UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2023

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
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 July 15, 2023, there were 4,115,688,549 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

TABLE OF CONTENTS

		Page Number
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Income (Unaudited)	1
	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	2
	Condensed Consolidated Statements of Cash Flows (Unaudited)	3
	Condensed Consolidated Balance Sheets (Unaudited)	4
	Condensed Consolidated Statements of Changes in Equity (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
	Note 1: Condensed Consolidated Financial Statements	6
	Note 2: Segment Information	6
	Note 3: Revenue	10
	Note 4: Programming and Production Costs	11
	Note 5: Long-Term Debt	11
	Note 6: Investments and Variable Interest Entities	12
	Note 7: Equity and Share-Based Compensation	13
	Note 8: Supplemental Financial Information	14
	Note 9: Commitments and Contingencies	14
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	33
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 5.	Other Information	34
Item 6.	Exhibits	34
SIGNATURES		35

Explanatory Note

This Quarterly Report on Form 10-Q is for the three and six months ended June 30, 2023. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The U.S. Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q. Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries as “Comcast,” “we,” “us” and “our.”

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

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

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

In evaluating forward-looking statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and other reports we file with the SEC. 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:

•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 on a per subscriber basis, which could adversely affect our video businesses

•the success of our businesses depends on consumer acceptance of our content, and our businesses may be adversely affected if their content fails to achieve sufficient consumer acceptance

•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 international transmission access agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms could adversely affect our businesses

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

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

•our businesses depend on keeping pace with technological developments

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

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

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

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

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

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

•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 Statements of Income

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2023		2022		2023		2022
Revenue	$	30,513	$	30,016	$	60,205	$	61,026
Costs and Expenses:
Programming and production	8,849		8,887		17,853		19,457
Marketing and promotion	2,100		2,196		4,063		4,258
Other operating and administrative	9,317		9,098		18,618		18,358
Depreciation	2,195		2,162		4,459		4,375
Amortization	1,343		1,306		2,856		2,641
Total costs and expenses	23,804		23,649		47,849		49,089
Operating income	6,709		6,367		12,355		11,936
Interest expense	(998)		(968)		(2,007)		(1,962)
Investment and other income (loss), net	15		(897)		622		(709)
Income before income taxes	5,726		4,502		10,970		9,266
Income tax expense	(1,537)		(1,261)		(3,013)		(2,548)
Net income	4,189		3,241		7,957		6,717
Less: Net income (loss) attributable to noncontrolling interests	(59)		(155)		(126)		(227)
Net income attributable to Comcast Corporation	$	4,248	$	3,396	$	8,082	$	6,945
Basic earnings per common share attributable to Comcast Corporation shareholders	$	1.02	$	0.76	$	1.93	$	1.55
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	1.02	$	0.76	$	1.92	$	1.54

See accompanying notes to condensed consolidated financial statements.

1

Comcast Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited) 

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Net income	$	4,189	$	3,241	$	7,957	$	6,717
Currency translation adjustments, net of deferred taxes of $(20), $42, $(22) and $289	490		(2,957)		1,268		(3,873)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $14, $(1), $23 and $(38)	(7)		129		(22)		294
Realized (gains) losses reclassified to net income, net of deferred taxes of $8, $(11), $16 and $(16)	(50)		(45)		(97)		(62)
Employee benefit obligations and other, net of deferred taxes of $1, $2, $3 and $5	(4)		(12)		(10)		(21)
Comprehensive income	4,619		356		9,096		3,055
Less: Net income (loss) attributable to noncontrolling interests	(59)		(155)		(126)		(227)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(36)		(41)		(39)		(13)
Comprehensive income attributable to Comcast Corporation	$	4,714	$	552	$	9,261	$	3,295

See accompanying notes to condensed consolidated financial statements.

2

Comcast Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited) 

