cmcsa-20250331

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, 2025


☐			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

3.250% Notes due 2032

CMCS32A

The Nasdaq Stock Market LLC

1.875% Notes due 2036

CMCS36

The Nasdaq Stock Market LLC

3.550% Notes due 2036

CMCS36A

The Nasdaq Stock Market LLC

1.250% Notes due 2040

CMCS40

The Nasdaq Stock Market LLC

5.250% Notes due 2040

CMCS40A

The Nasdaq Stock Market LLC

5.50% Notes due 2029

CCGBP29

New York Stock Exchange

2.0% Exchangeable Subordinated Debentures due 2029

CCZ

New York Stock Exchange

Indicate by check mark whether the registrant (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 the 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 April 15, 2025, there were 3,724,259,552 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	9
	Note 4: Programming and Production Costs	10
	Note 5: Debt	10
	Note 6: Significant Transactions	1 0
	Note 7 : Investments and Variable Interest Entities	11

	Note 8 : Equity and Share-Based Compensation	12
	Note 9 : Supplemental Financial Information	13
	Note 10 : Commitments and Contingencies	1 3
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, 2025. 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 words such as “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 these 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 in other reports we file with the SEC.

Any of these factors could cause our actual results to differ materially from those expressed or implied by 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

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

•programming expenses for our video services are increasing on a per subscriber basis, which could adversely affect our video businesses

•the loss of programming distribution agreements, 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, misappropriating or otherwise violating 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

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

•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

Table of Contents

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

Comcast Corporation

Condensed Consolidated Statements of Income

(Unaudited)


	Three Months Ended March 31,
(in millions, except per share data)		2025		2024
Revenue		$	29,887	$	30,058
Costs and Expenses:
Programming and production		8,415		8,823
Marketing and promotion		2,071		2,018
Other operating and administrative		9,893		9,857
Depreciation		2,231		2,175
Amortization		1,618		1,376


Total costs and expenses		24,228		24,248
Operating income		5,658		5,810
Interest expense		(1,050)		(1,002)
Investment and other income (loss), net		(116)		298
Income before income taxes		4,492		5,105
Income tax expense		(1,196)		(1,328)
Net income		3,296		3,777
Less: Net income (loss) attributable to noncontrolling interests		(79)		(79)
Net income attributable to Comcast Corporation		$	3,375	$	3,857
Basic earnings per common share attributable to Comcast Corporation shareholders		$	0.90	$	0.97
Diluted earnings per common share attributable to Comcast Corporation shareholders		$	0.89	$	0.97

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended March 31,
(in millions)		2025		2024
Net income		$	3,296	$	3,777
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $74 and $(21)		948		(436)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $1, and $(1)		(20)		19
Realized (gains) losses reclassified to net income, net of deferred taxes of $5 and $(1)		(20)		1
Employee benefit obligations and other, net of deferred taxes of $18 and $5		(56)		(24)
Other comprehensive income (loss)		851		(440)
Comprehensive income		4,147		3,337
Less: Net income (loss) attributable to noncontrolling interests		(79)		(79)
Less: Other comprehensive income (loss) attributable to noncontrolling interests		4		(13)
Comprehensive income attributable to Comcast Corporation		$	4,222	$	3,429

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(in millions)	2025		2024
Operating Activities
Net income	$	3,296	$	3,777
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,849		3,551
Share-based compensation	382		373
Noncash interest expense (income), net	130		103
Net (gain) loss on investment activity and other	231		(164)
Deferred income taxes	(43)		(17)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	935		643
Film and television costs, net	(123)		124
Accounts payable and accrued expenses related to trade creditors	(35)		(446)
Other operating assets and liabilities	(327)		(97)
Net cash provided by operating activities	8,294		7,848
Investing Activities
Capital expenditures	(2,252)		(2,630)
Cash paid for intangible assets	(622)		(679)

Construction of Universal Beijing Resort	(2)		(108)


Proceeds from sales of businesses and investments	43		274
Purchases of investments	(145)		(404)

Other	19		35
Net cash provided by (used in) investing activities	(2,958)		(3,511)
Financing Activities

Proceeds from borrowings

SEC Form 10-Q filed by Comcast Corporation