10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2022

Or

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

For the transition period from                       to       

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

Pennsylvania

One Comcast Center

Philadelphia, PA 19103-2838

(215) 286-1700

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.01 par value	CMCSA	The Nasdaq Stock Market LLC
0.000% Notes due 2026	CMCS26	The Nasdaq Stock Market LLC
0.250% Notes due 2027	CMCS27	The Nasdaq Stock Market LLC
1.500% Notes due 2029	CMCS29	The Nasdaq Stock Market LLC
0.250% Notes due 2029	CMCS29A	The Nasdaq Stock Market LLC
0.750% Notes due 2032	CMCS32	The Nasdaq Stock Market LLC
1.875% Notes due 2036	CMCS36	The Nasdaq Stock Market LLC
1.250% Notes due 2040	CMCS40	The Nasdaq Stock Market LLC
9.455% Guaranteed Notes due 2022	CMCSA/22	New York Stock Exchange
5.50% Notes due 2029	CCGBP29	New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029	CCZ	New York Stock Exchange

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

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

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

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

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

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

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

As of March 31, 2022, there were 4,471,872,439 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

TABLE OF CONTENTS

		Page Number
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Statement of Income (Unaudited)	1
	Condensed Consolidated Statement of Comprehensive Income (Unaudited)	2
	Condensed Consolidated Statement of Cash Flows (Unaudited)	3
	Condensed Consolidated Balance Sheet (Unaudited)	4
	Condensed Consolidated Statement of Changes in Equity (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	29
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 6.	Exhibits	30
SIGNATURES		31

Explanatory Note

This Quarterly Report on Form 10-Q is for the three months ended March 31, 2022. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The U.S. Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q.

Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries, as “Comcast,” “we,” “us” and “our;” Comcast Cable Communications, LLC and its consolidated subsidiaries as “Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” NBCUniversal Media, LLC and its consolidated subsidiaries as “NBCUniversal;” and Sky Limited and its consolidated subsidiaries as “Sky.”

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

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

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

In evaluating forward-looking statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and other reports we file with the SEC. Additionally, we operate in a highly competitive, consumer-driven and rapidly changing environment. This environment is affected by government regulation; economic, strategic, political and social conditions; consumer response to new and existing products and services; technological developments; and the ability to develop and protect intellectual property rights. Any of these factors could cause

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

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

•the COVID-19 pandemic has had, and may continue to have, a material adverse effect on our businesses and results of operations

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

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

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

•programming expenses for our video services are increasing, which could adversely affect Cable Communications’ video businesses

•NBCUniversal’s and Sky’s success depends on consumer acceptance of their content, and their businesses may be adversely affected if their content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase

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

•less favorable European telecommunications access regulations, the loss of Sky’s transmission access agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms could adversely affect Sky’s businesses

•our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others

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

•our businesses depend on keeping pace with technological developments

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

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

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

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

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

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

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

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

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

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

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

Comcast Corporation

Condensed Consolidated Statement of Income

(Unaudited)

	Three Months Ended March 31,
(in millions, except per share data)	2022		2021
Revenue	$	31,010	$	27,205
Costs and Expenses:
Programming and production	10,570		8,919
Other operating and administrative	9,260		8,269
Advertising, marketing and promotion	2,062		1,616
Depreciation	2,213		2,117
Amortization	1,335		1,245
Total costs and expenses	25,440		22,166
Operating income	5,569		5,039
Interest expense	(993)		(1,018)
Investment and other income (loss), net	188		390
Income before income taxes	4,764		4,411
Income tax expense	(1,288)		(1,119)
Net income	3,476		3,292
Less: Net income (loss) attributable to noncontrolling interests	(73)		(37)
Net income attributable to Comcast Corporation	$	3,549	$	3,329
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.79	$	0.73
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.78	$	0.71

See accompanying notes to condensed consolidated financial statements.

1

Comcast Corporation

Condensed Consolidated Statement of Comprehensive Income

(Unaudited) 

	Three Months Ended March 31,
(in millions)	2022		2021
Net income	$	3,476	$	3,292
Currency translation adjustments, net of deferred taxes of $247 and $(92)	(916)		(35)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(37) and $(19)	165		119
Realized (gains) losses reclassified to net income, net of deferred taxes of $(5) and $—	(17)		—
Employee benefit obligations and other, net of deferred taxes of $3 and $2	(9)		(10)
Comprehensive income	2,699		3,366
Less: Net income (loss) attributable to noncontrolling interests	(73)		(37)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	28		(14)
Comprehensive income attributable to Comcast Corporation	$	2,744	$	3,417

See accompanying notes to condensed consolidated financial statements.

2

Comcast Corporation

Condensed Consolidated Statement of Cash Flows

(Unaudited) 

	Three Months Ended March 31,
(in millions)	2022		2021
Operating Activities
Net income	$	3,476	$	3,292
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,548		3,362
Share-based compensation	376		373
Noncash interest expense (income), net	93		62
Net (gain) loss on investment activity and other	(113)		(239)
Deferred income taxes	106		28
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	(527)		554
Film and television costs, net	363		393
Accounts payable and accrued expenses related to trade creditors	314		(198)
Other operating assets and liabilities	(379)		124
Net cash provided by operating activities	7,257		7,751
Investing Activities
Capital expenditures	(1,856)		(1,859)
Cash paid for intangible assets	(641)		(612)
Construction of Universal Beijing Resort	(147)		(428)
Acquisitions, net of cash acquired	—		(147)
Proceeds from sales of businesses and investments	69		388
Purchases of investments	(66)		(52)
Other	44		98
Net cash provided by (used in) investing activities	(2,597)		(2,612)
Financing Activities
Proceeds from borrowings	117		192
Repurchases and repayments of debt	(104)		(124)
Repurchases of common stock under repurchase program and employee plans	(3,223)		(309)
Dividends paid	(1,166)		(1,080)
Other	(114)		(577)
Net cash provided by (used in) financing activities	(4,490)		(1,898)
Impact of foreign currency on cash, cash equivalents and restricted cash	(35)		(33)
Increase (decrease) in cash, cash equivalents and restricted cash	135		3,208
Cash, cash equivalents and restricted cash, beginning of period	8,778		11,768
Cash, cash equivalents and restricted cash, end of period	$	8,914	$	14,976

See accompanying notes to condensed consolidated financial statements.

3

Comcast Corporation

Condensed Consolidated Balance Sheet

(Unaudited)

(in millions, except share data)	March 31, 2022		December 31, 2021
Assets
Current Assets:
Cash and cash equivalents	$	8,880	$	8,711
Receivables, net	12,300		12,008
Other current assets	4,201		4,088
Total current assets	25,381		24,807
Film and television costs	12,360		12,806
Investments	8,287		8,082
Investment securing collateralized obligation	646		605
Property and equipment, net of accumulated depreciation of $56,274 and $55,611	53,820		54,047
Goodwill	69,052		70,189
Franchise rights	59,365		59,365
Other intangible assets, net of accumulated amortization of $24,525 and $23,545	32,468		33,580
Other noncurrent assets, net	12,694		12,424
Total assets	$	274,074	$	275,905
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	$	12,707	$	12,455
Accrued participations and residuals	1,744		1,822
Deferred revenue	3,018		3,040
Accrued expenses and other current liabilities	10,071		9,899
Current portion of long-term debt	2,117		2,132
Total current liabilities	29,657		29,348
Long-term debt, less current portion	92,443		92,718
Collateralized obligation	5,171		5,170
Deferred income taxes	29,857		30,041
Other noncurrent liabilities	20,441		20,620
Commitments and contingencies
Redeemable noncontrolling interests	513		519
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero	—		—
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,344,663,467 and 5,396,576,978; outstanding, 4,471,872,439 and 4,523,785,950	53		54
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	—		—
Additional paid-in capital	39,926		40,173
Retained earnings	61,555		61,902
Treasury stock, 872,791,028 Class A common shares	(7,517)		(7,517)
Accumulated other comprehensive income (loss)	674		1,480
Total Comcast Corporation shareholders’ equity	94,693		96,092
Noncontrolling interests	1,300		1,398
Total equity	95,992		97,490
Total liabilities and equity	$	274,074	$	275,905

See accompanying notes to condensed consolidated financial statements.

4

Comcast Corporation

Condensed Consolidated Statement of Changes in Equity

(Unaudited)

	Three Months Ended March 31,
(in millions, except per share data)	2022		2021
Redeemable Noncontrolling Interests
Balance, beginning of period	$	519	$	1,280
Redemption of subsidiary preferred stock	—		(725)
Contributions from (distributions to) noncontrolling interests, net	(25)		(27)
Other	—		(10)
Net income (loss)	18		28
Balance, end of period	$	513	$	546
Class A Common Stock
Balance, beginning of period	$	54	$	54
Issuances (repurchases) of common stock under repurchase program and employee plans	(1)		1
Balance, end of period	$	53	$	55
Additional Paid-In Capital
Balance, beginning of period	$	40,173	$	39,464
Stock compensation plans	286		296
Repurchases of common stock under repurchase program and employee plans	(595)		(88)
Employee stock purchase plans	67		62
Other	(5)		10
Balance, end of period	$	39,926	$	39,744
Retained Earnings
Balance, beginning of period	$	61,902	$	56,438
Repurchases of common stock under repurchase program and employee plans	(2,670)		(289)
Dividends declared	(1,225)		(1,161)
Other	—		4
Net income (loss)	3,549		3,329
Balance, end of period	$	61,555	$	58,321
Treasury Stock at Cost
Balance, beginning of period	$	(7,517)	$	(7,517)
Balance, end of period	$	(7,517)	$	(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period	$	1,480	$	1,884
Other comprehensive income (loss)	(806)		88
Balance, end of period	$	674	$	1,972
Noncontrolling Interests
Balance, beginning of period	$	1,398	$	1,415
Other comprehensive income (loss)	28		(14)
Contributions from (distributions to) noncontrolling interests, net	(35)		189
Net income (loss)	(91)		(65)
Balance, end of period	$	1,300	$	1,525
Total equity	$	95,992	$	94,100
Cash dividends declared per common share	$	0.27	$	0.25

See accompanying notes to condensed consolidated financial statements.

5

Comcast Corporation

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Condensed Consolidated Financial Statements

Basis of Presentation

We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2021 Annual Report on Form 10-K and the notes within this Form 10-Q.

Note 2: Segment Information

We present our operations in five reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.

Cable Communications is a leading provider of broadband, video, voice, wireless, and other services to residential customers in the United States under the Xfinity brand. We also provide these and other services to business customers and sell advertising.

Media consists primarily of NBCUniversal’s television and streaming platforms, including national, regional and international cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; and Peacock, our direct-to-consumer streaming service.

Studios consists primarily of NBCUniversal’s film and television studio production and distribution operations.

Theme Parks consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China.

Sky is one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, broadband, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks.

Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other business initiatives, including Sky Glass and XClass TV smart televisions.

We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation excluded from Adjusted EBITDA are not separately evaluated. Our financial data by reportable segment is presented in the tables below.

6

Comcast Corporation

	Three Months Ended March 31, 2022
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	16,540	$	7,272	$	1,960	$	1,367	$	334
NBCUniversal
Media	6,865		1,159		250		12		46
Studios	2,757		245		11		1		3
Theme Parks	1,560		451		282		220		5
Headquarters and Other	16		(191)		118		72		31
Eliminations(a)	(901)		(62)		—		—		—
NBCUniversal	10,296		1,601		662		306		85
Sky	4,775		622		870		147		154
Corporate and Other	238		(262)		56		37		67
Eliminations(a)	(840)		(82)		—		—		—
Comcast Consolidated	$	31,010	$	9,150	$	3,548	$	1,856	$	641

	Three Months Ended March 31, 2021
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	15,805	$	6,830	$	1,929	$	1,370	$	315
NBCUniversal
Media	5,036		1,473		247		10		32
Studios	2,396		497		12		1		2
Theme Parks	619		(61)		207		126		6
Headquarters and Other	16		(209)		117		35		28
Eliminations(a)	(1,043)		(210)		—		—		—
NBCUniversal	7,024		1,490		583		172		68
Sky	4,997		364		814		271		201
Corporate and Other	89		(281)		36		46		28
Eliminations(a)	(710)		10		—		—		—
Comcast Consolidated	$	27,205	$	8,413	$	3,362	$	1,859	$	612

7

Comcast Corporation

(a)Included in Eliminations are transactions that our segments enter into with one another. Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. The most significant transactions between our segments include content licensing revenue in Studios for licenses of owned content to Media and Sky; distribution revenue in Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; and advertising revenue in Media and Cable Communications. Revenue for licenses of content from Studios to Media and Sky is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses in Media and Sky are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period.

A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below.

	Three Months Ended March 31,
(in millions)	2022		2021
Cable Communications	$	56	$	45
NBCUniversal
Media	669		540
Studios	939		1,089
Theme Parks	—		1
Headquarters and Other	12		12
Sky	5		8
Corporate and Other	58		58
Total intersegment revenue	$	1,741	$	1,753

(b)We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.

	Three Months Ended March 31,
(in millions)	2022		2021
Adjusted EBITDA	$	9,150	$	8,413
Adjustments	(33)		(12)
Depreciation	(2,213)		(2,117)
Amortization	(1,335)		(1,245)
Interest expense	(993)		(1,018)
Investment and other income (loss), net	188		390
Income before income taxes	$	4,764	$	4,411

Adjustments represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio, and Sky transaction-related costs in 2021.

8

Comcast Corporation

Note 3: Revenue

	Three Months Ended March 31,
(in millions)	2022		2021
Residential:
Broadband	$	6,050	$	5,600
Video	5,536		5,623
Voice	786		871
Wireless	677		513
Business services	2,396		2,167
Advertising	671		618
Other	424		413
Total Cable Communications	16,540		15,805
Advertising	3,332		2,094
Distribution	3,033		2,495
Other	499		447
Total Media	6,865		5,036
Content licensing	2,279		2,075
Theatrical	168		39
Home entertainment and other	310		282
Total Studios	2,757		2,396
Total Theme Parks	1,560		619
Headquarters and Other	16		16
Eliminations(a)	(901)		(1,043)
Total NBCUniversal	10,296		7,024
Direct-to-consumer	3,884		4,065
Content	295		358
Advertising	596		574
Total Sky	4,775		4,997
Corporate and Other	238		89
Eliminations(a)	(840)		(710)
Total revenue	$	31,010	$	27,205

(a)Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.