	Six Months Ended June 30,
(in millions)	2023		2022
Operating Activities
Net income	$	7,957	$	6,717
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,315		7,016
Share-based compensation	668		675
Noncash interest expense (income), net	140		165
Net (gain) loss on investment activity and other	(354)		864
Deferred income taxes	296		(31)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	(92)		(338)
Film and television costs, net	58		651
Accounts payable and accrued expenses related to trade creditors	(718)		78
Other operating assets and liabilities	(843)		(2,214)
Net cash provided by operating activities	14,426		13,584
Investing Activities
Capital expenditures	(5,627)		(4,270)
Cash paid for intangible assets	(1,577)		(1,383)
Construction of Universal Beijing Resort	(104)		(168)
Proceeds from sales of businesses and investments	369		108
Purchases of investments	(593)		(1,164)
Other	6		86
Net cash provided by (used in) investing activities	(7,528)		(6,792)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net	(660)		—
Proceeds from borrowings	6,044		166
Repurchases and repayments of debt	(3,001)		(254)
Repurchases of common stock under repurchase program and employee plans	(4,227)		(6,288)
Dividends paid	(2,387)		(2,377)
Other	(260)		116
Net cash provided by (used in) financing activities	(4,492)		(8,636)
Impact of foreign currency on cash, cash equivalents and restricted cash	14		(76)
Increase (decrease) in cash, cash equivalents and restricted cash	2,420		(1,920)
Cash, cash equivalents and restricted cash, beginning of period	4,782		8,778
Cash, cash equivalents and restricted cash, end of period	$	7,202	$	6,859

See accompanying notes to condensed consolidated financial statements.

3

Comcast Corporation

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except share data)	June 30, 2023		December 31, 2022
Assets
Current Assets:
Cash and cash equivalents	$	7,146	$	4,749
Receivables, net	12,980		12,672
Other current assets	4,796		4,406
Total current assets	24,922		21,826
Film and television costs	12,641		12,560
Investments	7,761		7,250
Investment securing collateralized obligation	480		490
Property and equipment, net of accumulated depreciation of $57,955 and $56,939	56,851		55,485
Goodwill	59,042		58,494
Franchise rights	59,365		59,365
Other intangible assets, net of accumulated amortization of $28,411 and $25,860	28,761		29,308
Other noncurrent assets, net	12,323		12,497
Total assets	$	262,147	$	257,275
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	$	12,213	$	12,544
Accrued participations and residuals	1,812		1,770
Deferred revenue	3,327		2,380
Accrued expenses and other current liabilities	7,876		9,450
Current portion of long-term debt	2,524		1,743
Collateralized obligation	5,173		—
Total current liabilities	32,925		27,887
Long-term debt, less current portion	94,972		93,068
Collateralized obligation	—		5,172
Deferred income taxes	29,052		28,714
Other noncurrent liabilities	20,280		20,395
Commitments and contingencies
Redeemable noncontrolling interests	239		411
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero	—		—
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,995,591,433 and 5,083,466,045; outstanding, 4,122,800,405 and 4,210,675,017	50		51
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	—		—
Additional paid-in capital	39,118		39,412
Retained earnings	53,900		51,609
Treasury stock, 872,791,028 Class A common shares	(7,517)		(7,517)
Accumulated other comprehensive income (loss)	(1,432)		(2,611)
Total Comcast Corporation shareholders’ equity	84,119		80,943
Noncontrolling interests	559		684
Total equity	84,679		81,627
Total liabilities and equity	$	262,147	$	257,275

See accompanying notes to condensed consolidated financial statements.

4

Comcast Corporation

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2023		2022		2023		2022
Redeemable Noncontrolling Interests
Balance, beginning of period	$	422	$	513	$	411	$	519
Contributions from (distributions to) noncontrolling interests, net	(8)		(8)		(15)		(33)
Other	(171)		—		(171)		—
Net income (loss)	(3)		8		14		27
Balance, end of period	$	239	$	513	$	239	$	513
Class A Common Stock
Balance, beginning of period	$	50	$	53	$	51	$	54
Issuances (repurchases) of common stock under repurchase program and employee plans	—		(1)		(1)		(1)
Balance, end of period	$	50	$	53	$	50	$	53
Additional Paid-In Capital
Balance, beginning of period	$	39,262	$	39,926	$	39,412	$	40,173
Share-based compensation	250		235		543		521
Repurchases of common stock under repurchase program and employee plans	(386)		(481)		(907)		(1,076)
Issuances of common stock under employee plans	82		83		158		150
Other	(89)		88		(87)		83
Balance, end of period	$	39,118	$	39,852	$	39,118	$	39,852
Retained Earnings
Balance, beginning of period	$	52,524	$	61,555	$	51,609	$	61,902
Repurchases of common stock under repurchase program and employee plans	(1,664)		(2,540)		(3,352)		(5,210)
Dividends declared	(1,208)		(1,203)		(2,439)		(2,428)
Net income	4,248		3,396		8,082		6,945
Balance, end of period	$	53,900	$	61,209	$	53,900	$	61,209
Treasury Stock at Cost
Balance, beginning of period	$	(7,517)	$	(7,517)	$	(7,517)	$	(7,517)
Balance, end of period	$	(7,517)	$	(7,517)	$	(7,517)	$	(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period	$	(1,898)	$	674	$	(2,611)	$	1,480
Other comprehensive income (loss)	466		(2,844)		1,179		(3,650)
Balance, end of period	$	(1,432)	$	(2,170)	$	(1,432)	$	(2,170)
Noncontrolling Interests
Balance, beginning of period	$	612	$	1,300	$	684	$	1,398
Other comprehensive income (loss)	(36)		(41)		(39)		(13)
Contributions from (distributions to) noncontrolling interests, net	41		35		56		—
Other	(2)		1		(2)		1
Net income (loss)	(55)		(163)		(139)		(254)
Balance, end of period	$	559	$	1,132	$	559	$	1,132
Total equity	$	84,679	$	92,558	$	84,679	$	92,558
Cash dividends declared per common share	$	0.29	$	0.27	$	0.58	$	0.54

