforms capital expenditures increased 5.3% to $8.7 billion, reflecting increased spending on customer premise equipment, scalable infrastructure and support capital. •Revenue decreased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in international networks, domestic distribution and other revenue, partially offset by a decrease in domestic advertising revenue. •Adjusted EBITDA increased primarily due to a decrease in programming and production costs driven by the Paris Olympics, partially offset by a decrease in revenue. •Peacock generated revenue and costs and expenses of $5.4 billion and $6.5 billion in 2025, respectively, compared to $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics. Paid subscribers increased by 8 million to 44 million in 2025. Studios •Revenue increased primarily due to an increase in content licensing, partially offset by a decrease in theatrical revenue. •Adjusted EBITDA decreased due to an increase in costs and expenses driven by marketing and promotion and programming and production, partially offset by an increase in revenue.

•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure. •Revenue increased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in domestic distribution and international networks revenue. •Adjusted EBITDA increased primarily due to an increase in revenue, partially offset by an increase in programming and production costs driven by the Paris Olympics. •Peacock generated revenue and costs and expenses of $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics, compared to $3.4 billion and $6.1 billion in 2023, respectively. Paid subscribers increased by 5 million to 36 million in 2024. Studios •Revenue decreased primarily due to decreases in theatrical and content licensing revenue. 2023 included the impact of the Writers Guild and SAG work stoppages. •Adjusted EBITDA increased due to a decrease in costs and expenses driven by programming and production, partially offset by a decrease in revenue.

•Total Connectivity & Platforms capital expenditures increased 5.3% to $8.7 billion, reflecting increased spending on customer premise equipment, scalable infrastructure and support capital. •Revenue decreased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in international networks, domestic distribution and other revenue, partially offset by a decrease in domestic advertising revenue. •Adjusted EBITDA increased primarily due to a decrease in programming and production costs driven by the Paris Olympics, partially offset by a decrease in revenue. •Peacock generated revenue and costs and expenses of $5.4 billion and $6.5 billion in 2025, respectively, compared to $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics. Paid subscribers increased by 8 million to 44 million in 2025. Studios •Revenue increased primarily due to an increase in content licensing, partially offset by a decrease in theatrical revenue. •Adjusted EBITDA decreased due to an increase in costs and expenses driven by marketing and promotion and programming and production, partially offset by an increase in revenue.

•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure. •Revenue increased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in domestic distribution and international networks revenue. •Adjusted EBITDA increased primarily due to an increase in revenue, partially offset by an increase in programming and production costs driven by the Paris Olympics. •Peacock generated revenue and costs and expenses of $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics, compared to $3.4 billion and $6.1 billion in 2023, respectively. Paid subscribers increased by 5 million to 36 million in 2024. Studios •Revenue decreased primarily due to decreases in theatrical and content licensing revenue. 2023 included the impact of the Writers Guild and SAG work stoppages. •Adjusted EBITDA increased due to a decrease in costs and expenses driven by programming and production, partially offset by a decrease in revenue.

Our effective income tax rate in 2025 and 2024 was 23.7% and 15.0%, respectively. The increase in income tax expense in 2025 was primarily driven by a tax benefit in the prior year from an internal corporate reorganization completed in 2024 and higher domestic income before income taxes in the current year. See Note 5 for additional information on our income taxes.

Our effective income tax rate in 2024 and 2023 was 15.0% and 26.2%, respectively. The decrease in income tax expense in 2024 was primarily driven by a tax benefit from an internal corporate reorganization completed in 2024, as well as lower domestic income before income taxes. See Note 5 for additional information on our income taxes.

(a) Revenue and Adjusted EBITDA charts are not presented on the same scale. (b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total. Residential Connectivity & PlatformsMedia•Revenue decreased due to decreases in video, other and advertising revenue, partially offset by increases in domestic wireless and international connectivity revenue.•Adjusted EBITDA decreased primarily due to a decrease in revenue and an increase in other costs and expenses, partially offset by a decrease in programming expenses. •Adjusted EBITDA margin decreased from 38.2% to 37.7%.Business Services Connectivity•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.•Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.•Adjusted EBITDA margin decreased from 56.7% to 55.9%.Customer Metrics•Total customer relationships decreased by 967,000 to 50.8 million.•Domestic broadband customers decreased by 711,000 to 31.3 million.•Domestic wireless lines increased by 1.5 million to 9.3 million.•Domestic video customers decreased by 1.3 million to 11.3 million.•Domestic homes and businesses passed increased by 1.3 million to 65.0 million.Capital Expenditures•Total Connectivity & Platforms capital expenditures increased 5.3% to $8.7 billion, reflecting increased spending on customer premise equipment, scalable infrastructure and support capital.•Revenue decreased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in international networks, domestic distribution and other revenue, partially offset by a decrease in domestic advertising revenue.•Adjusted EBITDA increased primarily due to a decrease in programming and production costs driven by the Paris Olympics, partially offset by a decrease in revenue.•Peacock generated revenue and costs and expenses of $5.4 billion and $6.5 billion in 2025, respectively, compared to $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics. Paid subscribers increased by 8 million to 44 million in 2025.Studios•Revenue increased primarily due to an increase in content licensing, partially offset by a decrease in theatrical revenue.•Adjusted EBITDA decreased due to an increase in costs and expenses driven by marketing and promotion and programming and production, partially offset by an increase in revenue.Theme Parks•Revenue increased primarily due to an increase in revenue at our theme parks in Orlando, driven by the opening of Epic Universe in May 2025.•Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses.•Capital expenditures continued to reflect significant spending for the development of Epic Universe in Orlando ahead of its opening. •Revenue decreased due to decreases in video, other and advertising revenue, partially offset by increases in domestic wireless and international connectivity revenue. •Adjusted EBITDA decreased primarily due to a decrease in revenue and an increase in other costs and expenses, partially offset by a decrease in programming expenses. •Adjusted EBITDA margin decreased from 38.2% to 37.7%.

(a) Revenue and Adjusted EBITDA charts are not presented on the same scale. (b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total. Residential Connectivity & PlatformsMedia•Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue.•Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. •Adjusted EBITDA margin increased from 37.5% to 38.2%.Business Services Connectivity•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.•Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.•Adjusted EBITDA margin decreased from 57.2% to 56.7%.Customer Metrics•Total customer relationships decreased by 527,000 to 51.6 million.•Domestic broadband customers decreased by 411,000 to 31.8 million.•Domestic wireless lines increased by 1.2 million to 7.8 million.•Domestic video customers decreased by 1.6 million to 12.5 million.•Domestic homes and businesses passed increased by 1.2 million to 63.7 million.Capital Expenditures•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure.•Revenue increased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in domestic distribution and international networks revenue.•Adjusted EBITDA increased primarily due to an increase in revenue, partially offset by an increase in programming and production costs driven by the Paris Olympics.•Peacock generated revenue and costs and expenses of $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics, compared to $3.4 billion and $6.1 billion in 2023, respectively. Paid subscribers increased by 5 million to 36 million in 2024.Studios•Revenue decreased primarily due to decreases in theatrical and content licensing revenue. 2023 included the impact of the Writers Guild and SAG work stoppages.•Adjusted EBITDA increased due to a decrease in costs and expenses driven by programming and production, partially offset by a decrease in revenue.Theme Parks•Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks.•Adjusted EBITDA decreased due to a decrease in revenue and an increase in costs and expenses.•Capital expenditures continues to reflect significant spending for the development of Epic Universe in Orlando. •Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue. •Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. •Adjusted EBITDA margin increased from 37.5% to 38.2%.

(a) Revenue and Adjusted EBITDA charts are not presented on the same scale. (b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total. Residential Connectivity & PlatformsMedia•Revenue decreased due to decreases in video, other and advertising revenue, partially offset by increases in domestic wireless and international connectivity revenue.•Adjusted EBITDA decreased primarily due to a decrease in revenue and an increase in other costs and expenses, partially offset by a decrease in programming expenses. •Adjusted EBITDA margin decreased from 38.2% to 37.7%.Business Services Connectivity•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.•Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.•Adjusted EBITDA margin decreased from 56.7% to 55.9%.Customer Metrics•Total customer relationships decreased by 967,000 to 50.8 million.•Domestic broadband customers decreased by 711,000 to 31.3 million.•Domestic wireless lines increased by 1.5 million to 9.3 million.•Domestic video customers decreased by 1.3 million to 11.3 million.•Domestic homes and businesses passed increased by 1.3 million to 65.0 million.Capital Expenditures•Total Connectivity & Platforms capital expenditures increased 5.3% to $8.7 billion, reflecting increased spending on customer premise equipment, scalable infrastructure and support capital.•Revenue decreased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in international networks, domestic distribution and other revenue, partially offset by a decrease in domestic advertising revenue.•Adjusted EBITDA increased primarily due to a decrease in programming and production costs driven by the Paris Olympics, partially offset by a decrease in revenue.•Peacock generated revenue and costs and expenses of $5.4 billion and $6.5 billion in 2025, respectively, compared to $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics. Paid subscribers increased by 8 million to 44 million in 2025.Studios•Revenue increased primarily due to an increase in content licensing, partially offset by a decrease in theatrical revenue.•Adjusted EBITDA decreased due to an increase in costs and expenses driven by marketing and promotion and programming and production, partially offset by an increase in revenue.Theme Parks•Revenue increased primarily due to an increase in revenue at our theme parks in Orlando, driven by the opening of Epic Universe in May 2025.•Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses.•Capital expenditures continued to reflect significant spending for the development of Epic Universe in Orlando ahead of its opening. •Revenue decreased due to decreases in video, other and advertising revenue, partially offset by increases in domestic wireless and international connectivity revenue. •Adjusted EBITDA decreased primarily due to a decrease in revenue and an increase in other costs and expenses, partially offset by a decrease in programming expenses. •Adjusted EBITDA margin decreased from 38.2% to 37.7%.