Condensed Consolidated Balance Sheet

The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as the deferred costs associated with our contracts with customers.

(in millions)	March 31, 2022		December 31, 2021
Receivables, gross	$	13,026	$	12,666
Less: Allowance for doubtful accounts	726		658
Receivables, net	$	12,300	$	12,008

(in millions)	March 31, 2022		December 31, 2021
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,775	$	1,632
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	$	1,089	$	1,094
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	682	$	695

9

Comcast Corporation

Note 4: Programming and Production Costs

	Three Months Ended March 31,
(in millions)	2022		2021
Video distribution programming	$	3,426	$	3,515
Film and television content:
Owned(a)	2,508		1,964
Licensed, including sports rights	4,325		3,175
Other	311		265
Total programming and production costs	$	10,570	$	8,919

(a) Amount includes amortization of owned content of $2.0 billion and $1.6 billion for the three months ended March 31, 2022 and 2021, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

(in millions)	March 31, 2022		December 31, 2021
Owned:
Released, less amortization	$	3,900	$	3,726
Completed, not released	597		536
In production and in development	2,706		2,732
	7,202		6,994
Licensed, including sports advances	5,158		5,811
Film and television costs	$	12,360	$	12,806

Note 5: Long-Term Debt

As of March 31, 2022, our debt had a carrying value of $94.6 billion and an estimated fair value of $99.8 billion. As of December 31, 2021, our debt had a carrying value of $94.8 billion and an estimated fair value of $109.3 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

Note 6: Significant Transactions

Acquisitions

In October 2021, we acquired Masergy, a provider of software-defined networking and cloud platforms for global enterprises, for total cash consideration of $1.2 billion. The acquisition accelerates our growth in serving large and mid-sized companies, particularly U.S.-based organizations with multi-site global enterprises. Masergy’s results of operations are included in our consolidated results of operations since the acquisition date and are reported in our Cable Communications segment. We have recorded a preliminary estimate of Masergy’s assets and liabilities with approximately $850 million recorded to goodwill and the remainder primarily attributed to software and customer relationship intangible assets. These estimates are not yet final and are subject to change. The acquisition was not material to our consolidated results of operations.

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Comcast Corporation

Note 7: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

	Three Months Ended March 31,
(in millions)	2022		2021
Equity in net income (losses) of investees, net	$	133	$	136
Realized and unrealized gains (losses) on equity securities, net	117		237
Other income (loss), net	(62)		17
Investment and other income (loss), net	$	188	$	390

The amount of unrealized gains (losses), net recognized in the three months ended March 31, 2022 and 2021 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $90 million and $98 million, respectively.

Investments

(in millions)	March 31, 2022		December 31, 2021
Equity method	$	5,852	$	6,111
Marketable equity securities	323		406
Nonmarketable equity securities	1,897		1,735
Other investments	1,166		803
Total investments	9,238		9,055
Less: Current investments	306		368
Less: Investment securing collateralized obligation	646		605
Noncurrent investments	$	8,287	$	8,082

Equity Method Investments

The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statement of cash flows in the three months ended March 31, 2022 and 2021 was $32 million and $115 million, respectively.

Atairos

Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three months ended March 31, 2022 and 2021, we made cash capital contributions to Atairos totaling $13 million and $12 million, respectively. As of March 31, 2022 and December 31, 2021, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was $4.8 billion and $4.7 billion, respectively. As of March 31, 2022, our remaining unfunded capital commitment was $1.5 billion.

Hulu and Collateralized Obligation

In 2019, we borrowed $5.2 billion under a term loan facility due March 2024 which is fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. As of March 31, 2022 and December 31, 2021, the carrying value and estimated fair value of our collateralized obligation were $5.2 billion. The estimated fair value was based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities. We present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation,” respectively. The recorded value of our investment reflects our historical cost in applying the equity method, and as a result, is less than its fair value.

Consolidated Variable Interest Entity

Universal Beijing Resort

We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”), which opened in September 2021. Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from

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Comcast Corporation

the partners in accordance with their equity interests. As of March 31, 2022, Universal Beijing Resort had $3.7 billion of debt outstanding, including $3.3 billion principal amount of a term loan outstanding under the debt financing agreement.

As of March 31, 2022, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $9.6 billion and $8.1 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

Note 8: Equity and Share-Based Compensation

Weighted-Average Common Shares Outstanding

	Three Months Ended March 31,
(in millions)	2022	2021
Weighted-average number of common shares outstanding – basic	4,512	4,591
Effect of dilutive securities	46	74
Weighted-average number of common shares outstanding – diluted	4,558	4,665

Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material in any of the periods presented.

Accumulated Other Comprehensive Income (Loss)

(in millions)	March 31, 2022		December 31, 2021
Cumulative translation adjustments	$	174	$	1,119
Deferred gains (losses) on cash flow hedges	252		104
Unrecognized gains (losses) on employee benefit obligations and other	248		257
Accumulated other comprehensive income (loss), net of deferred taxes	$	674	$	1,480

Share-Based Compensation

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

In March 2022, we granted 16 million RSUs and 51 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $46.46 per RSU and $8.81 per stock option.

Recognized Share-Based Compensation Expense

	Three Months Ended March 31,
(in millions)	2022		2021
Restricted share units	$	197	$	206
Stock options	91		90
Employee stock purchase plans	12		11
Total	$	300	$	307

As of March 31, 2022, we had unrecognized pretax compensation expense of $1.7 billion and $868 million related to nonvested RSUs and nonvested stock options, respectively.

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Comcast Corporation

Note 9: Supplemental Financial Information

Cash Payments for Interest and Income Taxes

	Three Months Ended March 31,
(in millions)	2022		2021
Interest	$	747	$	911
Income taxes	$	90	$	87

Noncash Activities

During the three months ended March 31, 2022:

•we acquired $1.9 billion of property and equipment and intangible assets that were accrued but unpaid

•we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.27 per common share paid in April 2022

During the three months ended March 31, 2021:

•we recognized operating lease assets and liabilities of $2.8 billion related to Universal Beijing Resort

•we acquired $1.6 billion of property and equipment and intangible assets that were accrued but unpaid

•we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.25 per common share paid in April 2021

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.

(in millions)	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	8,880	$	8,711
Restricted cash included in other current assets	21		56
Restricted cash included in other noncurrent assets, net	12		12
Cash, cash equivalents and restricted cash, end of period	$	8,914	$	8,778

Note 10: Commitments and Contingencies

Redeemable Subsidiary Preferred Stock

In the first quarter of 2021, we redeemed all of the NBCUniversal Enterprise, Inc. preferred stock and made cash payments equal to the aggregate liquidation preference of $725 million. The redeemable subsidiary preferred stock was presented in redeemable noncontrolling interests.

Contingencies

We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation.

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ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion is provided as a supplement to, and should be read in conjunction with, the condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q and our 2021 Annual Report on Form 10-K.

Overview

We are a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal and Sky. We present our operations in five reportable business segments (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.

Impacts of COVID-19

COVID-19 and measures taken to prevent its spread across the globe have impacted our businesses in a number of ways, affecting the comparability of periods included in this report. The most significant continuing impacts to our businesses from COVID-19 have resulted from temporary restrictions at our international theme parks. We expect the effects of the COVID-19 pandemic will continue to adversely impact our results of operations over the near to medium term, although the extent of such impact will depend on restrictive governmental measures, U.S. and global economic conditions, and consumer behavior.

Consolidated Operating Results

	Three Months Ended March 31,				Increase/ (Decrease)
(in millions, except per share data)	2022		2021		%
Revenue	$	31,010	$	27,205	14.0	%
Costs and Expenses:
Programming and production	10,570		8,919		18.5
Other operating and administrative	9,260		8,269		12.0
Advertising, marketing and promotion	2,062		1,616		27.6
Depreciation	2,213		2,117		4.5
Amortization	1,335		1,245		7.3
Total costs and expenses	25,440		22,166		14.8
Operating income	5,569		5,039		10.5
Interest expense	(993)		(1,018)		(2.4)
Investment and other income (loss), net	188		390		(52.0)
Income before income taxes	4,764		4,411		8.0
Income tax expense	(1,288)		(1,119)		15.1
Net income	3,476		3,292		5.6
Less: Net income (loss) attributable to noncontrolling interests	(73)		(37)		97.4
Net income attributable to Comcast Corporation	$	3,549	$	3,329	6.6	%
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.79	$	0.73	8.2	%
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.78	$	0.71	9.9	%
Adjusted EBITDA(a)	$	9,150	$	8,413	8.8	%

(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 24 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.

Consolidated Revenue

Consolidated revenue increased for the three months ended March 31, 2022, driven by Media, Theme Parks, Cable Communications and Studios, partially offset by decreases in revenue in Sky.

Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”

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Consolidated Costs and Expenses

Consolidated operating costs and expenses, which is comprised of total costs and expenses excluding depreciation and amortization expense, increased for the three months ended March 31, 2022, driven by Media, Studios, Theme Parks and Cable Communications, partially offset by decreases in operating costs and expenses in Sky.

Operating costs and expenses for our segments and our corporate operations, businesses development initiatives and other businesses are discussed separately below under the heading “Segment Operating Results.”

Consolidated Depreciation and Amortization Expense

	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2022		2021		%
Cable Communications	$	1,960	$	1,929	1.6	%
NBCUniversal	662		583		13.6
Sky	870		814		7.0
Corporate and Other	56		36		55.2
Comcast Consolidated	$	3,548	$	3,362	5.5	%

Consolidated depreciation and amortization expense increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to increased depreciation at NBCUniversal driven by the opening of Universal Beijing Resort and increased amortization at Sky driven by increased amortization of software.

Amortization expense from acquisition-related intangible assets totaled $592 million for both the three months ended March 31, 2022 and 2021. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in the fourth quarter of 2018 and the NBCUniversal transaction in 2011.

Consolidated Interest Expense

Interest expense decreased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to a decrease in average debt outstanding in the current year period.

Consolidated Investment and Other Income (Loss), Net

	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2022		2021		%
Equity in net income (losses) of investees, net	$	133	$	136	(2.2)	%
Realized and unrealized gains (losses) on equity securities, net	117		237		(50.7)
Other income (loss), net	(62)		17		NM
Total investment and other income (loss), net	$	188	$	390	(52.0)	%

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

The change in investment and other income (loss), net for the three months ended March 31, 2022 compared to the same period in 2021 was primarily due to realized and unrealized gains (losses) on equity securities, net and other income (loss), net. The change in realized and unrealized gains (losses) on equity securities, net for the three months ended March 31, 2022 compared to the same period in 2021 primarily resulted from losses on marketable securities in the current year period compared to gains in the prior year period, partially offset by increased gains from fair value adjustments for nonmarketable equity securities in the current year period. The change in other income (loss), net for the three months ended March 31, 2022 compared to the same period in 2021 primarily resulted from losses on insurance contracts and net losses on foreign exchange remeasurement in the current year period. Equity in net income (losses) of investees, net was consistent with the prior year period and included income for our investment in Atairos of $78 million and $77 million for the three months ended March 31, 2022 and 2021, respectively.

Consolidated Income Tax Expense

Income tax expense for the three months ended March 31, 2022 and 2021 reflects an effective income tax rate that differs from the federal statutory rate primarily due to state and foreign income taxes and adjustments associated with uncertain tax positions. The increase in income tax expense for the three months ended March 31, 2022 compared to the same period in 2021 was primarily driven by tax benefits recognized on share-based compensation plans and higher income before income taxes.

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Consolidated Net Income (Loss) Attributable to Noncontrolling Interests

The changes in net income (loss) attributable to noncontrolling interests for the three months ended March 31, 2022 compared to the same period in 2021 was primarily due to decreased losses at Universal Beijing Resort due to operations in the current year period compared to pre-opening costs in the prior year period in advance of the park’s opening in September 2021 (see Note 7).

Segment Operating Results

Our segment operating results are presented based on how we assess operating performance and internally report financial information. We use Adjusted EBITDA as the measure of profit or loss for our operating segments.

See Note 2 for our definition of Adjusted EBITDA and a reconciliation from the aggregate amount of Adjusted EBITDA for our reportable business segments to consolidated income before income taxes.

Cable Communications Segment Results of Operations

	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2022		2021		%
Revenue
Residential:
Broadband	$	6,050	$	5,600	8.0	%
Video	5,536		5,623		(1.5)
Voice	786		871		(9.8)
Wireless	677		513		32.0
Business services	2,396		2,167		10.6
Advertising	671		618		8.6
Other	424		413		2.7
Total revenue	16,540		15,805		4.7
Operating costs and expenses
Programming	3,628		3,670		(1.1)
Technical and product support	2,228		2,021		10.3
Customer service	581		602		(3.6)
Advertising, marketing and promotion	1,012		905		11.9
Franchise and other regulatory fees	421		501		(16.0)
Other	1,399		1,276		9.7
Total operating costs and expenses	9,269		8,975		3.3
Adjusted EBITDA	$	7,272	$	6,830	6.5	%

    

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Customer Metrics

			Net Additions / (Losses)
	March 31,		Three Months Ended March 31,
(in thousands)	2022	2021	2022	2021
Customer relationships
Residential customer relationships	31,913	31,062	185	370
Business services customer relationships	2,498	2,437	9	11
Total customer relationships	34,412	33,499	194	380
Residential customer relationships mix
One product customers	14,816	12,997	486	589
Two product customers	8,364	8,645	(43)	(89)
Three or more product customers	8,733	9,420	(259)	(130)
Broadband
Residential customers	29,836	28,774	253	448
Business services customers	2,327	2,261	9	12
Total broadband customers	32,163	31,034	262	461
Video
Residential customers	17,011	18,590	(484)	(404)
Business services customers	654	765	(27)	(87)
Total video customers	17,664	19,355	(512)	(491)
Voice
Residential customers	8,781	9,533	(282)	(112)
Business services customers	1,391	1,363	(1)	6
Total voice customers	10,171	10,896	(282)	(106)
Wireless
Wireless lines	4,298	3,103	318	278

Customer metrics are presented based on actual amounts. Customer relationships represent the number of residential and business customers that subscribe to at least one of our services. One product, two product, and three or more product customers represent residential customers that subscribe to one, two, or three or more of our services, respectively. For multiple dwelling units (“MDUs”), including buildings located on college campuses, whose residents have the ability to receive additional services, such as additional programming choices or our high-definition video (“HD”) or digital video recorder (“DVR”) services, we count and report customers based on the number of potential billable relationships within each MDU. For MDUs whose residents are not able to receive additional services, the MDU is counted as a single customer. Residential broadband and video customer metrics include certain customers that have prepaid for services. Business customers are generally counted based on the number of locations receiving services within our distribution system, with certain offerings such as Ethernet network services counted as individual customer relationships. Wireless lines represent the number of activated, eligible wireless devices on customers’ accounts. Individual customer relationships may have multiple wireless lines. Customer metrics in 2021 did not include customers in certain pandemic-related programs through which portions of our customers temporarily received our services for free. These programs ended in December 2021, resulting in a one-time benefit to net additions in the three months ended March 31, 2022.