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 sheets were 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 2022 Annual Report on Form 10-K and the notes within this Quarterly Report on Form 10-Q.

Reclassifications

Reclassifications have been made to our notes to condensed consolidated financial statements for the prior year periods to conform to classifications used in 2023. See Note 2 for a discussion of the changes in our presentation of segment operating results.

Note 2: Segment Information

Beginning in the first quarter of 2023, we changed our presentation of segment operating results around our two primary businesses: Connectivity & Platforms and Content & Experiences.

Connectivity & Platforms: Contains our broadband and wireless connectivity businesses operated under the Xfinity and Comcast brands in the United States and under the Sky brand in certain territories in Europe (the “Connectivity & Platforms markets”). Also includes our video services businesses and the operations of our Sky-branded entertainment television channels in the Connectivity & Platforms markets. Our Connectivity & Platforms business is reported in two reportable business segments:

•Residential Connectivity & Platforms Segment: Includes our residential broadband and wireless connectivity services, residential and business video services, advertising sales and Sky channels. Revenue is generated primarily from customers that subscribe to our services and from the sale of advertising and wireless devices.

•Business Services Connectivity Segment: Includes our connectivity services for small business locations in the United States, which include broadband, voice and wireless services, as well as our solutions for medium-sized customers and larger enterprises, and our small business connectivity service offerings for international locations. Revenue is generated primarily from customers that subscribe to our services.

Content & Experiences: Contains our media and entertainment businesses that develop, produce, and distribute entertainment, news and information, sports, and other content for global audiences and that own and operate theme parks in the United States and Asia. Our Content & Experiences business is reported in three reportable business segments:

•Media Segment: Includes primarily NBCUniversal’s television and streaming business, including national and regional cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; and Peacock, our direct-to-consumer streaming service. Also includes international networks, including most of the Sky Sports channels, and other digital properties. Revenue is generated primarily from the distribution of our television and streaming programming and from the sale of advertising on our television networks, Peacock and other digital properties.

•Studios Segment: Includes primarily our NBCUniversal and Sky film and television studio production and distribution operations. Revenue is generated primarily from licensing our owned film and television content in the United States and internationally; and from the worldwide distribution of our produced and acquired films for exhibition in movie theaters.

•Theme Parks Segment: Includes primarily the operations of our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. Revenue is generated primarily from guest spending at our theme parks.

6

Comcast Corporation

Our other business interests consist primarily of Sky operations outside of the Connectivity & Platforms markets, the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and the operations of Xumo, our consolidated streaming platform joint venture with Charter Communications formed in June 2022.

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. Transactions between our Connectivity & Platforms and Content & Experiences businesses, and between segments within the Content & Experiences business, generally include intercompany profit consistent with third-party transactions. The segments within our Connectivity & Platforms business use certain shared infrastructure, including the cable distribution network in the United States, and each segment is presented with its direct costs and an allocation of shared costs, as well as revenue from its customers.

Our financial data by reportable business segment is presented in the tables below and has been updated to reflect our new segment presentation, including: (1) presentation of Cable Communications results in the Residential Connectivity & Platforms and Business Services Connectivity segments and (2) presentation of Sky’s results across the segments within the Connectivity & Platforms and Content & Experiences businesses, and Corporate and Other. We do not present asset information for our reportable business segments as this information is not used to allocate resources and capital.