(a) Revenue and Adjusted EBITDA charts are not presented on the same scale. (b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total. Residential Connectivity & PlatformsMedia•Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue.•Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. •Adjusted EBITDA margin increased from 37.5% to 38.2%.Business Services Connectivity•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.•Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.•Adjusted EBITDA margin decreased from 57.2% to 56.7%.Customer Metrics•Total customer relationships decreased by 527,000 to 51.6 million.•Domestic broadband customers decreased by 411,000 to 31.8 million.•Domestic wireless lines increased by 1.2 million to 7.8 million.•Domestic video customers decreased by 1.6 million to 12.5 million.•Domestic homes and businesses passed increased by 1.2 million to 63.7 million.Capital Expenditures•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure.•Revenue increased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in domestic distribution and international networks revenue.•Adjusted EBITDA increased primarily due to an increase in revenue, partially offset by an increase in programming and production costs driven by the Paris Olympics.•Peacock generated revenue and costs and expenses of $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics, compared to $3.4 billion and $6.1 billion in 2023, respectively. Paid subscribers increased by 5 million to 36 million in 2024.Studios•Revenue decreased primarily due to decreases in theatrical and content licensing revenue. 2023 included the impact of the Writers Guild and SAG work stoppages.•Adjusted EBITDA increased due to a decrease in costs and expenses driven by programming and production, partially offset by a decrease in revenue.Theme Parks•Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks.•Adjusted EBITDA decreased due to a decrease in revenue and an increase in costs and expenses.•Capital expenditures continues to reflect significant spending for the development of Epic Universe in Orlando. •Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue. •Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. •Adjusted EBITDA margin increased from 37.5% to 38.2%.

Our success is, to a large extent, dependent on our ability to acquire, develop, adopt and leverage new and existing technologies, such as AI, 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 further competition 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.

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, including AI, 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 further competition 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. 21Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21 Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21 Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21 Comcast 2024 Annual Report on Form 10-K 21 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents

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, 2025 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 Skydance Corporation (Class B) (formerly Paramount Global prior to the merger with Skydance Media on August 7, 2025), T-Mobile US, Inc., Verizon Communications Inc., Warner Bros. Discovery Inc. and The Walt Disney Company. The comparison assumes $100 was invested on December 31, 2020 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 20212022202320242025Comcast Class A$98 $70 $90 $79 $66 S&P 500 Stock Index$129 $105 $133 $166 $196 Peer Group$92 $71 $78 $92 $96 Peer Group Peer Group Item 6: [Reserved] [Reserved] 31Comcast 2025 Annual Report on Form 10-K 31Comcast 2025 Annual Report on Form 10-K 31Comcast 2025 Annual Report on Form 10-K 31 Comcast 2025 Annual Report on Form 10-K 31Comcast 2025 Annual Report on Form 10-K 31Comcast 2025 Annual Report on Form 10-K 31 Comcast 2025 Annual Report on Form 10-K 31Comcast 2025 Annual Report on Form 10-K 31 Comcast 2025 Annual Report on Form 10-K 31 Comcast 2025 Annual Report on Form 10-K 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. Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K for management’s discussion and analysis of our financial condition and results of operations for fiscal year 2024, including comparison to fiscal year 2023. 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 segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks. The discussion and analysis that follows includes the results of the cable television networks and complementary digital platforms included in Versant as the Separation did not occur until 2026. Refer to Note 16 for additional information. 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, 2024 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 comparison assumes $100 was invested on December 31, 2019 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 20202021202220232024Comcast Class A$119 $117 $83 $107 $95 S&P 500 Stock Index$118 $152 $125 $157 $197 Peer Group$112 $103 $79 $87 $103 Peer Group Peer Group Item 6: [Reserved] [Reserved] 29Comcast 2024 Annual Report on Form 10-K 29Comcast 2024 Annual Report on Form 10-K 29Comcast 2024 Annual Report on Form 10-K 29 Comcast 2024 Annual Report on Form 10-K 29Comcast 2024 Annual Report on Form 10-K 29Comcast 2024 Annual Report on Form 10-K 29 Comcast 2024 Annual Report on Form 10-K 29Comcast 2024 Annual Report on Form 10-K 29 Comcast 2024 Annual Report on Form 10-K 29 Comcast 2024 Annual Report on Form 10-K 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. Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Annual Report on Form 10-K for management’s discussion and analysis of our financial condition and results of operations for fiscal year 2022, including comparison to fiscal year 2023. 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 segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks. The discussion and analysis that follows includes the results of the cable television networks and complementary digital assets proposed to be included in the Spin-off and does not reflect or give effect to what our results of operations and financial condition may be following the Spin-off, if consummated. 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)

(a)Our Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall operating cost management. The changes reflect the year-over-year basis point changes in the rounded Adjusted EBITDA margins. (b)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. Our customer relationship additions/(losses) continue to be negatively impacted by an increasingly competitive environment. We are focused on increasing our residential connectivity revenue. In 2025, we simplified our broadband pricing structure and began offering a free wireless line for one year to new and existing domestic broadband customers, which we expect will improve customer retention and strengthen our ability to compete for new customers, but will negatively impact average domestic broadband revenue per customer. We also expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses, as well as continued declines in other revenue related to declines in wireline voice revenue. We are also focused on growing our Business Services Connectivity segment revenue by offering competitive services, including enterprise solutions, and driving higher adoption of our advanced solutions. 37Comcast 2025 Annual Report on Form 10-K 37Comcast 2025 Annual Report on Form 10-K 37Comcast 2025 Annual Report on Form 10-K 37 Comcast 2025 Annual Report on Form 10-K 37Comcast 2025 Annual Report on Form 10-K 37Comcast 2025 Annual Report on Form 10-K 37 Comcast 2025 Annual Report on Form 10-K 37Comcast 2025 Annual Report on Form 10-K 37 Comcast 2025 Annual Report on Form 10-K 37 Comcast 2025 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents Connectivity & Platforms Customer Metrics Net Additions / (Losses)(in thousands)2025202420252024Customer RelationshipsDomestic Residential Connectivity & Platforms customer relationships(a)30,43931,172(733)(476)International Residential Connectivity & Platforms customer relationships(a)17,62417,811(186)(36)Business Services Connectivity customer relationships(b)(c)2,7022,626(48)(16)Total Connectivity & Platforms customer relationships50,76651,609(967)(527)Domestic BroadbandResidential customers28,71929,373(654)(375)Business customers(b)(c)2,5362,469(57)(36)Total domestic broadband customers31,25531,842(711)(411)Domestic WirelessTotal domestic wireless lines(d)9,3057,8261,4791,237Domestic VideoTotal domestic video customers11,27012,523(1,253)(1,583)Domestic homes and businesses passed(e)64,98363,692Domestic broadband penetration of homes and businesses passed(f)47.6 %49.8 % Domestic Residential Connectivity & Platforms customer relationships(a) International Residential Connectivity & Platforms customer relationships(a) Business Services Connectivity customer relationships(b)(c) Business customers(b)(c) Total domestic wireless lines(d) Domestic homes and businesses passed(e) Domestic broadband penetration of homes and businesses passed(f) Domestic Residential Connectivity & Platforms customer relationships(a) International Residential Connectivity & Platforms customer relationships(a) Business Services Connectivity customer relationships(b)(c) Business customers(b)(c) Total domestic wireless lines(d) Domestic homes and businesses passed(e) Domestic broadband penetration of homes and businesses passed(f) (a)Residential Connectivity & Platforms customer relationships generally represent the number of residential customer locations that subscribe to at least one of our services. International Residential Connectivity & Platforms customer relationships represent customers receiving Sky services in the United Kingdom and Italy. Because each of our services includes a variety of product tiers, which may change from time to time, net additions or losses in any one period will reflect a mix of customers at various tiers. (b)Business Services Connectivity customer metrics are generally counted based on the number of connections receiving services, including connections within our network in the United States, as well as connections outside of our network both in the United States and internationally. Certain arrangements whereby third parties provide connectivity services leveraging our network are also generally counted based on the number of connections served. (c)Beginning in the second quarter of 2025, Business Services Connectivity customer relationships and domestic broadband business customers include connections from the acquisition of Nitel and other conforming changes, resulting in an increase of 124,000 Business Services Connectivity customer relationships and 123,000 domestic broadband business customers as of April 1, 2025. Because these adjustments were made as of April 1, 2025, they are not reflected in 2024 customer metrics or in net additions/(losses) in 2024 or 2025. (d)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines. (e)Connectivity & Platforms domestic homes and businesses are considered passed if we can connect them to our network in the United States without further extending the transmission lines. Homes and businesses passed is an estimate based on the best available information. (f)Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed. 2024 to 202520252024ChangeConstant Currency Change(a)Average monthly total Connectivity & Platforms revenue per customer relationship$131.77 $130.57 0.9 %0.3 %Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship$52.71 $52.75 (0.1)%(0.3)%