	Three Months Ended March 31,				Increase/(Decrease)
	2022		2021		%
Average monthly total revenue per customer relationship	$	160.67	$	158.17	1.6	%
Average monthly Adjusted EBITDA per customer relationship	$	70.64	$	68.35	3.3	%

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 services customers, as well as changes in advertising revenue. While revenue from our residential broadband, video and voice services 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 operating 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.

Cable Communications Segment – Revenue

Broadband

Revenue increased for the three months ended March 31, 2022 compared to the same period in 2021 due to an increase in the number of residential broadband customers and an increase in average rates.

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Video

Revenue decreased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to a decline in the number of residential video customers, partially offset by an increase in average rates. We expect that the number of residential video customers will continue to decline, negatively impacting video revenue as a result of the competitive environment and shifting video consumption patterns.

Voice

Revenue decreased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to a decline in the number of residential voice customers. We expect that the number of residential voice customers and voice revenue will continue to decline.

Wireless

Revenue increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to an increase in the number of customer lines.

Business Services

Revenue increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to increases in average rates and customer relationships compared to the prior year period and due to the acquisition of Masergy in October 2021.

Advertising

Revenue increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to increases in political advertising, advertising at our Xumo streaming service and revenue from our advanced advertising businesses.

Other

Revenue increased for the three months ended March 31, 2022 compared to the same period in 2021 due to increases in revenue from licensing of our technology platforms and from our security and automation services.

Cable Communications Segment – Operating Costs and Expenses

Programming expenses decreased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to a decline in the number of video subscribers, partially offset by contractual rate increases.

Technical and product support expenses increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to an increase in costs associated with our wireless phone service resulting from increases in the number of customers receiving the service and device sales, and the acquisition of Masergy.

Customer service expenses decreased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to lower labor costs as a result of reduced call volumes.

Advertising, marketing and promotion expenses increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to increased spending associated with attracting new customers and promoting our service offerings, including advertising expenses associated with the Beijing Olympics.

Franchise and other regulatory fees decreased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to a decrease in regulatory costs.

Other operating costs and expenses increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to lower levels of bad debt expense in the prior year period, and higher personnel and other overhead costs.

Cable Communications Segment – Operating Margin

Our operating 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.

Our operating margin for the three months ended March 31, 2022 and 2021 was 44.0% and 43.2%, respectively.

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NBCUniversal Segments Results of Operations

	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2022		2021		%
Revenue
Media	$	6,865	$	5,036	36.3	%
Studios	2,757		2,396		15.1
Theme Parks	1,560		619		151.9
Headquarters and Other	16		16		1.9
Eliminations	(901)		(1,043)		13.5
Total revenue	$	10,296	$	7,024	46.6	%
Adjusted EBITDA
Media	$	1,159	$	1,473	(21.3)	%
Studios	245		497		(50.7)
Theme Parks	451		(61)		NM
Headquarters and Other	(191)		(209)		8.3
Eliminations	(62)		(210)		70.4
Total Adjusted EBITDA	$	1,601	$	1,490	7.4	%

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

Media Segment Results of Operations

	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2022		2021		%
Revenue
Advertising	$	3,332	$	2,094	59.2	%
Distribution	3,033		2,495		21.6
Other	499		447		11.6
Total revenue	6,865		5,036		36.3
Operating costs and expenses
Programming and production	4,351		2,522		72.5
Other operating and administrative	929		819		13.5
Advertising, marketing and promotion	426		222		91.8
Total operating costs and expenses	5,706		3,563		60.1
Adjusted EBITDA	$	1,159	$	1,473	(21.3)	%

Media Segment – Revenue

Revenue increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to increases in advertising and distribution revenue, and included revenue from our broadcasts of the Beijing Olympics and Super Bowl in the first quarter of 2022. Excluding $1.0 billion and $0.5 billion of incremental revenue associated with our broadcasts of the Beijing Olympics and Super Bowl, respectively, Media revenue increased 6.9% for the three months ended March 31, 2022 compared to the same period in 2021.

	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2022		2021		%
Advertising	$	3,332	$	2,094	59.2	%
Advertising, excluding Beijing Olympics and Super Bowl	2,178		2,094		4.0

Advertising revenue increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to our broadcasts of the Beijing Olympics and Super Bowl. Excluding $1.2 billion of incremental revenue associated with our broadcasts of the Beijing Olympics and Super Bowl, for the three months ended March 31, 2022, advertising revenue increased due to higher pricing at our networks in the current year period and increased advertising revenue at Peacock. These increases were partially offset by continued audience ratings declines at our networks and increased revenue related to other sporting events in the prior year period due to COVID-19 timing impacts.

19

	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2022		2021		%
Distribution	$	3,033	$	2,495	21.6	%
Distribution, excluding Beijing Olympics	2,706		2,495		8.5

Distribution revenue increased for the three months ended March 31, 2022 compared to the same period in 2021, primarily due to our broadcast of the Beijing Olympics. Excluding $327 million of incremental revenue associated with our broadcast of the Beijing Olympics, for the three months ended March 31, 2022, distribution revenue increased due to an increase in distribution revenue at Peacock, as well as an increase at our networks due to contractual rate increases, partially offset by a decline in the number of subscribers.

We expect the number of subscribers and audience ratings at our networks will continue to decline as a result of the competitive environment and shifting video consumption patterns. Revenue included $472 million and $91 million related to Peacock for the three months ended March 31, 2022 and 2021, respectively, including amounts related to the Beijing Olympics and Super Bowl.

Media Segment – Operating Costs and Expenses

Operating costs and expenses increased for the three months ended March 31, 2022 compared to the same period in 2021 due to increases in programming and production costs; advertising, marketing and promotion costs; and other operating and administrative costs. Programming and production costs increased for the three months ended March 31, 2022 primarily due to costs associated with our broadcasts of the Beijing Olympics and Super Bowl and higher programming costs at Peacock. Advertising, marketing and promotion costs increased primarily due to higher marketing costs related to Peacock and higher spending related to our networks. Other operating and administrative costs increased primarily due to increased costs related to Peacock.

Operating costs and expenses included $928 million and $368 million related to Peacock for the three months ended March 31, 2022 and 2021, respectively, including amounts related to the Beijing Olympics and Super Bowl. We expect to continue to incur significant costs related to additional content and marketing as we invest in the platform and attract new customers.

Studios Segment Results of Operations

	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2022		2021		%
Revenue
Content licensing	$	2,279	$	2,075	9.8	%
Theatrical	168		39		NM
Home entertainment and other	310		282		9.8
Total revenue	2,757		2,396		15.1
Operating costs and expenses
Programming and production	1,974		1,614		22.3
Other operating and administrative	210		161		31.1
Advertising, marketing and promotion	327		124		163.0
Total operating costs and expenses	2,511		1,899		32.3
Adjusted EBITDA	$	245	$	497	(50.7)	%

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

20

Studios Segment – Revenue

Revenue increased for the three months ended March 31, 2022 compared to the same period in 2021 due to increases in content licensing revenue and theatrical revenue. Content licensing revenue increased primarily due to the timing of when content was made available by our film and television studios under licensing agreements, including additional sales of content as production levels returned to normal, partially offset by the impact of a new licensing agreement for content that became exclusively available for streaming on Peacock in the prior year period. Theatrical revenue increased primarily due to recent releases, including Sing 2, and the impact of theater closures and theaters operating at reduced capacity as a result of COVID-19 in the prior year period.

Studios Segment – Operating Costs and Expenses

Operating costs and expenses increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to increases in programming and production costs and advertising, marketing and promotion costs. Programming and production costs increased primarily due to higher costs associated with content licensing sales and theatrical releases in the current year period. Advertising, marketing and promotion costs increased due to higher spending on theatrical releases in the current year period.

Theme Parks Segment Results of Operations

	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2022		2021		%
Revenue	$	1,560	$	619	151.9	%
Operating costs and expenses	1,109		680		63.0
Adjusted EBITDA	$	451	$	(61)	NM

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

Theme Parks Segment – Revenue

Revenue increased for the three months ended March 31, 2022 primarily due to improved operating conditions compared to the same period in 2021, when each of our theme parks was either operating at a limited capacity or closed as a result of COVID-19, and from the operations of Universal Beijing Resort, which opened in September 2021. In 2022, our theme parks in Orlando and Hollywood operated without capacity restrictions and the requirement for proof of vaccination or a negative COVID-19 test previously put in place in the fourth quarter of 2021 was lifted for our theme park in Hollywood. Our theme park in Japan temporarily reinstated capacity restrictions during the first quarter of 2022, which were lifted by the end of the period. Our newest theme park in Beijing continues to be impacted by COVID-19 and related travel restrictions.

Theme Parks Segment – Operating Costs and Expenses

Expenses increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to increased operating costs at our theme parks, as compared to decreased operating costs during the temporary closures and capacity restrictions in the prior year period, and due to operating costs associated with Universal Beijing Resort in the current year period, which were higher than pre-opening costs in the prior year period.

NBCUniversal Headquarters, Other and Eliminations

Headquarters and Other Results of Operations

	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2022		2021		%
Revenue	$	16	$	16	1.9	%
Operating costs and expenses	208		225		(7.6)
Adjusted EBITDA	$	(191)	$	(209)	8.3	%

Expenses include overhead, personnel costs and costs associated with corporate initiatives.

21

Eliminations

	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2022		2021		%
Revenue	$	(901)	$	(1,043)	(13.5)	%
Operating costs and expenses	(839)		(833)		0.8
Adjusted EBITDA	$	(62)	$	(210)	(70.4)	%

Amounts represent eliminations of transactions between our NBCUniversal segments, which are affected by the timing of recognition of content licenses between our Studios and Media segments. Prior year amounts include the impact of a new licensing agreement for content that became exclusively available for streaming on Peacock during the first quarter of 2021. Results of operations for NBCUniversal may be impacted as we continue to use content on our platforms, including Peacock, rather than licensing it to third parties.

For the three months ended March 31, 2022 and 2021, approximately 41% and 52%, respectively, of Studios segment content licensing revenue resulted from transactions with other segments, primarily with the Media segment. Eliminations increase or decrease to the extent that additional content is made available to our other segments. Refer to Note 2 for further discussion of transactions between our segments.

Sky Segment Results of Operations

	Three Months Ended March 31,				Increase/ (Decrease)		Constant Currency Change(a)
(in millions)	2022		2021		%		%
Revenue
Direct-to-consumer	$	3,884	$	4,065	(4.5)	%	(0.4)	%
Content	295		358		(17.5)		(14.3)
Advertising	596		574		3.8		7.9
Total revenue	4,775		4,997		(4.5)		(0.5)
Operating costs and expenses
Programming and production	1,948		2,485		(21.6)		(17.6)
Direct network costs	672		631		6.5		9.7
Other	1,532		1,517		1.0		5.2
Total operating costs and expenses	4,153		4,633		(10.4)		(6.3)
Adjusted EBITDA	$	622	$	364	71.0	%	71.2	%

(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 24 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates.

Customer Metrics

			Net Additions / (Losses)
	March 31,		Three Months Ended March 31,
(in thousands)	2022	2021	2022	2021
Total customer relationships	22,921	23,446	(106)	221

Customer metrics are presented based on actual amounts. Customer relationships represent the number of residential customers that subscribe to at least one of Sky’s four primary services of video, broadband, voice and wireless phone service. Sky reports business customers, including hotels, bars, workplaces and restaurants, generally based on the number of locations receiving our services.

	Three Months Ended March 31,				Increase/ (Decrease)		Constant Currency Change(a)
	2022		2021		%		%
Average monthly direct-to-consumer revenue per customer relationship	$	56.35	$	58.06	(2.9)	%	1.1	%

(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 24 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates.

22

Average monthly direct-to-consumer revenue per customer relationship is impacted by rate adjustments and changes in the types and levels of services received by Sky’s customers. Each of Sky’s services has a different contribution to Adjusted EBITDA. We believe average monthly direct-to-consumer revenue per customer relationship is useful in understanding the trends in our business across all of our direct-to-consumer service offerings.

Sky Segment – Revenue

Direct-to-Consumer

Revenue decreased for the three months ended March 31, 2022 compared to the same period in 2021. Excluding the impact of foreign currency, revenue remained consistent with the prior year period primarily due to a decrease in customer relationships offset by an increase in average revenue per customer relationship. The decrease in customer relationships was driven by a decrease in Italy, partially offset by an increase in the United Kingdom. The increase in average revenue per customer relationship reflects the impacts of COVID-19 on business customers in the prior year period and the impact of rate increases in the United Kingdom, partially offset by declines in average rates in Italy. The decline in customer relationships and average revenue per customer relationship in Italy included the effects of the reduced broadcast rights for Serie A, which we had held through the end of the 2020-21 season. Beginning with the 2021-22 season in the third quarter of 2021 and through the 2023-24 season, we have nonexclusive broadcast rights to fewer matches, which has resulted and we expect will continue to result in declines in revenue in Italy in 2022.

Content

Revenue decreased for the three months ended March 31, 2022 compared to the same period in 2021. Excluding the impact of foreign currency, revenue decreased primarily due to lower sports programming licensing revenue driven by changes in licensing agreements in Italy and Germany.

Advertising

Revenue increased for the three months ended March 31, 2022 compared to the same period in 2021. Excluding the impact of foreign currency, revenue increased primarily as a result of an overall market improvement in the United Kingdom compared to the prior year period, partially offset by decreased advertising revenue associated with Serie A.