	Three Months Ended June 30,
	2023				2022
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Revenue(a)		Adjusted EBITDA(b)
Connectivity & Platforms
Residential Connectivity & Platforms	$	18,068	$	7,024	$	18,131	$	6,733
Business Services Connectivity	2,292		1,322		2,203		1,263
Connectivity & Platforms	20,360		8,346		20,335		7,995
Content & Experiences
Media	6,195		1,244		6,188		1,520
Studios	3,087		255		3,117		(3)
Theme Parks	2,209		833		1,804		632
Headquarters and Other	13		(200)		8		(137)
Eliminations(a)	(631)		56		(664)		23
Content & Experiences	10,873		2,187		10,453		2,034
Corporate and Other	654		(303)		617		(167)
Eliminations(a)	(1,373)		14		(1,389)		(36)
Comcast Consolidated	$	30,513	$	10,244	$	30,016	$	9,827

	Six Months Ended June 30,
	2023				2022
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Revenue(a)		Adjusted EBITDA(b)
Connectivity & Platforms
Residential Connectivity & Platforms	$	35,937	$	13,785	$	36,472	$	13,344
Business Services Connectivity	4,575		2,654		4,375		2,496
Connectivity & Platforms	40,512		16,439		40,846		15,840
Content & Experiences
Media	12,347		2,124		13,946		2,701
Studios	6,043		532		6,023		242
Theme Parks	4,158		1,490		3,364		1,082
Headquarters and Other	31		(432)		24		(329)
Eliminations(a)	(1,448)		81		(1,566)		(39)
Content & Experiences	21,131		3,795		21,792		3,658
Corporate and Other	1,360		(591)		1,330		(402)
Eliminations(a)	(2,799)		17		(2,943)		(119)
Comcast Consolidated	$	60,205	$	19,659	$	61,026	$	18,977

7

Comcast Corporation

(a)Included in Eliminations are transactions that our segments enter into with one another. The most significant of these transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming and content licensing revenue in Studios for licenses of owned content to Media. Revenue for licenses of content from Studios to Media 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 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 June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Connectivity & Platforms
Residential Connectivity & Platforms	$	43	$	50	$	96	$	107
Business Services Connectivity	11		11		11		11
Content & Experiences
Media	1,164		1,117		2,332		2,420
Studios	747		833		1,709		1,858
Theme Parks	—		—		—		—
Headquarters and Other	5		6		13		18
Corporate and Other	33		36		87		94
Total intersegment revenue	$	2,003	$	2,053	$	4,247	$	4,509

(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 segments to consolidated income before income taxes is presented in the table below.

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Adjusted EBITDA	$	10,244	$	9,827	$	19,659	$	18,977
Adjustments	3		9		11		(24)
Depreciation	(2,195)		(2,162)		(4,459)		(4,375)
Amortization	(1,343)		(1,306)		(2,856)		(2,641)
Interest expense	(998)		(968)		(2,007)		(1,962)
Investment and other income (loss), net	15		(897)		622		(709)
Income (loss) before income taxes	$	5,726	$	4,502	$	10,970	$	9,266

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.

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Comcast Corporation

Goodwill by Segment

The changes in the carrying amount of goodwill by segment for the six months ended June 30, 2023 are presented in the table below.

			Connectivity & Platforms				Content & Experiences
(in billions)	Cable Communications		Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Sky		Corporate and Other		Total
Balance, December 31, 2022
Goodwill	$	16.2	$	—	$	—	$	14.7	$	3.7	$	5.8	$	26.0	$	—	$	66.4
Accumulated impairment losses(a)	—		—		—		—		—		—		(7.9)		—		(7.9)
	$	16.2	$	—	$	—	$	14.7	$	3.7	$	5.8	$	18.1	$	—	$	58.5
Segment change	(16.2)		27.4		2.2		4.7		—		—		(18.1)		—		—
Foreign currency translation and other	—		0.7		—		0.3		—		(0.4)		—		—		0.5
Balance, June 30, 2023
Goodwill	$	—	$	34.4	$	2.2	$	21.9	$	3.7	$	5.3	$	—	$	—	$	67.5
Accumulated impairment losses(a)	—		(6.3)		—		(2.2)		—		—		—		—		(8.5)
	$	—	$	28.1	$	2.2	$	19.7	$	3.7	$	5.3	$	—	$	—	$	59.0

(a) Amounts relate to 2022 impairment related to Sky allocated to the new segments on a consistent basis with goodwill. Amounts are impacted by foreign currency translation each period.