(a)Our Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall operating cost management. The changes reflect the year-over-year basis point changes in the rounded Adjusted EBITDA margins. (b)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. A competitive environment, which has increased in recent years, has had negative impacts on our customer relationships additions/(losses). In addition, government funding for the Affordable Connectivity Program, which provided a monthly discount towards broadband service for eligible low-income households, expired during the second quarter of 2024, which had a negative impact on our residential domestic broadband customer relationships. We believe our residential connectivity revenue will increase as a result of growth in average domestic broadband revenue per customer, as well as increases in domestic wireless and international connectivity revenue. At the same time, we expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses. We also expect continued declines in other revenue related to declines in wireline voice revenue. We believe our Business Services Connectivity segment will continue to grow by offering competitive services, including enterprise solutions. 35Comcast 2024 Annual Report on Form 10-K 35Comcast 2024 Annual Report on Form 10-K 35Comcast 2024 Annual Report on Form 10-K 35 Comcast 2024 Annual Report on Form 10-K 35Comcast 2024 Annual Report on Form 10-K 35Comcast 2024 Annual Report on Form 10-K 35 Comcast 2024 Annual Report on Form 10-K 35Comcast 2024 Annual Report on Form 10-K 35 Comcast 2024 Annual Report on Form 10-K 35 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents Connectivity & Platforms Customer Metrics Net Additions / (Losses)(in thousands)2024202320242023Customer RelationshipsDomestic Residential Connectivity & Platforms customer relationships(a)31,172 31,648 (476)(212)International Residential Connectivity & Platforms customer relationships(a)17,81117,847(36)(93)Business Services Connectivity customer relationships(b)2,6262,641(16)17 Total Connectivity & Platforms customer relationships51,60952,136(527)(288)Domestic BroadbandResidential customers29,37329,748(375)(64)Business customers2,4692,505(36)(2)Total domestic broadband customers31,84232,253(411)(66)Domestic WirelessTotal domestic wireless lines(c)7,8266,5881,237 1,275 Domestic VideoTotal domestic video customers12,52314,106(1,583)(2,037)Domestic homes and businesses passed(d)63,69262,457Domestic broadband penetration of homes and businesses passed(e)49.8 %51.5 % Domestic Residential Connectivity & Platforms customer relationships(a) International Residential Connectivity & Platforms customer relationships(a) Business Services Connectivity customer relationships(b) Total domestic wireless lines(c) Domestic homes and businesses passed(d) Domestic broadband penetration of homes and businesses passed(e) Domestic Residential Connectivity & Platforms customer relationships(a) International Residential Connectivity & Platforms customer relationships(a) Business Services Connectivity customer relationships(b) Total domestic wireless lines(c) Domestic homes and businesses passed(d) Domestic broadband penetration of homes and businesses passed(e) (a)Residential Connectivity & Platforms customer relationships generally represent the number of residential customer locations that subscribe to at least one of our services. International Residential Connectivity & Platforms customer relationships represent customers receiving Sky services in the United Kingdom and Italy. Because each of our services includes a variety of product tiers, which may change from time to time, net additions or losses in any one period will reflect a mix of customers at various tiers. (b)Business Services Connectivity customer metrics are generally counted based on the number of locations receiving services, including locations within our network in the United States, as well as locations outside of our network both in the United States and internationally. Certain arrangements whereby third parties provide connectivity services leveraging our network are also generally counted based on the number of locations served. (c)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines. (d)Connectivity & Platforms domestic homes and businesses are considered passed if we can connect them to our network in the United States without further extending the transmission lines. Homes and businesses passed is an estimate based on the best available information. (e)Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed. 2023 to 202420242023ChangeConstant Currency Change(a)Average monthly total Connectivity & Platforms revenue per customer relationship$130.57 $129.43 0.9 %0.4 %Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship$52.75 $51.39 2.7 %2.5 %

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 decreased, and likely will continue to decrease, as a result of reduced viewing of linear television. If our networks do not attract sufficient viewers, both new and existing multichannel video providers may be reluctant to distribute our networks or may decide to distribute our networks with significantly less favorable terms. 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 stations 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 acceptable terms and/or in a timely manner may be affected by evolving market dynamics, government regulations 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. 21Comcast 2025 Annual Report on Form 10-K 21Comcast 2025 Annual Report on Form 10-K 21Comcast 2025 Annual Report on Form 10-K 21 Comcast 2025 Annual Report on Form 10-K 21Comcast 2025 Annual Report on Form 10-K 21Comcast 2025 Annual Report on Form 10-K 21 Comcast 2025 Annual Report on Form 10-K 21Comcast 2025 Annual Report on Form 10-K 21 Comcast 2025 Annual Report on Form 10-K 21 Comcast 2025 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents

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 acceptable 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.

We operate our businesses worldwide. There are risks inherent in doing business internationally, including global financial market turmoil; economic volatility and global economic slowdown; currency exchange rate fluctuations and inflationary pressures; geopolitical risks, including acts of terror and war; requirements of local laws and customs relating to the publication and distribution of content and the display and sale of advertising; changes in import or export restrictions, tariffs, sanctions and trade policies and regulations; difficulties in developing, staffing and managing foreign operations; issues related to occupational safety and adherence to diverse local labor laws and regulations; and potentially adverse tax developments. Additionally, although we employ foreign currency derivative instruments to hedge certain exposure to foreign currency exchange rate risks, including the British pound, euro and Japanese yen, the use of such derivative instruments may not be sufficient to mitigate exchange rate fluctuations. In addition, doing business internationally subjects us to risks relating to political or social unrest, as well as corruption and government regulations, including U.S. laws such as the Foreign Corrupt Practices Act and the U.K. Bribery Act, that impose stringent requirements on how we conduct our foreign operations. Moreover, foreign enforcement of laws and contractual rights in certain countries where we do business can be inconsistent and unpredictable, which may affect our ability to enforce our rights or make investments that we believe otherwise make strategic sense. If any of these events occur or our conduct does not comply with such laws and regulations, our businesses may be adversely affected.

We operate our businesses worldwide. There are risks inherent in doing business internationally, including global financial market turmoil; economic volatility and global economic slowdown; currency exchange rate fluctuations and inflationary pressures; geopolitical risks, including acts of terror and war; requirements of local laws and customs relating to the publication and distribution of content and the display and sale of advertising; import or export restrictions, tariffs, sanctions and trade regulations; difficulties in developing, staffing and managing foreign operations; issues related to occupational safety and adherence to diverse local labor laws and regulations; and potentially adverse tax developments. Additionally, although we employ foreign currency derivative instruments to hedge certain exposure to foreign currency exchange rate risks, including the British pound, euro and Japanese yen, the use of such derivative instruments may not be sufficient to mitigate exchange rate fluctuations. In addition, doing business internationally subjects us to risks relating to political or social unrest, as well as corruption and government regulations, including U.S. laws such as the Foreign Corrupt Practices Act and the U.K. Bribery Act, that impose stringent requirements on how we conduct our foreign operations. Moreover, foreign enforcement of laws and contractual rights in certain countries where we do business can be inconsistent and unpredictable, which may affect our ability to enforce our rights or make investments that we believe otherwise make strategic sense. If any of these events occur or our conduct does not comply with such laws and regulations, our businesses may be adversely affected. 23Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23 Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23 Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23 Comcast 2024 Annual Report on Form 10-K 23 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents

Distribution platforms for viewing and purchasing content continue to challenge existing business models, increase the number of competitors that our businesses face, and have driven, and will continue to drive, changes in consumer behavior as consumers seek control over when, where and how they consume content and access communications services, and how much or for how long they pay for such content. The number of entertainment choices available to consumers, including DTC streaming service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products and services, continues to increase, intensify audience fragmentation and disaggregate how content traditionally has been distributed to and viewed by consumers. The popularity of many of these content distribution platforms has changed, and we expect will continue to change, consumers’ expectations of video content, video aggregation services and the value of our video services, their willingness to pay for such content and services, their perception of quality entertainment and their tolerance for commercial interruptions. The continuing trend of content owners, including us with Peacock, delivering their content directly to consumers, rather than through, or in addition to, traditional video distribution channels also disrupts traditional media distribution business models. As consumers increasingly turn to DTC streaming services in lieu of linear video services, which continue to experience accelerated net customer losses, our video customers and video revenues, and linear television network subscriber fees received from video service providers, each decrease. In addition to reducing traditional television viewership, these trends, when coupled with time-shifting technologies such as DVR and on demand services, have caused, and likely will continue to cause, audience ratings declines for our television networks. Shifting content consumption patterns also may result in lower demand for home entertainment products or theatrical attendance. While we have adapted some of our video and content offerings to compete in the evolving media distribution landscape, such as by offering Peacock and NOW, there also can be no assurance that we will be able to successfully compete or that Peacock will grow or sustain its revenue or user base, successfully compete as a stand-alone DTC streaming service or fully offset decreases to our linear television networks’ results of operations. 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 continue to challenge existing business models, increase the number of competitors that our businesses face, and have driven, and will continue to drive, changes in consumer behavior as consumers seek control over when, where and how they consume content and access communications services, and how much or for how long they pay for such content. Comcast 2024 Annual Report on Form 10-K18 Comcast 2024 Annual Report on Form 10-K18 Comcast 2024 Annual Report on Form 10-K18 Comcast 2024 Annual Report on Form 10-K 18 Comcast 2024 Annual Report on Form 10-K18 Comcast 2024 Annual Report on Form 10-K18 Comcast 2024 Annual Report on Form 10-K 18 Comcast 2024 Annual Report on Form 10-K18 Comcast 2024 Annual Report on Form 10-K 18 Comcast 2024 Annual Report on Form 10-K 18 Table of Contents Table of Contents Table of Contents The number of entertainment choices available to consumers, including DTC streaming service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products and services, continue to increase, intensify audience fragmentation and disaggregate how content traditionally has been distributed to and viewed by consumers. The continuing trend of content owners, including us with Peacock, delivering their content directly to consumers, rather than through, or in addition to, traditional video distribution channels also disrupts traditional media distribution business models. As consumers increasingly turn to DTC streaming services in lieu of linear video services, which continue to experience accelerated net customer losses, our video customers and video revenues, and linear television network subscriber fees received from video service providers, each decrease. In addition to reducing traditional television viewership, these trends when coupled with time-shifting technologies, such as DVR and on demand services, have caused, and likely will continue to cause, audience ratings declines for our television networks. Shifting content consumption patterns also may result in lower demand for home entertainment products or theatrical attendance. While we have adapted some of our video and content offerings to compete in the evolving media distribution landscape, such as by offering Peacock and NOW, there also can be no assurance that we will be able to successfully compete or that Peacock will grow or sustain its revenue or user base, successfully compete as a stand-alone DTC streaming service or fully offset decreases to our linear television networks’ results of operations. 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.