Sky Segment – Operating Costs and Expenses

Programming and production costs decreased for the three months ended March 31, 2022 compared to the same period in 2021. Excluding the impact of foreign currency, programming and production costs decreased for the three months ended March 31, 2022 primarily reflecting lower costs associated with Serie A in Italy as a result of the reduced broadcast rights and lower costs associated with other sports contracts in Germany in the current year period, as well as the timing of recognition of costs related to sporting events.

Direct network costs increased for the three months ended March 31, 2022 compared to the same period in 2021. Excluding the impact of foreign currency, direct network costs increased primarily due to an increase in costs associated with Sky’s broadband and wireless phone services as a result of increases in the number of customers receiving these services and wireless device sales.

Other expenses increased for the three months ended March 31, 2022 compared to the same period in 2021. Excluding the impact of foreign currency, other expenses increased primarily due to higher administrative costs and higher fees paid to third-party channels related to advertising sales.

Corporate, Other and Eliminations

Corporate and Other Results of Operations

	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2022		2021		%
Revenue	$	238	$	89	168.8	%
Operating costs and expenses	500		370		35.4
Adjusted EBITDA	$	(262)	$	(281)	6.7	%

Corporate and other primarily includes overhead and personnel costs, the results of other business initiatives and Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania. Other business initiatives include costs associated with Sky Glass and the related hardware sales, as well as costs associated with XClass TV.

23

Revenue increased for the three months ended March 31, 2022 primarily due to increases at Comcast Spectacor as a result of the impacts of COVID-19 in the prior year period and sales of Sky Glass smart televisions.

Expenses increased for the three months ended March 31, 2022 primarily due to costs related to Sky Glass and XClass TV. We expect to continue to incur increased costs in 2022 related to the launch of Sky Glass and XClass TV.

Eliminations

	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2022		2021		%
Revenue	$	(840)	$	(710)	18.2	%
Operating costs and expenses	(757)		(720)		5.2
Adjusted EBITDA	$	(82)	$	10	NM

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

Amounts represent eliminations of transactions between Cable Communications, NBCUniversal, Sky and other businesses. Eliminations of transactions between NBCUniversal segments are presented separately. Current year amounts reflect an increase in eliminations associated with the Beijing Olympics. Refer to Note 2 for a description of transactions between our segments.

Non-GAAP Financial Measures

Consolidated Adjusted EBITDA

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

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

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

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Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA

	Three Months Ended March 31,
(in millions)	2022		2021
Net income attributable to Comcast Corporation	$	3,549	$	3,329
Net income (loss) attributable to noncontrolling interests	(73)		(37)
Income tax expense	1,288		1,119
Investment and other (income) loss, net	(188)		(390)
Interest expense	993		1,018
Depreciation	2,213		2,117
Amortization	1,335		1,245
Adjustments(a)	33		12
Adjusted EBITDA	$	9,150	$	8,413

(a)Amounts represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio, and Sky transaction-related costs in 2021.

Constant Currency

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

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

Reconciliation of Sky Constant Currency Growth Rates

	Three Months Ended March 31,
	Actual		Constant Currency		Constant Currency Change
(in millions, except per customer data)	2022		2021		%
Revenue
Direct-to-consumer	$	3,884	$	3,901	(0.4)	%
Content	295		345		(14.3)
Advertising	596		552		7.9
Total revenue	4,775		4,797		(0.5)
Operating costs and expenses
Programming and production	1,948		2,365		(17.6)
Direct network costs	672		613		9.7
Other	1,532		1,457		5.2
Total operating costs and expenses	4,153		4,434		(6.3)
Adjusted EBITDA	$	622	$	363	71.2	%
Average monthly direct-to-consumer revenue per customer relationship	$	56.35	$	55.72	1.1	%

25

Liquidity and Capital Resources

	Three Months Ended March 31,
(in millions)	2022		2021
Cash provided by operating activities	$	7,257	$	7,751
Cash used in investing activities	$	(2,597)	$	(2,612)
Cash used in financing activities	$	(4,490)	$	(1,898)

(in millions)	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	8,880	$	8,711
Short-term and long-term debt	$	94,561	$	94,850

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

We maintain significant availability under our revolving credit facility and our commercial paper program to meet our short-term liquidity requirements. Our commercial paper program provides a lower-cost source of borrowing to fund our short-term working capital requirements. As of March 31, 2022, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.0 billion.

Operating Activities

Components of Net Cash Provided by Operating Activities

	Three Months Ended March 31,
(in millions)	2022		2021
Operating income	$	5,569	$	5,039
Depreciation and amortization	3,548		3,362
Noncash share-based compensation	376		373
Changes in operating assets and liabilities	(1,475)		(176)
Payments of interest	(747)		(911)
Payments of income taxes	(90)		(87)
Proceeds from investments and other	75		151
Net cash provided by operating activities	$	7,257	$	7,751

The variance in changes in operating assets and liabilities for the three months ended March 31, 2022 compared to the same period in 2021 was primarily related to increases in accounts receivable and decreases in deferred revenue, which included the impacts of our broadcasts of the Beijing Olympics and Super Bowl, and the timing of amortization and related payments for our film and television costs, including increased production spending, partially offset by the timing of sporting events.

The decrease in payments of interest for the three months ended March 31, 2022 compared to the same period in 2021 was primarily due to the timing of interest payments following the debt exchange in August 2021 and a decrease in average debt outstanding in the current year period.

The decrease in proceeds from investments and other for the three months ended March 31, 2022 compared to the same period in 2021 was primarily due to decreased cash distributions received from equity method investments.

26

Investing Activities

Net cash used in investing activities remained consistent for the three months ended March 31, 2022 compared to the same period in 2021, primarily reflecting decreased cash paid related to the construction of Universal Beijing Resort in the current year period and cash paid for the acquisition of a business in the prior year period, offset by decreased proceeds from sales of business and investments in the current year period. Capital expenditures, which is our most significant recurring investing activity, remained consistent for the three months ended March 31, 2022 compared to the same period in 2021, primarily reflecting increased spending at Theme Parks related to the development of the Epic Universe theme park in Orlando, offset by decreased spending at Sky primarily related to customer premise equipment. Capital expenditures at Cable Communications were consistent with the prior period.

In 2022, we formed the SkyShowtime joint venture with Paramount Global. The new direct-to-consumer streaming service is expected to be made available in select European markets starting in 2022, and the partners have committed to a multiyear funding plan that is expected to begin in 2022.

Financing Activities

Net cash used in financing activities increased for the three months ended March 31, 2022 primarily due to increases in repurchases of common stock under our share repurchase program and employee plans. Net cash used in financing activities in both periods included dividend payments and repayments of debt, partially offset by proceeds from borrowings, and net cash used in financing activities for the three months ended March 31, 2021 included payments related to the redemption of NBCUniversal Enterprise redeemable subsidiary preferred stock presented in other financing activities.

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

Share Repurchases and Dividends

In the second quarter of 2021, we restarted our share repurchase program, which had been paused since the beginning of 2019. In January 2022, our Board of Directors increased our share repurchase program authorization to $10 billion. During the three months ended March 31, 2022, we repurchased a total of 62.5 million shares of our Class A common stock for $3.0 billion. Under the authorization, which does not have an expiration date, we expect to repurchase additional shares during the remainder of 2022, which may be in the open market or in private transactions.

In addition, we paid $223 million for the three months ended March 31, 2022 related to employee taxes associated with the administration of our share-based compensation plans.

In January 2022, we paid dividends of $1.2 billion, and our Board of Directors approved an 8% increase in our dividend to $1.08 per share on an annualized basis and approved our first quarter dividend of $0.27 per share, which was paid in April 2022. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.

Guarantee Structure

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

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Debt and Guarantee Structure

(in billions)	March 31, 2022		December 31, 2021
Debt Subject to Cross-Guarantees
Comcast	$	85.6	$	85.9
Comcast Cable(a)	2.1		2.1
NBCUniversal(a)	1.6		1.6
	89.4		89.6
Debt Subject to One-Way Guarantees
Sky	6.2		6.3
Other(a)	0.1		0.1
	6.4		6.5
Debt Not Guaranteed
Universal Beijing Resort(b)	3.7		3.6
Other	1.2		1.2
	4.9		4.7
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net	(6.1)		(6.0)
Total debt	$	94.6	$	94.8

(a)NBCUniversal, Comcast Cable and Comcast Holdings (included within other debt subject to one-way guarantees) are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC. The guarantee structures and related disclosures in this section, together with Exhibit 22, satisfy these reporting obligations.

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

Cross-Guarantees

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

The Guarantors are each holding companies that principally hold investments in, borrow from and lend to non-guarantor subsidiary operating companies; issue and service third-party debt obligations; repurchase shares and pay dividends; and engage in certain corporate and headquarters activities. The Guarantors are generally dependent on non-guarantor subsidiary operating companies to fund these activities.

As of March 31, 2022 and December 31, 2021, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $126 billion and noncurrent notes receivable from non-guarantor subsidiaries of $30 billion. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries. The underlying net assets of the non-guarantor subsidiaries are significantly in excess of the Guarantor obligations. Excluding investments in non-guarantor subsidiaries, external debt and the noncurrent notes payable and receivable with non-guarantor subsidiaries, the Guarantors do not have material assets, liabilities or results of operations.

One-Way Guarantees

Comcast provides full and unconditional guarantees of certain debt issued by Sky and other consolidated subsidiaries not subject to the periodic reporting requirements of the SEC.

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Comcast also provides a full and unconditional guarantee of $138 million principal amount of subordinated debt issued by Comcast Holdings. Comcast’s obligations under this guarantee are subordinated and subject, in right of payment, to the prior payment in full of all of Comcast’s senior indebtedness, including debt guaranteed by Comcast on a senior basis, and are structurally subordinated to the indebtedness and other liabilities of its non-guarantor subsidiaries (for purposes of this Comcast Holdings discussion, Comcast Cable and NBCUniversal are included within the non-guarantor subsidiary group). Comcast’s obligations as guarantor will remain in effect until all amounts payable with respect to the guaranteed debt have been paid in full. However, the guarantee will terminate upon a disposition of Comcast Holdings or all or substantially all of its assets. Comcast Holdings is a consolidated subsidiary holding company that directly or indirectly holds 100% and approximately 37% of our equity interests in Comcast Cable and NBCUniversal, respectively.

As of March 31, 2022 and December 31, 2021, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $97 billion and $96 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $29 billion. This financial information is that of Comcast and Comcast Holdings presented on a combined basis with intercompany balances between Comcast and Comcast Holdings eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries of Comcast and Comcast Holdings. The underlying net assets of the non-guarantor subsidiaries of Comcast and Comcast Holdings are significantly in excess of the obligations of Comcast and Comcast Holdings. Excluding investments in non-guarantor subsidiaries, external debt, and the noncurrent notes payable and receivable with non-guarantor subsidiaries, Comcast and Comcast Holdings do not have material assets, liabilities or results of operations.

Critical Accounting Judgments and Estimates

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

For a more complete discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our condensed consolidated financial statements, please refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2021 Annual Report on Form 10-K.

ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We have evaluated the information required under this item that was disclosed in our 2021 Annual Report on Form 10-K and there have been no significant changes to this information.

ITEM 4: CONTROLS AND PROCEDURES

Conclusions regarding disclosure controls and procedures

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

Changes in internal control over financial reporting

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

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PART II: OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS

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

ITEM 1A: RISK FACTORS

There have been no material changes from the risk factors previously disclosed in Item 1A of our 2021 Annual Report on Form 10-K.

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

The table below summarizes Comcast's common stock repurchases during the three months ended March 31, 2022.

Purchases of Equity Securities 

Period	Total Number of Shares Purchased	Average Price Per Share		Total Number of Shares Purchased as Part of Publicly Announced Authorization	Total Dollar Amount Purchased Under the Publicly Announced Authorization		Maximum Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Authorization(a)
January 1-31, 2022	16,430,614	$	49.91	16,430,614	$	819,999,896	$	9,180,000,104
February 1-28, 2022	31,571,308	$	47.51	31,571,308	$	1,499,986,778	$	7,680,013,327
March 1-31, 2022	14,526,731	$	46.81	14,526,731	$	680,013,306	$	7,000,000,020
Total	62,528,653	$	47.98	62,528,653	$	2,999,999,980	$	7,000,000,020

(a)Effective January 1, 2022, our Board of Directors increased our share repurchase program authorization to $10 billion. Under the authorization, which does not have an expiration date, we expect to repurchase additional shares, which may be in the open market or in private transactions.

The total number of shares purchased during the three months ended March 31, 2022 does not include any shares received in the administration of employee share-based compensation plans as there were none received during the period.

ITEM 6: EXHIBITS

Exhibit No.	Description
21	List of subsidiaries.
22	Subsidiary guarantors and issuers of guaranteed securities and affiliates whose securities collateralize securities of the registrant (incorporated by reference to Exhibit 22 to Comcast's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021).
31	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the three months ended March 31, 2022, filed with the Securities and Exchange Commission on April 28, 2022, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Cash Flows; (iv) the Condensed Consolidated Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
104	Cover Page Interactive Data File (embedded within the iXBRL document).