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Comcast Corporation

Note 3: Revenue

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Domestic broadband	$	6,377	$	6,107	$	12,720	$	12,158
Domestic wireless	869		722		1,727		1,399
International connectivity	1,002		791		1,900		1,631
Total residential connectivity	8,248		7,620		16,346		15,187
Video	7,358		7,793		14,741		15,795
Advertising	993		1,112		1,900		2,185
Other	1,469		1,607		2,950		3,305
Total Residential Connectivity & Platforms	18,068		18,131		35,937		36,472
Total Business Services Connectivity	2,292		2,203		4,575		4,375
Total Connectivity & Platforms	20,360		20,335		40,512		40,846
Domestic advertising	2,027		2,131		4,051		5,441
Domestic distribution	2,615		2,558		5,325		5,496
International networks	1,035		970		2,043		1,965
Other	518		529		928		1,044
Total Media	6,195		6,188		12,347		13,946
Content licensing	1,821		2,269		4,165		4,698
Theatrical	913		550		1,232		718
Other	354		298		646		607
Total Studios	3,087		3,117		6,043		6,023
Total Theme Parks	2,209		1,804		4,158		3,364
Headquarters and Other	13		8		31		24
Eliminations(a)	(631)		(664)		(1,448)		(1,566)
Total Content & Experiences	10,873		10,453		21,131		21,792
Corporate and Other	654		617		1,360		1,330
Eliminations(a)	(1,373)		(1,389)		(2,799)		(2,943)
Total revenue	$	30,513	$	30,016	$	60,205	$	61,026

(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 Sheets

The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheets that relate to the recognition of revenue and collection of the related cash.

(in millions)	June 30, 2023		December 31, 2022
Receivables, gross	$	13,692	$	13,407
Less: Allowance for credit losses	713		736
Receivables, net	$	12,980	$	12,672

(in millions)	June 30, 2023		December 31, 2022
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,838	$	1,887
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	781	$	735

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Comcast Corporation

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

(in millions)	June 30, 2023		December 31, 2022
Receivables, net	$	1,523	$	1,388
Noncurrent receivables, net (included in other noncurrent assets, net)	1,065		1,023
Total	$	2,588	$	2,411

Note 4: Programming and Production Costs

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Video distribution programming	$	3,191	$	3,288	$	6,381	$	6,713
Film and television content:
Owned(a)	2,804		2,919		5,539		5,426
Licensed, including sports rights	2,461		2,377		5,193		6,702
Other	393		304		740		616
Total programming and production costs	$	8,849	$	8,887	$	17,853	$	19,457

(a) Amount includes amortization of owned content of $2.0 billion and $4.3 billion for the three and six months ended June 30, 2023, respectively, and $2.4 billion and $4.4 billion for the three and six months ended June 30, 2022, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

(in millions)	June 30, 2023		December 31, 2022
Owned:
In production and in development	$	3,126	$	3,210
Completed, not released	367		130
Released, less amortization	4,465		4,634
	7,958		7,974
Licensed, including sports advances	4,683		4,586
Film and television costs	$	12,641	$	12,560

Note 5: Long-Term Debt

As of June 30, 2023, our debt had a carrying value of $97.5 billion and an estimated fair value of $90.5 billion. As of December 31, 2022, our debt had a carrying value of $94.8 billion and an estimated fair value of $86.9 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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Comcast Corporation

Note 6: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Equity in net income (losses) of investees, net	$	(80)	$	(413)	$	405	$	(280)
Realized and unrealized gains (losses) on equity securities, net	(38)		(321)		(44)		(205)
Other income (loss), net	133		(162)		261		(224)
Investment and other income (loss), net	$	15	$	(897)	$	622	$	(709)

The amount of unrealized gains (losses), net recognized in the three months ended June 30, 2023 and 2022 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(41) million and $(333) million, respectively. The amount of unrealized gains (losses), net recognized in the six months ended June 30, 2023 and 2022 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(66) million and $(251) million, respectively.

Investments

(in millions)	June 30, 2023		December 31, 2022
Equity method	$	6,500	$	5,421
Marketable equity securities	82		96
Nonmarketable equity securities	1,526		1,653
Other investments	380		972
Total investments	8,488		8,142
Less: Current investments	247		402
Less: Investment securing collateralized obligation	480		490
Noncurrent investments	$	7,761	$	7,250

Equity Method Investments

The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the six months ended June 30, 2023 and 2022 was $142 million and $67 million, respectively.