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 in 2023 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. 25Comcast 2025 Annual Report on Form 10-K 25Comcast 2025 Annual Report on Form 10-K 25Comcast 2025 Annual Report on Form 10-K 25 Comcast 2025 Annual Report on Form 10-K 25Comcast 2025 Annual Report on Form 10-K 25Comcast 2025 Annual Report on Form 10-K 25 Comcast 2025 Annual Report on Form 10-K 25Comcast 2025 Annual Report on Form 10-K 25 Comcast 2025 Annual Report on Form 10-K 25 Comcast 2025 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents

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 in 2023 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

From time to time, we make acquisitions and investments and may pursue other strategic initiatives, such as the Separation of Versant. In connection with such acquisitions and strategic initiatives, we may incur significant or unanticipated expenses and dyssynergies, 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. Comcast 2025 Annual Report on Form 10-K24 Comcast 2025 Annual Report on Form 10-K24 Comcast 2025 Annual Report on Form 10-K24 Comcast 2025 Annual Report on Form 10-K 24 Comcast 2025 Annual Report on Form 10-K24 Comcast 2025 Annual Report on Form 10-K24 Comcast 2025 Annual Report on Form 10-K 24 Comcast 2025 Annual Report on Form 10-K24 Comcast 2025 Annual Report on Form 10-K 24 Comcast 2025 Annual Report on Form 10-K 24 Table of Contents Table of Contents Table of Contents

From time to time, we make acquisitions and investments and may pursue other strategic initiatives, such as the proposed Spin-off. 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.

We depend on third-party vendors to supply us with a significant amount of the hardware, software and operational support necessary to provide certain of our products and services. We also rely on third-party satellite transponder capacity to provide video services in Europe, as well as on third-party wireless networks to offer certain wireless services in the United States and internationally. Some of these vendors represent our primary source of supply or grant us the right to incorporate their intellectual property into some of our hardware and software products. While we monitor the operations and financial condition of key vendors in an attempt to detect any potential difficulties, there can be no assurance that we would timely identify any operating or financial difficulties associated with these vendors or that we could effectively mitigate our risks with respect to any such difficulties. If any of these vendors experience operating or financial difficulties, including as a result of cybersecurity vulnerabilities or incidents, faulty software updates, or any other supply chain compliance-related issues, if our demand exceeds their capacity or if they breach or terminate their agreements with us or are otherwise unable to meet our specifications or provide the equipment, products or services we need in a timely manner (or at all), or at reasonable prices, our ability to provide some products or services may be adversely affected and we may incur additional costs. Comcast 2025 Annual Report on Form 10-K22 Comcast 2025 Annual Report on Form 10-K22 Comcast 2025 Annual Report on Form 10-K22 Comcast 2025 Annual Report on Form 10-K 22 Comcast 2025 Annual Report on Form 10-K22 Comcast 2025 Annual Report on Form 10-K22 Comcast 2025 Annual Report on Form 10-K 22 Comcast 2025 Annual Report on Form 10-K22 Comcast 2025 Annual Report on Form 10-K 22 Comcast 2025 Annual Report on Form 10-K 22 Table of Contents Table of Contents Table of Contents

We depend on third-party vendors to supply us with a significant amount of the hardware, software and operational support necessary to provide certain of our products and services. We also rely on third-party satellite transponder capacity to provide video services in Europe, as well as on third-party wireless networks to offer certain wireless services in the United States and internationally. Some of these vendors represent our primary source of supply or grant us the right to incorporate their intellectual property into some of our hardware and software products. While we monitor the operations and financial condition of key vendors in an attempt to detect any potential difficulties, there can be no assurance that we would timely identify any operating or financial difficulties associated with these vendors or that we could effectively mitigate our risks with respect to any such difficulties. If any of these vendors experience operating or financial difficulties, including as a result of cybersecurity vulnerabilities or incidents, faulty software updates, or any other supply chain compliance-related issues, if our demand exceeds their capacity or if they breach or terminate their agreements with us or are otherwise unable to meet our specifications or provide the equipment, products or services we need in a timely manner (or at all), or at reasonable prices, our ability to provide some products or services may be adversely affected and we may incur additional costs.

(a)Charts exclude the results of Content & Experiences Headquarters and Other, Corporate and Other, and eliminations. Refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Comcast 2025 Annual Report on Form 10-K32 Comcast 2025 Annual Report on Form 10-K32 Comcast 2025 Annual Report on Form 10-K32 Comcast 2025 Annual Report on Form 10-K 32 Comcast 2025 Annual Report on Form 10-K32 Comcast 2025 Annual Report on Form 10-K32 Comcast 2025 Annual Report on Form 10-K 32 Comcast 2025 Annual Report on Form 10-K32 Comcast 2025 Annual Report on Form 10-K 32 Comcast 2025 Annual Report on Form 10-K 32 Table of Contents2025 DevelopmentsConnectivity & Platforms(a)Content & Experiences(a)(b)(a) Revenue and Adjusted EBITDA charts are not presented on the same scale.(b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total.Residential Connectivity & PlatformsMedia•Revenue decreased due to decreases in video, other and advertising revenue, partially offset by increases in domestic wireless and international connectivity revenue.•Adjusted EBITDA decreased primarily due to a decrease in revenue and an increase in other costs and expenses, partially offset by a decrease in programming expenses. •Adjusted EBITDA margin decreased from 38.2% to 37.7%.Business Services Connectivity•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.•Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.•Adjusted EBITDA margin decreased from 56.7% to 55.9%.Customer Metrics•Total customer relationships decreased by 967,000 to 50.8 million.•Domestic broadband customers decreased by 711,000 to 31.3 million.•Domestic wireless lines increased by 1.5 million to 9.3 million.•Domestic video customers decreased by 1.3 million to 11.3 million.•Domestic homes and businesses passed increased by 1.3 million to 65.0 million.Capital Expenditures•Total Connectivity & Platforms capital expenditures increased 5.3% to $8.7 billion, reflecting increased spending on customer premise equipment, scalable infrastructure and support capital.•Revenue decreased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in international networks, domestic distribution and other revenue, partially offset by a decrease in domestic advertising revenue.•Adjusted EBITDA increased primarily due to a decrease in programming and production costs driven by the Paris Olympics, partially offset by a decrease in revenue.•Peacock generated revenue and costs and expenses of $5.4 billion and $6.5 billion in 2025, respectively, compared to $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics. Paid subscribers increased by 8 million to 44 million in 2025.Studios•Revenue increased primarily due to an increase in content licensing, partially offset by a decrease in theatrical revenue.•Adjusted EBITDA decreased due to an increase in costs and expenses driven by marketing and promotion and programming and production, partially offset by an increase in revenue.Theme Parks•Revenue increased primarily due to an increase in revenue at our theme parks in Orlando, driven by the opening of Epic Universe in May 2025.•Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses.•Capital expenditures continued to reflect significant spending for the development of Epic Universe in Orlando ahead of its opening.33Comcast 2025 Annual Report on Form 10-K Table of Contents Table of Contents

(a)Charts exclude the results of Content & Experiences Headquarters and Other, Corporate and Other, and eliminations. Refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K 30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K 30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K 30 Comcast 2024 Annual Report on Form 10-K 30 Table of Contents2024 DevelopmentsConnectivity & Platforms(a)Content & Experiences(a)(b)(a) Revenue and Adjusted EBITDA charts are not presented on the same scale.(b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total.Residential Connectivity & PlatformsMedia•Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue.•Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. •Adjusted EBITDA margin increased from 37.5% to 38.2%.Business Services Connectivity•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.•Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.•Adjusted EBITDA margin decreased from 57.2% to 56.7%.Customer Metrics•Total customer relationships decreased by 527,000 to 51.6 million.•Domestic broadband customers decreased by 411,000 to 31.8 million.•Domestic wireless lines increased by 1.2 million to 7.8 million.•Domestic video customers decreased by 1.6 million to 12.5 million.•Domestic homes and businesses passed increased by 1.2 million to 63.7 million.Capital Expenditures•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure.•Revenue increased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in domestic distribution and international networks revenue.•Adjusted EBITDA increased primarily due to an increase in revenue, partially offset by an increase in programming and production costs driven by the Paris Olympics.•Peacock generated revenue and costs and expenses of $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics, compared to $3.4 billion and $6.1 billion in 2023, respectively. Paid subscribers increased by 5 million to 36 million in 2024.Studios•Revenue decreased primarily due to decreases in theatrical and content licensing revenue. 2023 included the impact of the Writers Guild and SAG work stoppages.•Adjusted EBITDA increased due to a decrease in costs and expenses driven by programming and production, partially offset by a decrease in revenue.Theme Parks•Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks.•Adjusted EBITDA decreased due to a decrease in revenue and an increase in costs and expenses.•Capital expenditures continues to reflect significant spending for the development of Epic Universe in Orlando.31Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents

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. Comcast 2025 Annual Report on Form 10-K28 Comcast 2025 Annual Report on Form 10-K28 Comcast 2025 Annual Report on Form 10-K28 Comcast 2025 Annual Report on Form 10-K 28 Comcast 2025 Annual Report on Form 10-K28 Comcast 2025 Annual Report on Form 10-K28 Comcast 2025 Annual Report on Form 10-K 28 Comcast 2025 Annual Report on Form 10-K28 Comcast 2025 Annual Report on Form 10-K 28 Comcast 2025 Annual Report on Form 10-K 28 Table of Contents Table of Contents Table of Contents Other principal locations supporting our Media segment operations include our leased Telemundo headquarters and production facilities in Miami, Florida, as well as our owned Universal City location in Los Angeles, California, our leased NBC Sports headquarters and production facilities in Stamford, Connecticut, and our owned CNBC headquarters and production facilities located in Englewood Cliffs, New Jersey which is owned by Versant following the Separation on January 2, 2026. Refer to Item 1: Business: Studios Segment and Theme Parks Segment for information on properties used in the operations of those respective segments. 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 2025 Annual Report on Form 10-K 29Comcast 2025 Annual Report on Form 10-K 29Comcast 2025 Annual Report on Form 10-K 29 Comcast 2025 Annual Report on Form 10-K 29Comcast 2025 Annual Report on Form 10-K 29Comcast 2025 Annual Report on Form 10-K 29 Comcast 2025 Annual Report on Form 10-K 29Comcast 2025 Annual Report on Form 10-K 29 Comcast 2025 Annual Report on Form 10-K 29 Comcast 2025 Annual Report on Form 10-K 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, 2026 are presented in the table below. Stock ClassRecordHoldersClass A Common Stock286,748 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 2025. 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 202556,218,710 $35.94 56,218,710 2,020,441,339 $13,630,195,971 Second Quarter 202549,283,221 $34.49 49,283,221 1,700,000,362 $11,930,195,608 Third Quarter 202546,014,962 $33.49 46,014,962 1,540,953,870 $10,389,241,739 October 1-31, 202526,229,159 $29.70 26,229,159 778,980,958 $9,610,260,781 November 1-30, 202521,614,618 $27.25 21,614,618 588,995,965 $9,021,264,815 December 1-31, 20255,715,904 $27.12 5,715,904 154,997,061 $8,866,267,754 Total205,076,574 $33.08 205,076,574 $6,784,369,555 $8,866,267,754 Maximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a) First Quarter 2025 Second Quarter 2025 Third Quarter 2025 October 1-31, 2025 November 1-30, 2025 December 1-31, 2025 Maximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a) First Quarter 2025 Second Quarter 2025 Third Quarter 2025 October 1-31, 2025 November 1-30, 2025 December 1-31, 2025 (a)In January 2024, our Board of Directors approved a new share repurchase authorization of $15 billion, which had no expiration date. In January 2025, our Board of Directors terminated the existing program and approved a new share repurchase authorization of $15 billion effective as of January 31, 2025, 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 2025 Annual Report on Form 10-K30 Comcast 2025 Annual Report on Form 10-K30 Comcast 2025 Annual Report on Form 10-K30 Comcast 2025 Annual Report on Form 10-K 30 Comcast 2025 Annual Report on Form 10-K30 Comcast 2025 Annual Report on Form 10-K30 Comcast 2025 Annual Report on Form 10-K 30 Comcast 2025 Annual Report on Form 10-K30 Comcast 2025 Annual Report on Form 10-K 30 Comcast 2025 Annual Report on Form 10-K 30 Table of Contents Table of Contents Table of Contents