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SIGNATURES

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

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

Date: April 28, 2022

31

EX-21

Exhibit 21

Legal Name	State/Country of Organization
Beijing International Resort Co., Ltd.	China
Bravo Media LLC	NY
Cable Programming Ventures, LLC	DE
Cablevision Associates of Gary Joint Venture	IN
CC Wireless Investment II, LLC	DE
Classic Services, Inc.	DE
CNBC LLC	DE
Comcast ABB Note Consolidation, Inc.	DE
Comcast ABB of Georgia II, LLC	GA
Comcast AG Holdings, LLC	DE
Comcast Bidco Holdings Limited	United Kingdom
Comcast Bidco Limited	United Kingdom
Comcast Broadband Security, LLC	DE
Comcast Business Communications, LLC	PA
Comcast Business Communications of Virginia, LLC	VA
Comcast Cable Communications Management, LLC	DE
Comcast Cable Communications, LLC	DE
Comcast Cable of Indiana/Michigan/Texas I, LLC	TX
Comcast CBRS, LLC	DE
Comcast Government Services, LLC	PA
Comcast Holdings Corporation	PA
Comcast Hulu Holdings, LLC	DE
Comcast Interactive Media, LLC	DE
Comcast IP Phone, LLC	PA
Comcast IP Phone of Missouri, LLC	MO
Comcast IP Phone of Oregon, LLC	DE
Comcast of Alabama, LLC	AL
Comcast of Alameda, Inc.	CA
Comcast of Arizona, LLC	CO
Comcast of Arkansas/Louisiana/Minnesota/Mississippi/Tennessee, LLC	DE
Comcast of Avalon, LLC	DE
Comcast of Baltimore City, LLC	CO
Comcast of Boston, Inc.	NY
Comcast of Brockton, Inc.	DE
Comcast of Burlington County, LLC	DE
Comcast of California I, Inc.	NV
Comcast of California II, Inc.	CA
Comcast of California II, LLC	DE
Comcast of California III, Inc.	PA
Comcast of California III, LLC	CO
Comcast of California IV, Inc.	WY
Comcast of California IX, Inc.	PA
Comcast of California X, Inc.	PA
Comcast of California XI, Inc.	DE

Comcast of California XII, LLC	DE
Comcast of California XIII, Inc.	CA
Comcast of California XV, LLC	DE
Comcast of California/Colorado, LLC	DE
Comcast of California/Colorado/Florida/Oregon, Inc.	PA
Comcast of California/Colorado/Illinois/Indiana/Michigan, LLC	DE
Comcast of California/Connecticut/Michigan	CO
Comcast of California/Idaho, Inc.	ID
Comcast of California/Illinois, LLC	CO
Comcast of California/Maryland/Pennsylvania/Virginia/West Virginia, LLC	DE
Comcast of California/Massachusetts/Michigan/Utah, LLC	DE
Comcast of Carolina, Inc.	SC
Comcast of Central New Jersey, LLC	DE
Comcast of Central New Jersey II, LLC	DE
Comcast of Chicago, Inc.	IL
Comcast of Clinton, LLC	MI
Comcast of Colorado IX, LLC	DE
Comcast of Colorado/Pennsylvania/West Virginia, LLC	DE
Comcast of Connecticut, Inc.	OK
Comcast of Connecticut/Georgia/Massachusetts/New Hampshire/New York/North Carolina/Virginia/Vermont, LLC	DE
Comcast of Cupertino, Inc.	CA
Comcast of Davis County, Inc.	PA
Comcast of Delmarva, LLC	DE
Comcast of Detroit, LLC	MI
Comcast of East San Fernando Valley, LP	CO
Comcast of Eastern Shore, LLC	DE
Comcast of Elkton, LLC	DE
Comcast of Flint, Inc.	MI
Comcast of Florida/Georgia	MI
Comcast of Florida/Michigan/New Mexico/Pennsylvania/Washington, LLC	CO
Comcast of Fort Wayne Limited Partnership	IN
Comcast of Fresno, Inc.	CA
Comcast of Garden State, L.P.	DE
Comcast of Georgia I, LLC	GA
Comcast of Georgia/Illinois/Michigan, LLC	FL
Comcast of Georgia/Massachusetts, LLC	DE
Comcast of Georgia/Michigan, LLC	CA
Comcast of Georgia/Pennsylvania, LLC	DE
Comcast of Georgia/South Carolina, LLC	CO
Comcast of Georgia/South Carolina II, LLC	DE
Comcast of Gloucester County, LLC	DE
Comcast of Grosse Pointe, Inc.	MI
Comcast of Harford County, LLC	MD
Comcast of Hopewell Valley, Inc.	NJ
Comcast of Houston, LLC	DE

Comcast of Howard County, LLC	MD
Comcast of Illinois I, Inc.	IL
Comcast of Illinois II, Inc.	KS
Comcast of Illinois III, Inc.	IL
Comcast of Illinois IV, Inc.	IL
Comcast of Illinois V, Inc.	DE
Comcast of Illinois VI, LLC	DE
Comcast of Illinois VII, Inc.	DE
Comcast of Illinois VIII, LLC	DE
Comcast of Illinois IX, LLC	DE
Comcast of Illinois X, LLC	DE
Comcast of Illinois XI, LLC	DE
Comcast of Illinois XII, LLC	NJ
Comcast of Illinois XIII, L.P.	AZ
Comcast of Illinois/Indiana, LLC	FL
Comcast of Illinois/Indiana/Michigan, LLC	DE
Comcast of Illinois/Indiana/Ohio, LLC	DE
Comcast of Illinois/Ohio/Oregon, LLC	DE
Comcast of Illinois/West Virginia, LLC	DE
Comcast of Indiana/Kentucky/Utah, LLC	CA
Comcast of Indiana/Michigan, LLC	IA
Comcast of Indiana/Michigan/Pennsylvania, LLC	IA
Comcast of Indianapolis, L.P.	DE
Comcast of Indianapolis, LLC	DE
Comcast of Inkster, LLC	MI
Comcast of Jersey City, LLC	DE
Comcast of Kentucky/Tennessee/Virginia, LLC	DE
Comcast of Laurel, Inc.	MS
Comcast of Levittown, LLC	DE
Comcast of Little Rock, Inc.	AR
Comcast of Lompoc, LLC	DE
Comcast of Long Beach Island, LLC	DE
Comcast of Louisiana/Mississippi/Texas, LLC	DE
Comcast of Lower Merion, LLC	DE
Comcast of Macomb, LLC	MI
Comcast of Maine/New Hampshire, Inc.	NH
Comcast of Maryland Limited Partnership	MD
Comcast of Maryland, LLC	CO
Comcast of Massachusetts II, Inc.	DE
Comcast of Massachusetts III, Inc.	DE
Comcast of Massachusetts/Virginia, Inc.	VA
Comcast of Mercer County, Inc.	DE
Comcast of Meridian, Inc.	MS
Comcast of Michigan, LLC	DE
Comcast of Michigan I, LLC	DE
Comcast of Michigan II, LLC	DE

Comcast of Michigan III, Inc.	DE
Comcast of Michigan IV, LLC	CO
Comcast of Michigan/Mississippi/Tennessee, Inc.	DE
Comcast of Milton, Inc.	MA
Comcast of Minnesota, Inc.	PA
Comcast of Minnesota/Wisconsin, Inc.	PA
Comcast of Missouri, LLC	CO
Comcast of Monmouth County, LLC	DE
Comcast of Muncie, LP	IN
Comcast of Muskegon	MI
Comcast of Nashville I, LLC	DE
Comcast of Nashville II, LLC	DE
Comcast of Needham, Inc.	DE
Comcast of New Castle County, LLC	DE
Comcast of New Hampshire, Inc.	DE
Comcast of New Jersey, LLC	NJ
Comcast of New Jersey II, LLC	DE
Comcast of New Mexico, LLC	CO
Comcast of New Mexico/Pennsylvania, LLC	DE
Comcast of New York, LLC	DE
Comcast of Northern California I, Inc.	PA
Comcast of Northern Illinois, Inc.	IL
Comcast of Northern Indiana, Inc.	DE
Comcast of Northwest New Jersey, LLC	DE
Comcast of Novato, Inc.	OR
Comcast of Ocean County, LLC	DE
Comcast of Ohio, Inc.	OH
Comcast of Oregon I, Inc.	DE
Comcast of Oregon II, Inc.	DE
Comcast of Pennsylvania, LLC	DE
Comcast of Pennsylvania I, LLC	DE
Comcast of Pennsylvania II, Inc.	CO
Comcast of Pennsylvania II, L.P.	DE
Comcast of Pennsylvania/Maryland, LLC	DE
Comcast of Philadelphia, LLC	DE
Comcast of Philadelphia II, LLC	DE
Comcast of Plainfield, LLC	DE
Comcast of Potomac, LLC	DE
Comcast of Richmond, LLC	VA
Comcast of Sacramento I, LLC	CA
Comcast of Sacramento II, LLC	CA
Comcast of Sacramento III, LLC	CA
Comcast of San Joaquin, Inc.	WY
Comcast of San Leandro, Inc.	CA
Comcast of Santa Cruz, Inc.	CO
Comcast of Santa Maria, LLC	DE

Comcast of Shelby, LLC	MI
Comcast of Sierra Valleys, Inc.	PA
Comcast of South Chicago, Inc.	IL
Comcast of South Jersey, LLC	DE
Comcast of Southeast Pennsylvania, LLC	DE
Comcast of Southern California, Inc.	OR
Comcast of Southern Illinois, LLC	DE
Comcast of Southern Mississippi, Inc.	DE
Comcast of Southern New England, Inc.	MA
Comcast of Southern Tennessee, LLC	DE
Comcast of St. Paul, Inc.	MN
Comcast of Sterling Heights, LLC	MI
Comcast of Taylor, LLC	DE
Comcast of the District, LLC	DC
Comcast of the Meadowlands, LLC	DE
Comcast of the South	CO
Comcast of the South, LLC	DE
Comcast of Tupelo, Inc.	MS
Comcast of Utah I, LLC	IN
Comcast of Utah II, Inc.	PA
Comcast of Virginia, LLC	CO
Comcast of Warren, LLC	MI
Comcast of Wasatch, Inc.	PA
Comcast of West Virginia, LLC	DE
Comcast of Western Colorado, Inc.	CO
Comcast of Wildwood, LLC	DE
Comcast of Wisconsin, Inc.	CO
Comcast OTR1, LLC	DE
Comcast Phone, LLC	DE
Comcast Phone of Alabama, LLC	DE
Comcast Phone of Arizona, LLC	DE
Comcast Phone of Arkansas, LLC	DE
Comcast Phone of California, LLC	DE
Comcast Phone of Central Indiana, LLC	DE
Comcast Phone of Colorado, LLC	DE
Comcast Phone of Connecticut, Inc.	CO
Comcast Phone of D.C., LLC	DE
Comcast Phone of Delaware, LLC	DE
Comcast Phone of Florida, LLC	DE
Comcast Phone of Georgia, LLC	CO
Comcast Phone of Idaho, LLC	DE
Comcast Phone of Illinois, LLC	DE
Comcast Phone of Iowa, LLC	DE
Comcast Phone of Kansas, LLC	DE
Comcast Phone of Kentucky, LLC	DE
Comcast Phone of Louisiana, LLC	DE

Comcast Phone of Maine, LLC	DE
Comcast Phone of Massachusetts, Inc.	DE
Comcast Phone of Michigan, LLC	DE
Comcast Phone of Minnesota, Inc.	MN
Comcast Phone of Mississippi, LLC	DE
Comcast Phone of Missouri, LLC	DE
Comcast Phone of Montana, LLC	DE
Comcast Phone of Nebraska, LLC	DE
Comcast Phone of Nevada, LLC	DE
Comcast Phone of New Hampshire, LLC	DE
Comcast Phone of New Mexico, LLC	DE
Comcast Phone of New York, LLC	DE
Comcast Phone of North Carolina, LLC	DE
Comcast Phone of North Dakota, LLC	DE
Comcast Phone of Northern Maryland, Inc.	MD
Comcast Phone of Ohio, LLC	DE
Comcast Phone of Oklahoma, LLC	DE
Comcast Phone of Oregon, LLC	DE
Comcast Phone of Pennsylvania, LLC	DE
Comcast Phone of Rhode Island, LLC	DE
Comcast Phone of South Carolina, Inc.	SC
Comcast Phone of South Dakota, LLC	DE
Comcast Phone of Tennessee, LLC	DE
Comcast Phone of Texas, LLC	DE
Comcast Phone of Utah, LLC	DE
Comcast Phone of Vermont, LLC	DE
Comcast Phone of Virginia, LLC	VA
Comcast Phone of Washington, LLC	DE
Comcast Phone of West Virginia, LLC	DE
Comcast Phone of Wisconsin, LLC	DE
Comcast Spectacor Ventures, LLC	PA
Comcast Sportsnet Mid-Atlantic, L.P.	DE
Comcast Sportsnet Philadelphia, L.P.	PA
Comcast Ventures, LP	DE
DreamWorks Animation L.L.C.	DE
DWA Holdings, LLC	DE
E! Entertainment Television, LLC	DE
Mountain Cable Network, Inc.	NV
MSNBC Cable L.L.C.	DE
NBC Olympics LLC	DE
NBC Sports Network, L.P.	DE
NBC Sports Ventures LLC	DE
NBC Stations Management LLC	CO
NBC Subsidiary (WTVJ-TV) LLC	DE
NBC Telemundo License LLC	DE
NBC West, LLC	DE

NBCU Television Holding LLC	DE
NBCUniversal Enterprise, Inc.	DE
NBCUniversal Media, LLC	DE
NBCUniversal Shared Services, LLC	DE
NBCUniversal, LLC	DE
New England Cable News	MA
One Belmont Insurance Company	VT
Open 4 Business Productions LLC	DE
Palm Beach Group Cable Joint Venture	FL
Sky CP Limited	United Kingdom
Sky Deutschland Fernsehen GmbH & Co KG	Germany
Sky German Holdings GmbH	Germany
Sky International Operations Limited	United Kingdom
Sky Italia S.r.l.	Italy
Sky Italian Holdings S.p.A.	Italy
Sky Limited	United Kingdom
Sky Subscribers Services Limited	United Kingdom
Sky Telecommunications Services Limited	United Kingdom
Sky UK Limited	United Kingdom
Spectrum Arena Limited Partnership	PA
Station Venture Operations, LP	DE
Telemundo Las Vegas License LLC	DE
Telemundo Media LLC	DE
Telemundo Network Group LLC	DE
Telemundo of Puerto Rico LLC	Puerto Rico
TGC, LLC	DE
The Comcast Network, LLC	DE
Three Belmont Insurance Company	NY
Universal City Development Partners, Ltd.	FL
Universal City Property Management II LLC	DE
Universal City Studios LLC	DE
Universal City Studios Productions LLLP	DE
Universal Content Productions LLC	DE
Universal Film Exchanges LLC	DE
Universal Studios International B.V.	The Netherlands
Universal Studios Limited	United Kingdom
Universal Studios LLC	DE
Universal Television LLC	NY
Universal Television Networks	NY
USJ LLC	Japan

EX-31

Exhibit 31

CERTIFICATIONS

I, Brian L. Roberts, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 28, 2022

/s/ BRIAN L. ROBERTS

Name: Brian L. Roberts

Title: Chief Executive Officer

I, Michael J. Cavanagh, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 28, 2022

/s/ MICHAEL J. CAVANAGH

Name: Michael J. Cavanagh

Title: Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

April 28, 2022

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Ladies and Gentlemen:

The certification set forth below is being submitted in connection with the Quarterly Report on Form 10-Q of Comcast Corporation (the “Report”) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code.