Atairos

Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the six months ended June 30, 2023 and 2022, we made cash capital contributions to Atairos totaling $28 million and $26 million, respectively. As of June 30, 2023 and December 31, 2022, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was $4.7 billion and $4.3 billion, respectively. As of June 30, 2023, 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 both June 30, 2023 and December 31, 2022, the carrying value and estimated fair value of our collateralized obligation were each $5.2 billion. The estimated fair values were 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 sheets 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.

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Comcast Corporation

Other Investments

Other investments include investments in certain short-term instruments with maturities over three months when purchased, such as commercial paper, certificates of deposit and U.S. government obligations, which are generally accounted for at amortized cost. These short-term instruments totaled $162 million and $304 million as of June 30, 2023 and December 31, 2022, respectively. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities. Proceeds from short-term instruments for the six months ended June 30, 2023 were $304 million and there were no proceeds for the six months ended June 30, 2022. Purchases of short-term instruments for the six months ended June 30, 2023 and 2022 were $162 million and $1.0 billion, respectively.

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 June 30, 2023, Universal Beijing Resort had $3.4 billion of debt outstanding, including $3.0 billion principal amount of a term loan outstanding under the debt financing agreement.

As of June 30, 2023, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.8 billion and $7.1 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

Note 7: Equity and Share-Based Compensation

Weighted-Average Common Shares Outstanding

	Three Months Ended June 30,		Six Months Ended June 30,
(in millions)	2023	2022	2023	2022
Weighted-average number of common shares outstanding – basic	4,165	4,457	4,186	4,485
Effect of dilutive securities	18	25	19	35
Weighted-average number of common shares outstanding – diluted	4,183	4,482	4,205	4,520
Antidilutive securities	230	182	216	126

Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive.

Accumulated Other Comprehensive Income (Loss)

(in millions)	June 30, 2023		December 31, 2022
Cumulative translation adjustments	$	(1,786)	$	(3,093)
Deferred gains (losses) on cash flow hedges	74		193
Unrecognized gains (losses) on employee benefit obligations and other	280		290
Accumulated other comprehensive income (loss), net of deferred taxes	$	(1,432)	$	(2,611)

Share-Based Compensation

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

In March 2023, we granted 22 million RSUs and 57 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $36.62 per RSU and $8.33 per stock option.

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Comcast Corporation

During the three months ended June 30, 2023 and 2022, share-based compensation expense recognized in our condensed consolidated statements of income was $252 million and $246 million, respectively. During the six months ended June 30, 2023 and 2022, share-based compensation expense recognized in our condensed consolidated statements of income was $547 million and $546 million, respectively. As of June 30, 2023, we had unrecognized pretax compensation expense of $2.4 billion related to nonvested RSUs and nonvested stock options.

Note 8: Supplemental Financial Information

Cash Payments for Interest and Income Taxes

	Six Months Ended June 30,
(in millions)	2023		2022
Interest	$	1,823	$	1,644
Income taxes	$	2,384	$	2,841

Noncash Activities

During the six months ended June 30, 2023:

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

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

During the six months ended June 30, 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 July 2022

Cash, Cash Equivalents and Restricted Cash

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

(in millions)	June 30, 2023		December 31, 2022
Cash and cash equivalents	$	7,146	$	4,749
Restricted cash included in other current assets and other noncurrent assets, net	55		33
Cash, cash equivalents and restricted cash, end of period	$	7,202	$	4,782

Note 9: Commitments and Contingencies

Contingencies

We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such proceedings and claims is not expected to materially affect our results of operations, cash flows or financial position, any 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 2022 Annual Report on Form 10-K.

Overview

We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We present the operations of (1) our Connectivity & Platforms business in two reportable business segments: Residential Connectivity & Platforms and Business Services Connectivity and (2) our Content & Experiences business in three reportable business segments: Media, Studios and Theme Parks. Refer to Note 2 for information on our reportable business segments, including a description of the segment change implemented in the first quarter of 2023. All amounts are presented under the new segment structure.

Consolidated Operating Results

	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions, except per share data)	2023		2022		%		2023		2022		%
Revenue	$	30,513	$	30,016	1.7	%	$	60,205	$	61,026	(1.3)	%
Costs and Expenses:
Programming and production	8,849		8,887		(0.4)		17,853		19,457		(8.2)
Marketing and promotion	2,100		2,196		(4.4)		4,063		4,258		(4.6)
Other operating and administrative	9,317		9,098		2.4		18,618		18,358		1.4
Depreciation	2,195		2,162		1.5		4,459		4,375		1.9
Amortization	1,343		1,306		2.8