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, our owned CNBC headquarters and production facilities located in Englewood Cliffs, New Jersey and our leased NBC Sports headquarters and production facilities in Stamford, Connecticut. 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 14 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. 27Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27 Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27 Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27 Comcast 2024 Annual Report on Form 10-K 27 Comcast 2024 Annual Report on Form 10-K 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, 2025 are presented in the table below. Stock ClassRecordHoldersClass A Common Stock303,127 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 2024. 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 202455,961,536 $43.03 55,961,536 $2,408,046,377 $13,186,952,831 Second Quarter 202456,381,926 $39.29 56,381,926 $2,214,999,556 $10,971,953,275 Third Quarter 202449,913,271 $39.44 49,913,271 $1,968,792,051 $9,003,161,225 October 1-31, 202416,562,668 $41.66 16,562,668 $689,999,638 $8,313,161,586 November 1-30, 202412,943,713 $43.26 12,943,713 $559,999,640 $7,753,161,946 December 1-31, 202420,002,768 $39.89 20,002,768 $797,999,685 $6,955,162,262 Total211,765,882 $40.80 211,765,882 $8,639,836,946 $6,955,162,262 Maximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a) First Quarter 2024 Second Quarter 2024 Third Quarter 2024 October 1-31, 2024 November 1-30, 2024 December 1-31, 2024 Maximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a) First Quarter 2024 Second Quarter 2024 Third Quarter 2024 October 1-31, 2024 November 1-30, 2024 December 1-31, 2024 (a)In September 2022, our Board of Directors approved a share repurchase program authorization of $20 billion and in January 2024, our Board of Directors terminated the existing program and approved a new program authorization of $15 billion effective as of January 26, 2024, which had no expiration date. In January 2025, our Board of Directors terminated this existing program and approved a new 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 2024 Annual Report on Form 10-K28 Comcast 2024 Annual Report on Form 10-K28 Comcast 2024 Annual Report on Form 10-K28 Comcast 2024 Annual Report on Form 10-K 28 Comcast 2024 Annual Report on Form 10-K28 Comcast 2024 Annual Report on Form 10-K28 Comcast 2024 Annual Report on Form 10-K 28 Comcast 2024 Annual Report on Form 10-K28 Comcast 2024 Annual Report on Form 10-K 28 Comcast 2024 Annual Report on Form 10-K 28 Table of Contents Table of Contents Table of Contents

(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measure” section on page 46 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. Average monthly total revenue per customer relationship is impacted by rate adjustments and changes in the types and levels of services received by our residential and business customers, as well as changes in advertising and other revenue and in foreign currency exchange rates. While revenue from our individual service offerings is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship. Each of our services has a different contribution to Adjusted EBITDA margin. We use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe both metrics are useful to understand the trends in our business, and average monthly Adjusted EBITDA per customer relationship is useful particularly as we continue to focus on growing our higher-margin businesses. Comcast 2025 Annual Report on Form 10-K38 Comcast 2025 Annual Report on Form 10-K38 Comcast 2025 Annual Report on Form 10-K38 Comcast 2025 Annual Report on Form 10-K 38 Comcast 2025 Annual Report on Form 10-K38 Comcast 2025 Annual Report on Form 10-K38 Comcast 2025 Annual Report on Form 10-K 38 Comcast 2025 Annual Report on Form 10-K38 Comcast 2025 Annual Report on Form 10-K 38 Comcast 2025 Annual Report on Form 10-K 38 Table of Contents Table of Contents Table of Contents Connectivity & Platforms — Supplemental Costs and Expenses Information Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States. Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments includes each segment’s direct costs and an allocation of shared costs. 2024 to 2025Year ended December 31 (in millions)20252024ChangeConstant Currency Change(g)Costs and ExpensesProgramming(a)$16,007 $16,881 (5.2)%(6.1)%Technical and support(b)7,610 7,617 (0.1)(0.7)Direct product costs(c)7,576 6,607 14.7 12.8 Marketing and promotion(d)5,085 4,772 6.6 5.8 Customer service(e)2,755 2,732 0.9 0.2 Other(f)9,532 9,828 (3.0)(3.8)Total Connectivity & Platforms costs and expenses$48,563 $48,438 0.3 %(0.7)%

(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measure” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. Average monthly total revenue per customer relationship is impacted by rate adjustments and changes in the types and levels of services received by our residential and business customers, as well as changes in advertising and other revenue and in foreign currency exchange rates. While revenue from our individual service offerings is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship. Each of our services has a different contribution to Adjusted EBITDA margin. We use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe both metrics are useful to understand the trends in our business, and average monthly Adjusted EBITDA per customer relationship is useful particularly as we continue to focus on growing our higher-margin businesses. Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K 36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K 36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K 36 Comcast 2024 Annual Report on Form 10-K 36 Table of Contents Table of Contents Table of Contents Connectivity & Platforms — Supplemental Costs and Expenses Information Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States. Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments includes each segment’s direct costs and an allocation of shared costs. 2023 to 2024(in millions)20242023ChangeConstant Currency Change(g)Costs and ExpensesProgramming(a)$16,881 $18,067 (6.6)%(7.1)%Technical and support(b)7,617 7,416 2.7 2.3 Direct product costs(c)6,607 6,146 7.5 6.0 Marketing and promotion(d)4,772 4,720 1.1 0.6 Customer service(e)2,732 2,783 (1.9)(2.3)Other(f)9,828 9,830 — (0.6)Total Connectivity & Platforms costs and expenses$48,438 $48,962 (1.1)%(1.7)%

Year ended December 31 (in millions)20252024Change 2024 to 2025Revenue$10,237 $9,701 5.5 %Costs and expenses4,512 4,201 7.4 Adjusted EBITDA$5,725 $5,500 4.1 % Year ended December 31 (in millions) Year ended December 31 (in millions) Business services connectivity revenue primarily consists of revenue from our service offerings for small business locations in the United States, which include broadband, wireline voice and wireless services, as well as our enterprise solutions offerings, and our business connectivity service offerings in the United Kingdom. Business services connectivity revenue increased in 2025 primarily due to an increase in revenue from enterprise solutions offerings, including the results from Nitel, which was acquired in April 2025, and from an increase in revenue from small business customers. Business services connectivity costs and expenses increased in 2025 primarily due to increases in direct product costs, which include the results from Nitel.

(in millions)20242023Change 2023 to 2024Revenue$9,701 $9,255 4.8 %Costs and expenses4,201 3,964 6.0 Adjusted EBITDA$5,500 $5,291 3.9 % Business services connectivity revenue primarily consists of revenue from our service offerings for small business locations in the United States, which include broadband, wireline voice and wireless services, as well as our enterprise solutions offerings, and our business connectivity service offerings in the United Kingdom. Business services connectivity revenue increased in 2024 primarily due to an increase in revenue from enterprise solutions offerings and from higher rates from small business customers. Business services connectivity costs and expenses increased in 2024 primarily due to increases in direct product costs, marketing and promotion expenses, and technical and support expenses. Severance charges in 2024 were consistent compared to severance and other charges in 2023.

The following graph illustrates the contributions to the change in consolidated costs and expenses, excluding depreciation expense and amortization expense, made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including adjustments and eliminations. The increase in adjustments in the current year is primarily driven by transaction and transaction-related costs associated with the Separation of Versant that are excluded from Adjusted EBITDA and our segment operating results. (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 2025 compared to 2024 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, increased depreciation due to the opening of Epic Universe in May 2025, impairments of certain long-lived assets in 2025 and the impact of foreign currency. Amortization expense from acquisition-related intangible assets totaled $3.3 billion and $2.7 billion in 2025 and 2024, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the NBCUniversal transaction in 2011 and the Sky transaction in 2018. 35Comcast 2025 Annual Report on Form 10-K 35Comcast 2025 Annual Report on Form 10-K 35Comcast 2025 Annual Report on Form 10-K 35 Comcast 2025 Annual Report on Form 10-K 35Comcast 2025 Annual Report on Form 10-K 35Comcast 2025 Annual Report on Form 10-K 35 Comcast 2025 Annual Report on Form 10-K 35Comcast 2025 Annual Report on Form 10-K 35 Comcast 2025 Annual Report on Form 10-K 35 Comcast 2025 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents Consolidated interest expense increased in 2025 compared to 2024 primarily due to a decrease in capitalized interest driven by the opening of Epic Universe, as well as higher weighted-average interest rates in the current year. Consolidated investment and other income (loss), net increased in 2025 compared to 2024. Year ended December 31 (in millions)20252024Equity in net income (losses) of investees, net$(591)$(680)Realized and unrealized gains (losses) on equity securities, net(20)(313)Other income (loss), net10,114 502 Total investment and other income (loss), net$9,503 $(490) The change in equity in net income (losses) of investees, net in 2025 compared to 2024 was primarily due to our investments in Atairos and Hulu. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $(377) million and $(474) million in 2025 and 2024, respectively. The change in realized and unrealized gains (losses) on equity securities, net in 2025 compared to 2024 was primarily due to a gain on the sale of a nonmarketable security in the current year and due to higher net unrealized losses on nonmarketable securities in the prior year. The change in other income (loss), net in 2025 compared to 2024 primarily resulted from a $9.4 billion pre-tax gain from the sale of our interest in Hulu in 2025 (see Note 8).