Brian L. Roberts, the Chief Executive Officer and Michael J. Cavanagh, the Chief Financial Officer of Comcast Corporation, each certifies that, to the best of his knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Comcast Corporation.

/s/ BRIAN L. ROBERTS

Name: Brian L. Roberts

Title: Chief Executive Officer

/s/ MICHAEL J. CAVANAGH

Name: Michael J. Cavanagh

Title: Chief Financial Officer

XML

Cover Page	3 Months Ended
	Mar. 31, 2022 shares
Document And Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-32871
Entity Registrant Name	COMCAST CORPORATION
Entity Tax Identification Number	27-0000798
Entity Incorporation, State or Country Code	PA
Entity Address, Address Line One	One Comcast Center
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103-2838
City Area Code	215
Local Phone Number	286-1700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001166691
Class A Common Stock, $0.01 par value
Document And Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	CMCSA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	4,471,872,439
0.000% Notes due 2026
Document And Entity Information [Line Items]
Title of 12(b) Security	0.000% Notes due 2026
Trading Symbol	CMCS26
Security Exchange Name	NASDAQ
0.250% Notes due 2027
Document And Entity Information [Line Items]
Title of 12(b) Security	0.250% Notes due 2027
Trading Symbol	CMCS27
Security Exchange Name	NASDAQ
1.500% Notes due 2029
Document And Entity Information [Line Items]
Title of 12(b) Security	1.500% Notes due 2029
Trading Symbol	CMCS29
Security Exchange Name	NASDAQ
0.250% Notes due 2029
Document And Entity Information [Line Items]
Title of 12(b) Security	0.250% Notes due 2029
Trading Symbol	CMCS29A
Security Exchange Name	NASDAQ
0.750% Notes due 2032
Document And Entity Information [Line Items]
Title of 12(b) Security	0.750% Notes due 2032
Trading Symbol	CMCS32
Security Exchange Name	NASDAQ
1.875% Notes due 2036
Document And Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2036
Trading Symbol	CMCS36
Security Exchange Name	NASDAQ
1.250% Notes due 2040
Document And Entity Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2040
Trading Symbol	CMCS40
Security Exchange Name	NASDAQ
9.455% Guaranteed Notes due 2022
Document And Entity Information [Line Items]
Title of 12(b) Security	9.455% Guaranteed Notes due 2022
Trading Symbol	CMCSA/22
Security Exchange Name	NYSE
5.50% Notes due 2029
Document And Entity Information [Line Items]
Title of 12(b) Security	5.50% Notes due 2029
Trading Symbol	CCGBP29
Security Exchange Name	NYSE
2.0% Exchangeable Subordinated Debentures due 2029
Document And Entity Information [Line Items]
Title of 12(b) Security	2.0% Exchangeable Subordinated Debentures due 2029
Trading Symbol	CCZ
Security Exchange Name	NYSE
Class B Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	9,444,375

XML

Condensed Consolidated Statement of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 31,010	$ 27,205
Costs and Expenses:
Programming and production	10,570	8,919
Other operating and administrative	9,260	8,269
Advertising, marketing and promotion	2,062	1,616
Depreciation	2,213	2,117
Amortization	1,335	1,245
Total costs and expenses	25,440	22,166
Operating income	5,569	5,039
Interest expense	(993)	(1,018)
Investment and other income (loss), net	188	390
Income before income taxes	4,764	4,411
Income tax expense	(1,288)	(1,119)
Net income	3,476	3,292
Less: Net income (loss) attributable to noncontrolling interests	(73)	(37)
Net income attributable to Comcast Corporation	$ 3,549	$ 3,329
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 0.79	$ 0.73
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 0.78	$ 0.71

XML

Condensed Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 3,476	$ 3,292
Currency translation adjustments, net of deferred taxes of $247 and $(92)	(916)	(35)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(37) and $(19)	165	119
Realized (gains) losses reclassified to net income, net of deferred taxes of $(5) and $—	(17)	0
Employee benefit obligations and other, net of deferred taxes of $3 and $2	(9)	(10)
Comprehensive income	2,699	3,366
Less: Net income (loss) attributable to noncontrolling interests	(73)	(37)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	28	(14)
Comprehensive income attributable to Comcast Corporation	$ 2,744	$ 3,417

XML

Condensed Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Currency translation adjustments, deferred taxes	$ 247	$ (92)
Deferred gains (losses) on cash flow hedges, deferred taxes	(37)	(19)
Realized (gains) losses on cash flow hedges, deferred taxes	(5)	0
Employee benefit obligations, deferred taxes	$ 3	$ 2

XML

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net income	$ 3,476	$ 3,292
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,548	3,362
Share-based compensation	376	373
Noncash interest expense (income), net	93	62
Net (gain) loss on investment activity and other	(113)	(239)
Deferred income taxes	106	28
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	(527)	554
Film and television costs, net	363	393
Accounts payable and accrued expenses related to trade creditors	314	(198)
Other operating assets and liabilities	(379)	124
Net cash provided by operating activities	7,257	7,751
Investing Activities
Capital expenditures	(1,856)	(1,859)
Cash paid for intangible assets	(641)	(612)
Construction of Universal Beijing Resort	(147)	(428)
Acquisitions, net of cash acquired	0	(147)
Proceeds from sales of businesses and investments	69	388
Purchases of investments	(66)	(52)
Other	44	98
Net cash provided by (used in) investing activities	(2,597)	(2,612)
Financing Activities
Proceeds from borrowings	117	192
Repurchases and repayments of debt	(104)	(124)
Repurchases of common stock under repurchase program and employee plans	(3,223)	(309)
Dividends paid	(1,166)	(1,080)
Other	(114)	(577)
Net cash provided by (used in) financing activities	(4,490)	(1,898)
Impact of foreign currency on cash, cash equivalents and restricted cash	(35)	(33)
Increase (decrease) in cash, cash equivalents and restricted cash	135	3,208
Cash, cash equivalents and restricted cash, beginning of period	8,778	11,768
Cash, cash equivalents and restricted cash, end of period	$ 8,914	$ 14,976

XML

Condensed Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 8,880	$ 8,711
Receivables, net	12,300	12,008
Other current assets	4,201	4,088
Total current assets	25,381	24,807
Film and television costs	12,360	12,806
Investments	8,287	8,082
Investment securing collateralized obligation	646	605
Property and equipment, net of accumulated depreciation	53,820	54,047
Goodwill	69,052	70,189
Franchise rights	59,365	59,365
Other intangible assets, net of accumulated amortization	32,468	33,580
Other noncurrent assets, net	12,694	12,424
Total assets	274,074	275,905
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	12,707	12,455
Accrued participations and residuals	1,744	1,822
Deferred revenue	3,018	3,040
Accrued expenses and other current liabilities	10,071	9,899
Current portion of long-term debt	2,117	2,132
Total current liabilities	29,657	29,348
Long-term debt, less current portion	92,443	92,718
Collateralized obligation	5,171	5,170
Deferred income taxes	29,857	30,041
Other noncurrent liabilities	20,441	20,620
Commitments and contingencies
Redeemable noncontrolling interests	513	519
Equity:
Preferred stock	0	0
Additional paid-in capital	39,926	40,173
Retained earnings	61,555	61,902
Treasury stock	(7,517)	(7,517)
Accumulated other comprehensive income (loss)	674	1,480
Total Comcast Corporation shareholders’ equity	94,693	96,092
Noncontrolling interests	1,300	1,398
Total equity	95,992	97,490
Total liabilities and equity	274,074	275,905
Class A Common Stock, $0.01 par value
Equity:
Common stock	53	54
Class B Common Stock
Equity:
Common stock	$ 0	$ 0

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Condensed Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Property and equipment - accumulated depreciation	$ 56,274	$ 55,611
Other intangible assets - accumulated amortization	$ 24,525	$ 23,545
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock (in shares)	872,791,028	872,791,028
Class A Common Stock, $0.01 par value
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	7,500,000,000	7,500,000,000
Common stock, shares issued (in shares)	5,344,663,467	5,396,576,978
Common stock, shares outstanding (in shares)	4,471,872,439	4,523,785,950
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	9,444,375	9,444,375
Common stock, shares outstanding (in shares)	9,444,375	9,444,375

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Condensed Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Additional Paid-In Capital	Retained Earnings	Treasury Stock at Cost	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Class A Common Stock, $0.01 par value Class A Common Stock
Beginning balance at Dec. 31, 2020	$ 1,280
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of subsidiary preferred stock	(725)
Contributions from (distributions to) noncontrolling interests, net	(27)
Other	(10)
Net income (loss)	28
Ending balance at Mar. 31, 2021	546
Beginning balance at Dec. 31, 2020		$ 39,464	$ 56,438	$ (7,517)	$ 1,884	$ 1,415	$ 54
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation plans		296
Issuances (repurchases) of common stock under repurchase program and employee plans							1
Repurchases of common stock under repurchase program and employee plans		(88)	(289)
Employee stock purchase plans		62
Dividends declared			(1,161)
Other comprehensive income (loss)					88	(14)
Contributions from (distributions to) noncontrolling interests, net						189
Other		10	4
Net income (loss)	3,329		3,329
Net income (loss)	(37)					(65)
Ending balance at Mar. 31, 2021	$ 94,100	39,744	58,321	(7,517)	1,972	1,525	55
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 0.25
Beginning balance at Dec. 31, 2021	$ 519
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of subsidiary preferred stock	0
Contributions from (distributions to) noncontrolling interests, net	(25)
Other	0
Net income (loss)	18
Ending balance at Mar. 31, 2022	513
Beginning balance at Dec. 31, 2021	97,490	40,173	61,902	(7,517)	1,480	1,398	54
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation plans		286
Issuances (repurchases) of common stock under repurchase program and employee plans							(1)
Repurchases of common stock under repurchase program and employee plans		(595)	(2,670)
Employee stock purchase plans		67
Dividends declared			(1,225)
Other comprehensive income (loss)					(806)	28
Contributions from (distributions to) noncontrolling interests, net						(35)
Other		(5)	0
Net income (loss)	3,549		3,549
Net income (loss)	(73)					(91)
Ending balance at Mar. 31, 2022	$ 95,992	$ 39,926	$ 61,555	$ (7,517)	$ 674	$ 1,300	$ 53
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 0.27

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Condensed Consolidated Financial Statements

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidated Financial Statements

Condensed Consolidated Financial Statements

Basis of Presentation

We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2021 Annual Report on Form 10-K and the notes within this Form 10-Q.

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Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

We present our operations in five reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.

Cable Communications is a leading provider of broadband, video, voice, wireless, and other services to residential customers in the United States under the Xfinity brand. We also provide these and other services to business customers and sell advertising.

Media consists primarily of NBCUniversal’s television and streaming platforms, including national, regional and international cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; and Peacock, our direct-to-consumer streaming service.

Studios consists primarily of NBCUniversal’s film and television studio production and distribution operations.

Theme Parks consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China.

Sky is one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, broadband, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks.

Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other business initiatives, including Sky Glass and XClass TV smart televisions.

We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation excluded from Adjusted EBITDA are not separately evaluated. Our financial data by reportable segment is presented in the tables below.

	Three Months Ended March 31, 2022
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	16,540	$	7,272	$	1,960	$	1,367	$	334
NBCUniversal
Media	6,865		1,159		250		12		46
Studios	2,757		245		11		1		3
Theme Parks	1,560		451		282		220		5
Headquarters and Other	16		(191)		118		72		31
Eliminations(a)	(901)		(62)		—		—		—
NBCUniversal	10,296		1,601		662		306		85
Sky	4,775		622		870		147		154
Corporate and Other	238		(262)		56		37		67
Eliminations(a)	(840)		(82)		—		—		—
Comcast Consolidated	$	31,010	$	9,150	$	3,548	$	1,856	$	641

	Three Months Ended March 31, 2021
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	15,805	$	6,830	$	1,929	$	1,370	$	315
NBCUniversal
Media	5,036		1,473		247		10		32
Studios	2,396		497		12		1		2
Theme Parks	619		(61)		207		126		6
Headquarters and Other	16		(209)		117		35		28
Eliminations(a)	(1,043)		(210)		—		—		—
NBCUniversal	7,024		1,490		583		172		68
Sky	4,997		364		814		271		201
Corporate and Other	89		(281)		36		46		28
Eliminations(a)	(710)		10		—		—		—
Comcast Consolidated	$	27,205	$	8,413	$	3,362	$	1,859	$	612

(a)Included in Eliminations are transactions that our segments enter into with one another. Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. The most significant transactions between our segments include content licensing revenue in Studios for licenses of owned content to Media and Sky; distribution revenue in Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; and advertising revenue in Media and Cable Communications. Revenue for licenses of content from Studios to Media and Sky is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses in Media and Sky are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period.

A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below.

	Three Months Ended March 31,
(in millions)	2022		2021
Cable Communications	$	56	$	45
NBCUniversal
Media	669		540
Studios	939		1,089
Theme Parks	—		1
Headquarters and Other	12		12
Sky	5		8
Corporate and Other	58		58
Total intersegment revenue	$	1,741	$	1,753

(b)We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.

	Three Months Ended March 31,
(in millions)	2022		2021
Adjusted EBITDA	$	9,150	$	8,413
Adjustments	(33)		(12)
Depreciation	(2,213)		(2,117)
Amortization	(1,335)		(1,245)
Interest expense	(993)		(1,018)
Investment and other income (loss), net	188		390
Income before income taxes	$	4,764	$	4,411

Adjustments represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio, and Sky transaction-related costs in 2021.

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Revenue

3 Months Ended

Mar. 31, 2022

Revenues [Abstract]

Revenue

Revenue

	Three Months Ended March 31,
(in millions)	2022		2021
Residential:
Broadband	$	6,050	$	5,600
Video	5,536		5,623
Voice	786		871
Wireless	677		513
Business services	2,396		2,167
Advertising	671		618
Other	424		413
Total Cable Communications	16,540		15,805
Advertising	3,332		2,094
Distribution	3,033		2,495
Other	499		447
Total Media	6,865		5,036
Content licensing	2,279		2,075
Theatrical	168		39
Home entertainment and other	310		282
Total Studios	2,757		2,396
Total Theme Parks	1,560		619
Headquarters and Other	16		16
Eliminations(a)	(901)		(1,043)
Total NBCUniversal	10,296		7,024
Direct-to-consumer	3,884		4,065
Content	295		358
Advertising	596		574
Total Sky	4,775		4,997
Corporate and Other	238		89
Eliminations(a)	(840)		(710)
Total revenue	$	31,010	$	27,205

(a)Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.