The following graph illustrates the contributions to the change in consolidated costs and expenses, excluding depreciation expense and amortization expense, 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 2024 compared to 2023 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, partially offset by a decrease in depreciation of our international property and equipment and a decrease in the amortization of software. Amortization expense from acquisition-related intangible assets totaled $2.7 billion and $2.3 billion in 2024 and 2023, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011. 33Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33 Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33 Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33 Comcast 2024 Annual Report on Form 10-K 33 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents Consolidated interest expense increased in 2024 compared to 2023 primarily due to an increase in average debt outstanding and higher weighted-average interest rates in the current year, partially offset by interest expense in the prior year associated with a collateralized obligation that was repaid in the fourth quarter of 2023. Consolidated investment and other income (loss), net increased in 2024 compared to 2023. Year ended December 31 (in millions)20242023Equity in net income (losses) of investees, net$(680)$789 Realized and unrealized gains (losses) on equity securities, net(313)(130)Other income (loss), net502 592 Total investment and other income (loss), net$(490)$1,252 The change in equity in net income (losses) of investees, net in 2024 compared to 2023 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 $(474) million and $1.1 billion in 2024 and 2023, respectively. The change in realized and unrealized gains (losses) on equity securities, net in 2024 compared to 2023 was primarily due to higher losses on nonmarketable securities in the current year. The change in other income (loss), net in 2024 compared to 2023 primarily resulted from foreign exchange remeasurement.

•Revenue increased primarily due to an increase in revenue at our theme parks in Orlando, driven by the opening of Epic Universe in May 2025. •Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses. •Capital expenditures continued to reflect significant spending for the development of Epic Universe in Orlando ahead of its opening. •Revenue decreased due to decreases in video, other and advertising revenue, partially offset by increases in domestic wireless and international connectivity revenue. •Adjusted EBITDA decreased primarily due to a decrease in revenue and an increase in other costs and expenses, partially offset by a decrease in programming expenses. •Adjusted EBITDA margin decreased from 38.2% to 37.7%.

•Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks. •Adjusted EBITDA decreased due to a decrease in revenue and an increase in costs and expenses. •Capital expenditures continues to reflect significant spending for the development of Epic Universe in Orlando. •Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue. •Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. •Adjusted EBITDA margin increased from 37.5% to 38.2%.

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 46 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 2025 Annual Report on Form 10-K34 Comcast 2025 Annual Report on Form 10-K34 Comcast 2025 Annual Report on Form 10-K34 Comcast 2025 Annual Report on Form 10-K 34 Comcast 2025 Annual Report on Form 10-K34 Comcast 2025 Annual Report on Form 10-K34 Comcast 2025 Annual Report on Form 10-K 34 Comcast 2025 Annual Report on Form 10-K34 Comcast 2025 Annual Report on Form 10-K 34 Comcast 2025 Annual Report on Form 10-K 34 Table of Contents Table of Contents Table of Contents

The changes in net income (loss) attributable to noncontrolling interests in 2024 compared to 2023 was primarily due to our regional sports networks. Comcast 2024 Annual Report on Form 10-K34 Comcast 2024 Annual Report on Form 10-K34 Comcast 2024 Annual Report on Form 10-K34 Comcast 2024 Annual Report on Form 10-K 34 Comcast 2024 Annual Report on Form 10-K34 Comcast 2024 Annual Report on Form 10-K34 Comcast 2024 Annual Report on Form 10-K 34 Comcast 2024 Annual Report on Form 10-K34 Comcast 2024 Annual Report on Form 10-K 34 Comcast 2024 Annual Report on Form 10-K 34 Table of Contents Table of Contents Table of Contents

We are subject from time to time to a number of lawsuits both in the United States and in foreign countries, including claims relating to competition, intellectual property rights (including copyrights, trademarks and patents), employment and labor matters, personal injury and property damage, defamation, disparagement, libel, free speech, negligence, customer privacy, regulatory requirements, advertising, marketing and selling practices, and credit and collection issues. We also spend substantial resources complying with various regulatory and government standards, including any related investigations and litigation. Greater constraints on the use of arbitration to resolve certain of these disputes also could adversely affect our business. Adverse outcomes in any lawsuits or investigations could result in significant monetary damages or injunctive relief that could adversely affect our businesses, results of operations or financial condition. In addition, regardless of the ultimate merit or outcome of such lawsuits, investigations or claims, these proceedings may have an adverse impact on our business as a result of legal costs, diversion of the attention of management and other personnel, harm to our reputation and other factors. Comcast 2025 Annual Report on Form 10-K26 Comcast 2025 Annual Report on Form 10-K26 Comcast 2025 Annual Report on Form 10-K26 Comcast 2025 Annual Report on Form 10-K 26 Comcast 2025 Annual Report on Form 10-K26 Comcast 2025 Annual Report on Form 10-K26 Comcast 2025 Annual Report on Form 10-K 26 Comcast 2025 Annual Report on Form 10-K26 Comcast 2025 Annual Report on Form 10-K 26 Comcast 2025 Annual Report on Form 10-K 26 Table of Contents Table of Contents Table of Contents

We are subject from time to time to a number of lawsuits both in the United States and in foreign countries, including claims relating to competition, intellectual property rights (including patents), employment and labor matters, personal injury and property damage, free speech, customer privacy, regulatory requirements, advertising, marketing and selling practices, and credit and collection issues. Greater constraints on the use of arbitration to resolve certain of these disputes could adversely affect our business. We also spend substantial resources complying with various regulatory and government standards, including any related investigations and litigation. We may incur significant expenses defending any such suit or government charge and may be required to pay amounts or otherwise change our operations in ways that could adversely impact our businesses, results of operations or financial condition.

2024 to 2025Year ended December 31 (in millions)20252024ChangeConstant Currency Change(b)RevenueResidential Connectivity & Platforms$70,704 $71,574 (1.2)%(1.9)%Business Services Connectivity10,237 9,701 5.5 5.5 Total Connectivity & Platforms revenue$80,940 $81,275 (0.4)%(1.1)%Adjusted EBITDAResidential Connectivity & Platforms$26,653 $27,338 (2.5)%(2.8)%Business Services Connectivity5,725 5,500 4.1 4.1 Total Connectivity & Platforms Adjusted EBITDA$32,377 $32,838 (1.4)%(1.6)%Adjusted EBITDA Margin(a)Residential Connectivity & Platforms37.7 %38.2 %(50) bps(30) bpsBusiness Services Connectivity55.9 56.7 (80) bps(80) bpsTotal Connectivity & Platforms Adjusted EBITDA margin40.0 %40.4 %(40) bps(20) bps

2023 to 2024Year ended December 31 (in millions)20242023ChangeConstant Currency Change(b)RevenueResidential Connectivity & Platforms$71,574 $71,946 (0.5)%(1.0)%Business Services Connectivity9,701 9,255 4.8 4.8 Total Connectivity & Platforms revenue$81,275 $81,201 0.1 %(0.3)%Adjusted EBITDAResidential Connectivity & Platforms$27,338 $26,948 1.4 %1.2 %Business Services Connectivity5,500 5,291 3.9 4.0 Total Connectivity & Platforms Adjusted EBITDA$32,838 $32,239 1.9 %1.7 %Adjusted EBITDA Margin(a)Residential Connectivity & Platforms38.2 %37.5 %70 bps80 bpsBusiness Services Connectivity56.7 57.2 (50) bps(50) bpsTotal Connectivity & Platforms Adjusted EBITDA margin40.4 %39.7 %70 bps80 bps

Year ended December 31 (in millions, except per share data)20252024Change 2024 to 2025Revenue$123,707 $123,731 — %Costs and Expenses:Programming and production34,951 37,026 (5.6)Marketing and promotion8,862 8,073 9.8 Other operating and administrative43,013 40,533 6.1 Depreciation9,327 8,729 6.8 Amortization6,884 6,072 13.4 Total costs and expenses103,035 100,434 2.6 Operating income20,672 23,297 (11.3)Interest expense(4,409)(4,134)6.6 Investment and other income (loss), net9,503 (490)NMIncome before income taxes25,766 18,673 38.0 Income tax expense(6,106)(2,796)118.4 Net income19,660 15,877 23.8 Less: Net income (loss) attributable to noncontrolling interests(338)(315)7.3 Net income attributable to Comcast Corporation$19,998 $16,192 23.5 %Basic earnings per common share attributable to Comcast Corporation shareholders$5.41 $4.17 29.7 %Diluted earnings per common share attributable to Comcast Corporation shareholders$5.39 $4.14 30.1 %Weighted-average number of common shares outstanding - basic3,699 3,885(4.8)%Weighted average number of common shares outstanding - diluted3,709 3,908(5.1)%Adjusted EBITDA(a)$37,384 $38,069 (1.8)%

Year ended December 31 (in millions, except per share data)20242023Change 2023 to 2024Revenue$123,731 $121,572 1.8 %Costs and Expenses:Programming and production37,026 36,762 0.7 Marketing and promotion8,073 7,971 1.3 Other operating and administrative40,533 39,190 3.4 Depreciation8,729 8,854 (1.4)Amortization6,072 5,482 10.8 Total costs and expenses100,434 98,258 2.2 Operating income23,297 23,314 (0.1)Interest expense(4,134)(4,087)1.2 Investment and other income (loss), net(490)1,252 NMIncome before income taxes18,673 20,478 (8.8)Income tax expense(2,796)(5,371)(48.0)Net income15,877 15,107 5.1 Less: Net income (loss) attributable to noncontrolling interests(315)(282)12.0 Net income attributable to Comcast Corporation$16,192 $15,388 5.2 %Basic earnings per common share attributable to Comcast Corporation shareholders$4.17 $3.73 11.7 %Diluted earnings per common share attributable to Comcast Corporation shareholders$4.14 $3.71 11.7 %Weighted-average number of common shares outstanding - basic3,885 4,122(5.8)%Weighted average number of common shares outstanding - diluted3,908 4,148(5.8)%Adjusted EBITDA(a)$38,069 $37,633 1.2 %