Condensed Consolidated Balance Sheet

The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as the deferred costs associated with our contracts with customers.

(in millions)	March 31, 2022		December 31, 2021
Receivables, gross	$	13,026	$	12,666
Less: Allowance for doubtful accounts	726		658
Receivables, net	$	12,300	$	12,008

(in millions)	March 31, 2022		December 31, 2021
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,775	$	1,632
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	$	1,089	$	1,094
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	682	$	695

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Programming and Production Costs

3 Months Ended

Mar. 31, 2022

Other Industries [Abstract]

Programming and Production Costs

Programming and Production Costs

	Three Months Ended March 31,
(in millions)	2022		2021
Video distribution programming	$	3,426	$	3,515
Film and television content:
Owned(a)	2,508		1,964
Licensed, including sports rights	4,325		3,175
Other	311		265
Total programming and production costs	$	10,570	$	8,919

(a) Amount includes amortization of owned content of $2.0 billion and $1.6 billion for the three months ended March 31, 2022 and 2021, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

(in millions)	March 31, 2022		December 31, 2021
Owned:
Released, less amortization	$	3,900	$	3,726
Completed, not released	597		536
In production and in development	2,706		2,732
	7,202		6,994
Licensed, including sports advances	5,158		5,811
Film and television costs	$	12,360	$	12,806

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Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term DebtAs of March 31, 2022, our debt had a carrying value of $94.6 billion and an estimated fair value of $99.8 billion. As of December 31, 2021, our debt had a carrying value of $94.8 billion and an estimated fair value of $109.3 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

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Significant Transactions

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Significant Transactions

Significant Transactions

Acquisitions

In October 2021, we acquired Masergy, a provider of software-defined networking and cloud platforms for global enterprises, for total cash consideration of $1.2 billion. The acquisition accelerates our growth in serving large and mid-sized companies, particularly U.S.-based organizations with multi-site global enterprises. Masergy’s results of operations are included in our consolidated results of operations since the acquisition date and are reported in our Cable Communications segment. We have recorded a preliminary estimate of Masergy’s assets and liabilities with approximately $850 million recorded to goodwill and the remainder primarily attributed to software and customer relationship intangible assets. These estimates are not yet final and are subject to change. The acquisition was not material to our consolidated results of operations.

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Investments and Variable Interest Entities

3 Months Ended

Mar. 31, 2022

Investments [Abstract]

Investments and Variable Interest Entities

Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

	Three Months Ended March 31,
(in millions)	2022		2021
Equity in net income (losses) of investees, net	$	133	$	136
Realized and unrealized gains (losses) on equity securities, net	117		237
Other income (loss), net	(62)		17
Investment and other income (loss), net	$	188	$	390

The amount of unrealized gains (losses), net recognized in the three months ended March 31, 2022 and 2021 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $90 million and $98 million, respectively.

Investments

(in millions)	March 31, 2022		December 31, 2021
Equity method	$	5,852	$	6,111
Marketable equity securities	323		406
Nonmarketable equity securities	1,897		1,735
Other investments	1,166		803
Total investments	9,238		9,055
Less: Current investments	306		368
Less: Investment securing collateralized obligation	646		605
Noncurrent investments	$	8,287	$	8,082

Equity Method Investments

The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statement of cash flows in the three months ended March 31, 2022 and 2021 was $32 million and $115 million, respectively.

Atairos

Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three months ended March 31, 2022 and 2021, we made cash capital contributions to Atairos totaling $13 million and $12 million, respectively. As of March 31, 2022 and December 31, 2021, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was $4.8 billion and $4.7 billion, respectively. As of March 31, 2022, our remaining unfunded capital commitment was $1.5 billion.

Hulu and Collateralized Obligation

In 2019, we borrowed $5.2 billion under a term loan facility due March 2024 which is fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. As of March 31, 2022 and December 31, 2021, the carrying value and estimated fair value of our collateralized obligation were $5.2 billion. The estimated fair value was based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities. We present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation,” respectively. The recorded value of our investment reflects our historical cost in applying the equity method, and as a result, is less than its fair value.

Consolidated Variable Interest Entity

Universal Beijing Resort

We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”), which opened in September 2021. Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from

the partners in accordance with their equity interests. As of March 31, 2022, Universal Beijing Resort had $3.7 billion of debt outstanding, including $3.3 billion principal amount of a term loan outstanding under the debt financing agreement.

As of March 31, 2022, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $9.6 billion and $8.1 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

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Equity and Share-Based Compensation

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Equity and Share-Based Compensation

Equity and Share-Based Compensation

Weighted-Average Common Shares Outstanding

	Three Months Ended March 31,
(in millions)	2022	2021
Weighted-average number of common shares outstanding – basic	4,512	4,591
Effect of dilutive securities	46	74
Weighted-average number of common shares outstanding – diluted	4,558	4,665

Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material in any of the periods presented.

Accumulated Other Comprehensive Income (Loss)

(in millions)	March 31, 2022		December 31, 2021
Cumulative translation adjustments	$	174	$	1,119
Deferred gains (losses) on cash flow hedges	252		104
Unrecognized gains (losses) on employee benefit obligations and other	248		257
Accumulated other comprehensive income (loss), net of deferred taxes	$	674	$	1,480

Share-Based Compensation

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

In March 2022, we granted 16 million RSUs and 51 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $46.46 per RSU and $8.81 per stock option.

Recognized Share-Based Compensation Expense

	Three Months Ended March 31,
(in millions)	2022		2021
Restricted share units	$	197	$	206
Stock options	91		90
Employee stock purchase plans	12		11
Total	$	300	$	307

As of March 31, 2022, we had unrecognized pretax compensation expense of $1.7 billion and $868 million related to nonvested RSUs and nonvested stock options, respectively.

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Supplemental Financial Information

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Information

Supplemental Financial Information

Cash Payments for Interest and Income Taxes

	Three Months Ended March 31,
(in millions)	2022		2021
Interest	$	747	$	911
Income taxes	$	90	$	87

Noncash Activities

During the three months ended March 31, 2022:

•we acquired $1.9 billion of property and equipment and intangible assets that were accrued but unpaid

•we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.27 per common share paid in April 2022

During the three months ended March 31, 2021:

•we recognized operating lease assets and liabilities of $2.8 billion related to Universal Beijing Resort

•we acquired $1.6 billion of property and equipment and intangible assets that were accrued but unpaid

•we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.25 per common share paid in April 2021

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.

(in millions)	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	8,880	$	8,711
Restricted cash included in other current assets	21		56
Restricted cash included in other noncurrent assets, net	12		12
Cash, cash equivalents and restricted cash, end of period	$	8,914	$	8,778

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Redeemable Subsidiary Preferred Stock

In the first quarter of 2021, we redeemed all of the NBCUniversal Enterprise, Inc. preferred stock and made cash payments equal to the aggregate liquidation preference of $725 million. The redeemable subsidiary preferred stock was presented in redeemable noncontrolling interests.

Contingencies

We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation.

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Condensed Consolidated Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2021 Annual Report on Form 10-K and the notes within this Form 10-Q.
Earnings Per Share	Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material in any of the periods presented.

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Financial Data by Business Segment

Our financial data by reportable segment is presented in the tables below.

	Three Months Ended March 31, 2022
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	16,540	$	7,272	$	1,960	$	1,367	$	334
NBCUniversal
Media	6,865		1,159		250		12		46
Studios	2,757		245		11		1		3
Theme Parks	1,560		451		282		220		5
Headquarters and Other	16		(191)		118		72		31
Eliminations(a)	(901)		(62)		—		—		—
NBCUniversal	10,296		1,601		662		306		85
Sky	4,775		622		870		147		154
Corporate and Other	238		(262)		56		37		67
Eliminations(a)	(840)		(82)		—		—		—
Comcast Consolidated	$	31,010	$	9,150	$	3,548	$	1,856	$	641

	Three Months Ended March 31, 2021
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	15,805	$	6,830	$	1,929	$	1,370	$	315
NBCUniversal
Media	5,036		1,473		247		10		32
Studios	2,396		497		12		1		2
Theme Parks	619		(61)		207		126		6
Headquarters and Other	16		(209)		117		35		28
Eliminations(a)	(1,043)		(210)		—		—		—
NBCUniversal	7,024		1,490		583		172		68
Sky	4,997		364		814		271		201
Corporate and Other	89		(281)		36		46		28
Eliminations(a)	(710)		10		—		—		—
Comcast Consolidated	$	27,205	$	8,413	$	3,362	$	1,859	$	612

(a)Included in Eliminations are transactions that our segments enter into with one another. Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. The most significant transactions between our segments include content licensing revenue in Studios for licenses of owned content to Media and Sky; distribution revenue in Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; and advertising revenue in Media and Cable Communications. Revenue for licenses of content from Studios to Media and Sky is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses in Media and Sky are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period.

A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below.

	Three Months Ended March 31,
(in millions)	2022		2021
Cable Communications	$	56	$	45
NBCUniversal
Media	669		540
Studios	939		1,089
Theme Parks	—		1
Headquarters and Other	12		12
Sky	5		8
Corporate and Other	58		58
Total intersegment revenue	$	1,741	$	1,753

(b)We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.

	Three Months Ended March 31,
(in millions)	2022		2021
Adjusted EBITDA	$	9,150	$	8,413
Adjustments	(33)		(12)
Depreciation	(2,213)		(2,117)
Amortization	(1,335)		(1,245)
Interest expense	(993)		(1,018)
Investment and other income (loss), net	188		390
Income before income taxes	$	4,764	$	4,411

Adjustments represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio, and Sky transaction-related costs in 2021.

Reconciliation of Adjusted EBITDA from Segments to Consolidated

Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.

	Three Months Ended March 31,
(in millions)	2022		2021
Adjusted EBITDA	$	9,150	$	8,413
Adjustments	(33)		(12)
Depreciation	(2,213)		(2,117)
Amortization	(1,335)		(1,245)
Interest expense	(993)		(1,018)
Investment and other income (loss), net	188		390
Income before income taxes	$	4,764	$	4,411

Adjustments represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio, and Sky transaction-related costs in 2021.

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Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Revenues [Abstract]

Disaggregation of revenue

	Three Months Ended March 31,
(in millions)	2022		2021
Residential:
Broadband	$	6,050	$	5,600
Video	5,536		5,623
Voice	786		871
Wireless	677		513
Business services	2,396		2,167
Advertising	671		618
Other	424		413
Total Cable Communications	16,540		15,805
Advertising	3,332		2,094
Distribution	3,033		2,495
Other	499		447
Total Media	6,865		5,036
Content licensing	2,279		2,075
Theatrical	168		39
Home entertainment and other	310		282
Total Studios	2,757		2,396
Total Theme Parks	1,560		619
Headquarters and Other	16		16
Eliminations(a)	(901)		(1,043)
Total NBCUniversal	10,296		7,024
Direct-to-consumer	3,884		4,065
Content	295		358
Advertising	596		574
Total Sky	4,775		4,997
Corporate and Other	238		89
Eliminations(a)	(840)		(710)
Total revenue	$	31,010	$	27,205

(a)Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.

Schedule of receivables, net

The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as the deferred costs associated with our contracts with customers.

(in millions)	March 31, 2022		December 31, 2021
Receivables, gross	$	13,026	$	12,666
Less: Allowance for doubtful accounts	726		658
Receivables, net	$	12,300	$	12,008

Other balance sheet accounts

(in millions)	March 31, 2022		December 31, 2021
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,775	$	1,632
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	$	1,089	$	1,094
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	682	$	695

XML

Programming and Production Costs (Tables)

3 Months Ended

Mar. 31, 2022

Other Industries [Abstract]

Programming and Production Expense

	Three Months Ended March 31,
(in millions)	2022		2021
Video distribution programming	$	3,426	$	3,515
Film and television content:
Owned(a)	2,508		1,964
Licensed, including sports rights	4,325		3,175
Other	311		265
Total programming and production costs	$	10,570	$	8,919

(a) Amount includes amortization of owned content of $2.0 billion and $1.6 billion for the three months ended March 31, 2022 and 2021, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs and Programming Rights

Capitalized Film and Television Costs

(in millions)	March 31, 2022		December 31, 2021
Owned:
Released, less amortization	$	3,900	$	3,726
Completed, not released	597		536
In production and in development	2,706		2,732
	7,202		6,994
Licensed, including sports advances	5,158		5,811
Film and television costs	$	12,360	$	12,806

XML

Investments and Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2022

Investments [Abstract]

Investment and Other Income (Loss), Net

Investment and Other Income (Loss), Net

	Three Months Ended March 31,
(in millions)	2022		2021
Equity in net income (losses) of investees, net	$	133	$	136
Realized and unrealized gains (losses) on equity securities, net	117		237
Other income (loss), net	(62)		17
Investment and other income (loss), net	$	188	$	390

Investment Summary

(in millions)	March 31, 2022		December 31, 2021
Equity method	$	5,852	$	6,111
Marketable equity securities	323		406
Nonmarketable equity securities	1,897		1,735
Other investments	1,166		803
Total investments	9,238		9,055
Less: Current investments	306		368
Less: Investment securing collateralized obligation	646		605
Noncurrent investments	$	8,287	$	8,082

XML

Equity and Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of weighted average common shares outstanding

Weighted-Average Common Shares Outstanding

	Three Months Ended March 31,
(in millions)	2022	2021
Weighted-average number of common shares outstanding – basic	4,512	4,591
Effect of dilutive securities	46	74
Weighted-average number of common shares outstanding – diluted	4,558	4,665

Schedule of accumulated other comprehensive income (loss)

Accumulated Other Comprehensive Income (Loss)

(in millions)	March 31, 2022		December 31, 2021
Cumulative translation adjustments	$	174	$	1,119
Deferred gains (losses) on cash flow hedges	252		104
Unrecognized gains (losses) on employee benefit obligations and other	248		257
Accumulated other comprehensive income (loss), net of deferred taxes	$	674	$	1,480

Schedule of recognized share-based compensation expense

Recognized Share-Based Compensation Expense

	Three Months Ended March 31,
(in millions)	2022		2021
Restricted share units	$	197	$	206
Stock options	91		90
Employee stock purchase plans	12		11
Total	$	300	$	307

XML

Supplemental Financial Information (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of cash payments for interest and income taxes

Cash Payments for Interest and Income Taxes

	Three Months Ended March 31,
(in millions)	2022		2021
Interest	$	747	$	911
Income taxes	$	90	$	87

Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.