Year ended December 31 (in millions, except per share data)20252024Change 2024 to 2025Revenue$123,707 $123,731 — %Costs and Expenses:Programming and production34,951 37,026 (5.6)Marketing and promotion8,862 8,073 9.8 Other operating and administrative43,013 40,533 6.1 Depreciation9,327 8,729 6.8 Amortization6,884 6,072 13.4 Total costs and expenses103,035 100,434 2.6 Operating income20,672 23,297 (11.3)Interest expense(4,409)(4,134)6.6 Investment and other income (loss), net9,503 (490)NMIncome before income taxes25,766 18,673 38.0 Income tax expense(6,106)(2,796)118.4 Net income19,660 15,877 23.8 Less: Net income (loss) attributable to noncontrolling interests(338)(315)7.3 Net income attributable to Comcast Corporation$19,998 $16,192 23.5 %Basic earnings per common share attributable to Comcast Corporation shareholders$5.41 $4.17 29.7 %Diluted earnings per common share attributable to Comcast Corporation shareholders$5.39 $4.14 30.1 %Weighted-average number of common shares outstanding - basic3,699 3,885(4.8)%Weighted average number of common shares outstanding - diluted3,709 3,908(5.1)%Adjusted EBITDA(a)$37,384 $38,069 (1.8)%

Year ended December 31 (in millions, except per share data)20242023Change 2023 to 2024Revenue$123,731 $121,572 1.8 %Costs and Expenses:Programming and production37,026 36,762 0.7 Marketing and promotion8,073 7,971 1.3 Other operating and administrative40,533 39,190 3.4 Depreciation8,729 8,854 (1.4)Amortization6,072 5,482 10.8 Total costs and expenses100,434 98,258 2.2 Operating income23,297 23,314 (0.1)Interest expense(4,134)(4,087)1.2 Investment and other income (loss), net(490)1,252 NMIncome before income taxes18,673 20,478 (8.8)Income tax expense(2,796)(5,371)(48.0)Net income15,877 15,107 5.1 Less: Net income (loss) attributable to noncontrolling interests(315)(282)12.0 Net income attributable to Comcast Corporation$16,192 $15,388 5.2 %Basic earnings per common share attributable to Comcast Corporation shareholders$4.17 $3.73 11.7 %Diluted earnings per common share attributable to Comcast Corporation shareholders$4.14 $3.71 11.7 %Weighted-average number of common shares outstanding - basic3,885 4,122(5.8)%Weighted average number of common shares outstanding - diluted3,908 4,148(5.8)%Adjusted EBITDA(a)$38,069 $37,633 1.2 %

•Revenue increased primarily due to an increase in revenue at our theme parks in Orlando, driven by the opening of Epic Universe in May 2025. •Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses. •Capital expenditures continued to reflect significant spending for the development of Epic Universe in Orlando ahead of its opening. 33Comcast 2025 Annual Report on Form 10-K 33Comcast 2025 Annual Report on Form 10-K 33Comcast 2025 Annual Report on Form 10-K 33 Comcast 2025 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents

•Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks. •Adjusted EBITDA decreased due to a decrease in revenue and an increase in costs and expenses. •Capital expenditures continues to reflect significant spending for the development of Epic Universe in Orlando. 31Comcast 2024 Annual Report on Form 10-K 31Comcast 2024 Annual Report on Form 10-K 31Comcast 2024 Annual Report on Form 10-K 31 Comcast 2024 Annual Report on Form 10-K 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 Measures” section on page 46 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 2025 Annual Report on Form 10-K34 Comcast 2025 Annual Report on Form 10-K34 Comcast 2025 Annual Report on Form 10-K34 Comcast 2025 Annual Report on Form 10-K 34 Table of Contents Table of Contents Table of Contents Other •Repurchased a total of 205 million shares of our Class A common stock for $6.8 billion in 2025 compared to a total of 212 million shares of our Class A common stock for $8.6 billion in 2024. Raised our dividend by $0.08 to $1.32 per share on an annualized basis in January 2025 and paid $4.9 billion of dividends in 2025. •In June 2025, we sold our interest in Hulu, at which time we recognized the sale of our interest with a pre-tax gain of $9.4 billion (see Note 8). •On January 2, 2026, we completed the Separation of Versant into an independent, publicly traded company and we made a pro rata distribution of 100% of the shares of Versant common stock to Comcast shareholders in which each Comcast shareholder received 1 share of Versant common stock for every 25 shares of Comcast common stock owned as of the close of business on December 16, 2025 (see Note 16).

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 44 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 2024 Annual Report on Form 10-K32 Comcast 2024 Annual Report on Form 10-K32 Comcast 2024 Annual Report on Form 10-K32 Comcast 2024 Annual Report on Form 10-K 32 Table of Contents Table of Contents Table of Contents Other •Repurchased a total of 212 million shares of our Class A common stock for $8.6 billion in 2024 compared to a total of 262 million shares of our Class A common stock for $11.0 billion in 2023. Raised our dividend by $0.08 to $1.24 per share on an annualized basis in January 2024 and paid $4.8 billion of dividends in 2024. •In the fourth quarter of 2023, we exercised our put right requiring Disney to purchase our interest in Hulu and received $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value presented as an advance on the sale of our investment in our consolidated balance sheet, less $557 million for our share of prior capital calls. We expect to receive additional proceeds for the sale of our interest in Hulu following the final determination of Hulu’s fair value pursuant to a third-party appraisal process, at which time we will recognize the sale of our interest. See Note 7. •In November 2024, we announced our intention to create SpinCo, a new independent publicly traded company through a tax-free spin-off. We are targeting to complete the Spin-off by the end of 2025, subject to the satisfaction of customary conditions. There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing.

•Revenue increased primarily due to an increase in revenue at our theme parks in Orlando, driven by the opening of Epic Universe in May 2025. •Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses. •Capital expenditures continued to reflect significant spending for the development of Epic Universe in Orlando ahead of its opening. 33Comcast 2025 Annual Report on Form 10-K 33Comcast 2025 Annual Report on Form 10-K 33Comcast 2025 Annual Report on Form 10-K 33 Comcast 2025 Annual Report on Form 10-K 33Comcast 2025 Annual Report on Form 10-K 33Comcast 2025 Annual Report on Form 10-K 33 Comcast 2025 Annual Report on Form 10-K 33Comcast 2025 Annual Report on Form 10-K 33 Comcast 2025 Annual Report on Form 10-K 33 Comcast 2025 Annual Report on Form 10-K Table of ContentsOther•Repurchased a total of 205 million shares of our Class A common stock for $6.8 billion in 2025 compared to a total of 212 million shares of our Class A common stock for $8.6 billion in 2024. Raised our dividend by $0.08 to $1.32 per share on an annualized basis in January 2025 and paid $4.9 billion of dividends in 2025.•In June 2025, we sold our interest in Hulu, at which time we recognized the sale of our interest with a pre-tax gain of $9.4 billion (see Note 8).•On January 2, 2026, we completed the Separation of Versant into an independent, publicly traded company and we made a pro rata distribution of 100% of the shares of Versant common stock to Comcast shareholders in which each Comcast shareholder received 1 share of Versant common stock for every 25 shares of Comcast common stock owned as of the close of business on December 16, 2025 (see Note 16). Consolidated Operating ResultsYear ended December 31 (in millions, except per share data)20252024Change 2024 to 2025Revenue$123,707 $123,731 — %Costs and Expenses:Programming and production34,951 37,026 (5.6)Marketing and promotion8,862 8,073 9.8 Other operating and administrative43,013 40,533 6.1 Depreciation9,327 8,729 6.8 Amortization6,884 6,072 13.4 Total costs and expenses103,035 100,434 2.6 Operating income20,672 23,297 (11.3)Interest expense(4,409)(4,134)6.6 Investment and other income (loss), net9,503 (490)NMIncome before income taxes25,766 18,673 38.0 Income tax expense(6,106)(2,796)118.4 Net income19,660 15,877 23.8 Less: Net income (loss) attributable to noncontrolling interests(338)(315)7.3 Net income attributable to Comcast Corporation$19,998 $16,192 23.5 %Basic earnings per common share attributable to Comcast Corporation shareholders$5.41 $4.17 29.7 %Diluted earnings per common share attributable to Comcast Corporation shareholders$5.39 $4.14 30.1 %Weighted-average number of common shares outstanding - basic3,699 3,885(4.8)%Weighted average number of common shares outstanding - diluted3,709 3,908(5.1)%Adjusted EBITDA(a)$37,384 $38,069 (1.8)%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 46 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 2025 Annual Report on Form 10-K34 Table of Contents Table of Contents Other •Repurchased a total of 205 million shares of our Class A common stock for $6.8 billion in 2025 compared to a total of 212 million shares of our Class A common stock for $8.6 billion in 2024. Raised our dividend by $0.08 to $1.32 per share on an annualized basis in January 2025 and paid $4.9 billion of dividends in 2025. •In June 2025, we sold our interest in Hulu, at which time we recognized the sale of our interest with a pre-tax gain of $9.4 billion (see Note 8). •On January 2, 2026, we completed the Separation of Versant into an independent, publicly traded company and we made a pro rata distribution of 100% of the shares of Versant common stock to Comcast shareholders in which each Comcast shareholder received 1 share of Versant common stock for every 25 shares of Comcast common stock owned as of the close of business on December 16, 2025 (see Note 16).

•Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks. •Adjusted EBITDA decreased due to a decrease in revenue and an increase in costs and expenses. •Capital expenditures continues to reflect significant spending for the development of Epic Universe in Orlando. 31Comcast 2024 Annual Report on Form 10-K 31Comcast 2024 Annual Report on Form 10-K 31Comcast 2024 Annual Report on Form 10-K 31 Comcast 2024 Annual Report on Form 10-K 31Comcast 2024 Annual Report on Form 10-K 31Comcast 2024 Annual Report on Form 10-K 31 Comcast 2024 Annual Report on Form 10-K 31Comcast 2024 Annual Report on Form 10-K 31 Comcast 2024 Annual Report on Form 10-K 31 Comcast 2024 Annual Report on Form 10-K Table of ContentsOther•Repurchased a total of 212 million shares of our Class A common stock for $8.6 billion in 2024 compared to a total of 262 million shares of our Class A common stock for $11.0 billion in 2023. Raised our dividend by $0.08 to $1.24 per share on an annualized basis in January 2024 and paid $4.8 billion of dividends in 2024.•In the fourth quarter of 2023, we exercised our put right requiring Disney to purchase our interest in Hulu and received $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value presented as an advance on the sale of our investment in our consolidated balance sheet, less $557 million for our share of prior capital calls. We expect to receive additional proceeds for the sale of our interest in Hulu following the final determination of Hulu’s fair value pursuant to a third-party appraisal process, at which time we will recognize the sale of our interest. See Note 7.•In November 2024, we announced our intention to create SpinCo, a new independent publicly traded company through a tax-free spin-off. We are targeting to complete the Spin-off by the end of 2025, subject to the satisfaction of customary conditions. There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing.Consolidated Operating ResultsYear ended December 31 (in millions, except per share data)20242023Change 2023 to 2024Revenue$123,731 $121,572 1.8 %Costs and Expenses:Programming and production37,026 36,762 0.7 Marketing and promotion8,073 7,971 1.3 Other operating and administrative40,533 39,190 3.4 Depreciation8,729 8,854 (1.4)Amortization6,072 5,482 10.8 Total costs and expenses100,434 98,258 2.2 Operating income23,297 23,314 (0.1)Interest expense(4,134)(4,087)1.2 Investment and other income (loss), net(490)1,252 NMIncome before income taxes18,673 20,478 (8.8)Income tax expense(2,796)(5,371)(48.0)Net income15,877 15,107 5.1 Less: Net income (loss) attributable to noncontrolling interests(315)(282)12.0 Net income attributable to Comcast Corporation$16,192 $15,388 5.2 %Basic earnings per common share attributable to Comcast Corporation shareholders$4.17 $3.73 11.7 %Diluted earnings per common share attributable to Comcast Corporation shareholders$4.14 $3.71 11.7 %Weighted-average number of common shares outstanding - basic3,885 4,122(5.8)%Weighted average number of common shares outstanding - diluted3,908 4,148(5.8)%Adjusted EBITDA(a)$38,069 $37,633 1.2 %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 44 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 2024 Annual Report on Form 10-K32 Table of Contents Table of Contents Other •Repurchased a total of 212 million shares of our Class A common stock for $8.6 billion in 2024 compared to a total of 262 million shares of our Class A common stock for $11.0 billion in 2023. Raised our dividend by $0.08 to $1.24 per share on an annualized basis in January 2024 and paid $4.8 billion of dividends in 2024. •In the fourth quarter of 2023, we exercised our put right requiring Disney to purchase our interest in Hulu and received $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value presented as an advance on the sale of our investment in our consolidated balance sheet, less $557 million for our share of prior capital calls. We expect to receive additional proceeds for the sale of our interest in Hulu following the final determination of Hulu’s fair value pursuant to a third-party appraisal process, at which time we will recognize the sale of our interest. See Note 7. •In November 2024, we announced our intention to create SpinCo, a new independent publicly traded company through a tax-free spin-off. We are targeting to complete the Spin-off by the end of 2025, subject to the satisfaction of customary conditions. There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing.

(a)Beginning in the first quarter of 2025, commission revenue from the sale of certain DTC streaming services and revenue related to certain equipment are presented in video revenue. Previously, these amounts were presented in domestic broadband and international connectivity. Prior periods have been reclassified to reflect the current year presentation. 39Comcast 2025 Annual Report on Form 10-K 39Comcast 2025 Annual Report on Form 10-K 39Comcast 2025 Annual Report on Form 10-K 39 Comcast 2025 Annual Report on Form 10-K 39Comcast 2025 Annual Report on Form 10-K 39Comcast 2025 Annual Report on Form 10-K 39 Comcast 2025 Annual Report on Form 10-K 39Comcast 2025 Annual Report on Form 10-K 39 Comcast 2025 Annual Report on Form 10-K 39 Comcast 2025 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents (b)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. 37Comcast 2024 Annual Report on Form 10-K 37Comcast 2024 Annual Report on Form 10-K 37Comcast 2024 Annual Report on Form 10-K 37 Comcast 2024 Annual Report on Form 10-K 37Comcast 2024 Annual Report on Form 10-K 37Comcast 2024 Annual Report on Form 10-K 37 Comcast 2024 Annual Report on Form 10-K 37Comcast 2024 Annual Report on Form 10-K 37 Comcast 2024 Annual Report on Form 10-K 37 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents

Year ended December 31 (in millions)20252024Change 2024 to 2025RevenueMedia$27,090 $28,148 (3.8)%Studios11,286 11,092 1.7 Theme Parks9,836 8,617 14.2 Headquarters and Other46 50 (6.7)Eliminations(2,699)(2,798)3.5 Total Content & Experiences revenue$45,559 $45,108 1.0 %Adjusted EBITDAMedia$3,196 $3,130 2.1 %Studios1,099 1,404 (21.7)Theme Parks3,080 2,949 4.5 Headquarters and Other(1,095)(831)(31.8)Eliminations186 82 127.9 Total Content & Experiences Adjusted EBITDA$6,467 $6,735 (4.0)%

Year ended December 31 (in millions)20242023Change 2023 to 2024RevenueMedia$28,148 $25,355 11.0 %Studios11,092 11,625 (4.6)Theme Parks8,617 8,947 (3.7)Headquarters and Other50 64 (21.7)Eliminations(2,798)(2,800)0.1 Total Content & Experiences revenue$45,108 $43,191 4.4 %Adjusted EBITDAMedia$3,130 $2,955 5.9 %Studios1,404 1,269 10.7 Theme Parks2,949 3,345 (11.8)Headquarters and Other(831)(946)12.2 Eliminations82 77 5.9 Total Content & Experiences Adjusted EBITDA$6,735 $6,700 0.5 %

2024 to 2025Year ended December 31 (in millions)20252024(a)ChangeConstant Currency Change(b)RevenueDomestic broadband$25,837 $25,660 0.7 %0.7 %Domestic wireless4,967 4,273 16.3 16.3 International connectivity4,963 4,503 10.2 6.8 Total residential connectivity 35,767 34,435 3.9 3.4 Video26,387 27,791 (5.1)(6.1)Advertising3,712 4,089 (9.2)(10.3)Other4,838 5,259 (8.0)(8.8)Total revenue70,704 71,574 (1.2)(1.9)Costs and ExpensesProgramming16,007 16,881 (5.2)(6.1)Other28,044 27,355 2.5 1.4 Total costs and expenses44,051 44,237 (0.4)(1.4)Adjusted EBITDA$26,653 $27,338 (2.5)%(2.8)%

2023 to 2024(in millions)20242023ChangeConstant Currency Change(a)RevenueDomestic broadband$26,228 $25,489 2.9 %2.9 %Domestic wireless4,273 3,664 16.6 16.6 International connectivity4,854 4,207 15.4 12.4 Total residential connectivity 35,355 33,359 6.0 5.6 Video26,872 28,797 (6.7)(7.2)Advertising4,089 3,969 3.0 2.1 Other5,259 5,820 (9.6)(10.2)Total revenue71,574 71,946 (0.5)(1.0)Costs and ExpensesProgramming16,881 18,067 (6.6)(7.1)Other27,355 26,932 1.6 0.8 Total costs and expenses44,237 44,998 (1.7)(2.3)Adjusted EBITDA$27,338 $26,948 1.4 %1.2 %

Programming expenses decreased in 2025 primarily due to a decline in the number of domestic video subscribers, partially offset by rate increases under our domestic programming contracts, an increase in programming expenses for our international sports networks and the impact of foreign currency. Other expenses increased in 2025 primarily due to increased direct product costs, the impact of foreign currency and increased spending on marketing and promotion, partially offset by a decrease in franchise and other regulatory fees, and a decrease in fees paid to third parties relating to advertising sales. Comcast 2025 Annual Report on Form 10-K40 Comcast 2025 Annual Report on Form 10-K40 Comcast 2025 Annual Report on Form 10-K40 Comcast 2025 Annual Report on Form 10-K 40 Comcast 2025 Annual Report on Form 10-K40 Comcast 2025 Annual Report on Form 10-K40 Comcast 2025 Annual Report on Form 10-K 40 Comcast 2025 Annual Report on Form 10-K40 Comcast 2025 Annual Report on Form 10-K 40 Comcast 2025 Annual Report on Form 10-K 40 Table of Contents Table of Contents Table of Contents

Programming expenses decreased in 2024 primarily due to a decline in the number of domestic video subscribers, partially offset by domestic contractual rate increases. Other expenses increased in 2024 primarily due to an increase in direct product costs, the impact of foreign currency and higher technical and support costs, partially offset by lower severance charges in 2024 compared to severance and other charges in 2023. Comcast 2024 Annual Report on Form 10-K38 Comcast 2024 Annual Report on Form 10-K38 Comcast 2024 Annual Report on Form 10-K38 Comcast 2024 Annual Report on Form 10-K 38 Comcast 2024 Annual Report on Form 10-K38 Comcast 2024 Annual Report on Form 10-K38 Comcast 2024 Annual Report on Form 10-K 38 Comcast 2024 Annual Report on Form 10-K38 Comcast 2024 Annual Report on Form 10-K 38 Comcast 2024 Annual Report on Form 10-K 38 Table of Contents Table of Contents Table of Contents