(in millions)	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	8,880	$	8,711
Restricted cash included in other current assets	21		56
Restricted cash included in other noncurrent assets, net	12		12
Cash, cash equivalents and restricted cash, end of period	$	8,914	$	8,778

Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.

(in millions)	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	8,880	$	8,711
Restricted cash included in other current assets	21		56
Restricted cash included in other noncurrent assets, net	12		12
Cash, cash equivalents and restricted cash, end of period	$	8,914	$	8,778

XML

Segment Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) segment	Mar. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	5
Financial Data by Business Segment
Revenue	$ 31,010	$ 27,205
Adjusted EBITDA	9,150	8,413
Depreciation and amortization	3,548	3,362
Capital Expenditures	1,856	1,859
Cash Paid for Intangible Assets	$ 641	612
NBCUniversal
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Cable Communications
Segment Reporting Information [Line Items]
Number of reportable segments | segment	1
Sky
Segment Reporting Information [Line Items]
Number of reportable segments | segment	1
Operating Segments | NBCUniversal
Financial Data by Business Segment
Revenue	$ 10,296	7,024
Adjusted EBITDA	1,601	1,490
Depreciation and amortization	662	583
Capital Expenditures	306	172
Cash Paid for Intangible Assets	85	68
Eliminations
Financial Data by Business Segment
Revenue	1,741	1,753
Eliminations | NBCUniversal
Financial Data by Business Segment
Revenue	(901)	(1,043)
Adjusted EBITDA	(62)	(210)
Depreciation and amortization	0	0
Capital Expenditures	0	0
Cash Paid for Intangible Assets	0	0
Eliminations | Inter-Business Unit Eliminations
Financial Data by Business Segment
Revenue	(840)	(710)
Adjusted EBITDA	(82)	10
Depreciation and amortization	0	0
Capital Expenditures	0	0
Cash Paid for Intangible Assets	0	0
Corporate and Other
Financial Data by Business Segment
Revenue	238	89
Adjusted EBITDA	(262)	(281)
Depreciation and amortization	56	36
Capital Expenditures	37	46
Cash Paid for Intangible Assets	67	28
Corporate and Other | NBCUniversal
Financial Data by Business Segment
Revenue	16	16
Adjusted EBITDA	(191)	(209)
Depreciation and amortization	118	117
Capital Expenditures	72	35
Cash Paid for Intangible Assets	31	28
Cable Communications | Operating Segments
Financial Data by Business Segment
Revenue	16,540	15,805
Adjusted EBITDA	7,272	6,830
Depreciation and amortization	1,960	1,929
Capital Expenditures	1,367	1,370
Cash Paid for Intangible Assets	334	315
Cable Communications | Eliminations
Financial Data by Business Segment
Revenue	56	45
Media | Operating Segments | NBCUniversal
Financial Data by Business Segment
Revenue	6,865	5,036
Adjusted EBITDA	1,159	1,473
Depreciation and amortization	250	247
Capital Expenditures	12	10
Cash Paid for Intangible Assets	46	32
Media | Eliminations | NBCUniversal
Financial Data by Business Segment
Revenue	669	540
Studios | Operating Segments | NBCUniversal
Financial Data by Business Segment
Revenue	2,757	2,396
Adjusted EBITDA	245	497
Depreciation and amortization	11	12
Capital Expenditures	1	1
Cash Paid for Intangible Assets	3	2
Studios | Eliminations | NBCUniversal
Financial Data by Business Segment
Revenue	939	1,089
Theme Parks | Operating Segments | NBCUniversal
Financial Data by Business Segment
Revenue	1,560	619
Adjusted EBITDA	451	(61)
Depreciation and amortization	282	207
Capital Expenditures	220	126
Cash Paid for Intangible Assets	5	6
Theme Parks | Eliminations | NBCUniversal
Financial Data by Business Segment
Revenue	0	1
Sky | Operating Segments
Financial Data by Business Segment
Revenue	4,775	4,997
Adjusted EBITDA	622	364
Depreciation and amortization	870	814
Capital Expenditures	147	271
Cash Paid for Intangible Assets	154	201
Sky | Eliminations
Financial Data by Business Segment
Revenue	$ 5	$ 8

XML

Segment Information (Intersegment Eliminations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 31,010	$ 27,205
Eliminations
Segment Reporting Information [Line Items]
Revenue	1,741	1,753
Eliminations | NBCUniversal
Segment Reporting Information [Line Items]
Revenue	(901)	(1,043)
Corporate and Other
Segment Reporting Information [Line Items]
Revenue	58	58
Corporate and Other | NBCUniversal
Segment Reporting Information [Line Items]
Revenue	12	12
Cable Communications | Eliminations
Segment Reporting Information [Line Items]
Revenue	56	45
Media | Eliminations | NBCUniversal
Segment Reporting Information [Line Items]
Revenue	669	540
Studios | Eliminations | NBCUniversal
Segment Reporting Information [Line Items]
Revenue	939	1,089
Theme Parks | Eliminations | NBCUniversal
Segment Reporting Information [Line Items]
Revenue	0	1
Sky | Eliminations
Segment Reporting Information [Line Items]
Revenue	$ 5	$ 8

XML

Segment Information (Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting [Abstract]
Adjusted EBITDA	$ 9,150	$ 8,413
Adjustments	(33)	(12)
Depreciation	(2,213)	(2,117)
Amortization	(1,335)	(1,245)
Interest expense	(993)	(1,018)
Investment and other income (loss), net	188	390
Income before income taxes	$ 4,764	$ 4,411

XML

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 31,010	$ 27,205
Operating Segments | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	10,296	7,024
Operating Segments | Cable Communications
Disaggregation of Revenue [Line Items]
Revenue	16,540	15,805
Operating Segments | Cable Communications | Broadband
Disaggregation of Revenue [Line Items]
Revenue	6,050	5,600
Operating Segments | Cable Communications | Video
Disaggregation of Revenue [Line Items]
Revenue	5,536	5,623
Operating Segments | Cable Communications | Voice
Disaggregation of Revenue [Line Items]
Revenue	786	871
Operating Segments | Cable Communications | Wireless
Disaggregation of Revenue [Line Items]
Revenue	677	513
Operating Segments | Cable Communications | Business services
Disaggregation of Revenue [Line Items]
Revenue	2,396	2,167
Operating Segments | Cable Communications | Advertising
Disaggregation of Revenue [Line Items]
Revenue	671	618
Operating Segments | Cable Communications | Other
Disaggregation of Revenue [Line Items]
Revenue	424	413
Operating Segments | Media | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	6,865	5,036
Operating Segments | Media | Advertising | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	3,332	2,094
Operating Segments | Media | Other | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	499	447
Operating Segments | Media | Distribution | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	3,033	2,495
Operating Segments | Studios | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	2,757	2,396
Operating Segments | Studios | Content licensing | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	2,279	2,075
Operating Segments | Studios | Theatrical | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	168	39
Operating Segments | Studios | Home entertainment and other | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	310	282
Operating Segments | Theme Parks | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	1,560	619
Operating Segments | Sky
Disaggregation of Revenue [Line Items]
Revenue	4,775	4,997
Operating Segments | Sky | Advertising
Disaggregation of Revenue [Line Items]
Revenue	596	574
Operating Segments | Sky | Direct-to-consumer
Disaggregation of Revenue [Line Items]
Revenue	3,884	4,065
Operating Segments | Sky | Content
Disaggregation of Revenue [Line Items]
Revenue	295	358
Eliminations
Disaggregation of Revenue [Line Items]
Revenue	1,741	1,753
Eliminations | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	(901)	(1,043)
Eliminations | Inter-Business Unit Eliminations
Disaggregation of Revenue [Line Items]
Revenue	(840)	(710)
Eliminations | Cable Communications
Disaggregation of Revenue [Line Items]
Revenue	56	45
Eliminations | Media | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	669	540
Eliminations | Studios | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	939	1,089
Eliminations | Theme Parks | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	0	1
Eliminations | Sky
Disaggregation of Revenue [Line Items]
Revenue	5	8
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	238	89
Corporate and Other | NBCUniversal
Disaggregation of Revenue [Line Items]
Revenue	$ 16	$ 16

XML

Revenue (Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Revenues [Abstract]
Receivables, gross	$ 13,026	$ 12,666
Less: Allowance for doubtful accounts	726	658
Receivables, net	12,300	12,008
Noncurrent receivables, net (included in other noncurrent assets, net)	1,775	1,632
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	1,089	1,094
Noncurrent deferred revenue (included in other noncurrent liabilities)	$ 682	$ 695

XML

Programming and Production Costs (Recognized Programming and Production Costs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Industries [Abstract]
Video distribution programming	$ 3,426	$ 3,515
Film and television content:
Owned	2,508	1,964
Licensed, including sports rights	4,325	3,175
Other	311	265
Total programming and production costs	10,570	8,919
Amortization of owned film and television costs	$ 2,000	$ 1,600

XML

Programming and Production Costs (Capitalized Film and Television Costs and Programming Rights) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Owned:
Released, less amortization	$ 3,900	$ 3,726
Completed, not released	597	536
In production and in development	2,706	2,732
Owned	7,202	6,994
Licensed, including sports advances	5,158	5,811
Film and television costs	$ 12,360	$ 12,806

XML

Long-Term Debt (Narrative) (Details) - USD ($) $ in Billions	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Total carrying value of debt	$ 94.6	$ 94.8
Total fair value of debt	$ 99.8	$ 109.3

XML

Significant Transactions (Details) - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill		$ 69,052	$ 70,189
Masergy
Business Combination, Separately Recognized Transactions [Line Items]
Acquisition, cash consideration	$ 1,200
Goodwill	$ 850

XML

Investments and Variable Interest Entities (Investment and Other Income (Loss), Net) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments [Abstract]
Equity in net income (losses) of investees, net	$ 133	$ 136
Realized and unrealized gains (losses) on equity securities, net	117	237
Other income (loss), net	(62)	17
Investment and other income (loss), net	188	390
Unrealized gains (losses) recognized	$ 90	$ 98

XML

Investments and Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2019	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Unrealized gains (losses) recognized	$ 90	$ 98
Cash distribution received from equity method investments	32	115
Collateralized obligation	5,171			$ 5,170
Assets	$ 274,074			275,905
Variable Interest Entity, Primary Beneficiary | Universal Beijing Resort
Schedule of Equity Method Investments [Line Items]
Ownership percentage in variable interest entity	30.00%
Principal amount of term loan outstanding	$ 3,700
Assets	9,600
Consolidated variable interest entity's liabilities included in condensed consolidated balance sheet	8,100
Variable Interest Entity, Primary Beneficiary | Universal Beijing Resort | Universal Beijing Resort Term Loans
Schedule of Equity Method Investments [Line Items]
Principal amount of term loan outstanding	3,300
Atairos
Schedule of Equity Method Investments [Line Items]
Cash capital contributions for equity method investments	13	$ 12
Equity method investments and certain retained distributions	4,800			4,700
Atairos | Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Remaining unfunded capital commitment	1,500
Hulu
Schedule of Equity Method Investments [Line Items]
Proceeds from collateralized obligation			$ 5,200
Collateralized obligation	5,200			5,200
Fair value of collateralized obligation	$ 5,200			$ 5,200

XML

Investments and Variable Interest Entities (Schedule of Investments) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments [Abstract]
Equity method	$ 5,852	$ 6,111
Marketable equity securities	323	406
Nonmarketable equity securities	1,897	1,735
Other investments	1,166	803
Total investments	9,238	9,055
Less: Current investments	306	368
Less: Investment securing collateralized obligation	646	605
Noncurrent investments	$ 8,287	$ 8,082

XML

Equity and Share-Based Compensation (Weighted Average Common Shares Outstanding) (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Weighted average number of common shares outstanding – basic (in shares)	4,512	4,591
Effect of dilutive securities (in shares)	46	74
Weighted-average number of common shares outstanding – diluted (in shares)	4,558	4,665

XML

Equity and Share-Based Compensation (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Cumulative translation adjustments	$ 174	$ 1,119
Deferred gains (losses) on cash flow hedges	252	104
Unrecognized gains (losses) on employee benefit obligations and other	248	257
Accumulated other comprehensive income (loss), net of deferred taxes	$ 674	$ 1,480

XML

Equity and Share-Based Compensation (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Management Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted (in shares) | shares	51
Weighted-average fair value of stock options granted (in dollars per share) | $ / shares	$ 8.81
Restricted Share Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized pretax compensation expense on nonvested awards | $	$ 1,700
Restricted Share Units (RSUs) | Management Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted share units granted (in shares) | shares	16
Weighted-average fair value of restricted share units granted (in dollars per share) | $ / shares	$ 46.46
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized pretax compensation expense on nonvested awards | $	$ 868

XML

Equity and Share-Based Compensation (Recognized Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation expense	$ 300	$ 307
Restricted Share Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation expense	197	206
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation expense	91	90
Employee Stock Purchase Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation expense	$ 12	$ 11

XML

Supplemental Financial Information (Cash Payments for Interest and Income Taxes) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Payments for Interest and Income Taxes
Interest	$ 747	$ 911
Income taxes	$ 90	$ 87

XML

Supplemental Financial Information (Noncash Activities) (Details) - USD ($) $ / shares in Units, $ in Billions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental Financial Information [Line Items]
Property and equipment and intangible assets accrued but not yet paid	$ 1.9	$ 1.6
Dividends payable	$ 1.2	$ 1.2
Dividends payable (in dollars per share)	$ 0.27	$ 0.25
Universal Beijing Resort
Supplemental Financial Information [Line Items]
Operating lease assets and liabilities recognized		$ 2.8

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Supplemental Financial Information (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 8,880	$ 8,711
Restricted cash included in other current assets	21	56
Restricted cash included in other noncurrent assets, net	12	12
Cash, cash equivalents and restricted cash, end of period	$ 8,914	$ 8,778	$ 14,976	$ 11,768

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Commitments and Contingencies (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Cash payments for the redemption of redeemable subsidiary preferred stock	$ 725