Companies: 10,651     total market cap: $139.941 T
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Comcast
CMCSA
#183
Rank
$117.24 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$29.75
Share price
1.74%
Change (1 day)
-9.98%
Change (1 year)
๐Ÿ“ฐ Media/Press๐Ÿ“ก Telecommunication Entertainment
Categories
  1. Comcast
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q2

Comcast - 10-Q quarterly report FY2024 Q2


Text size:
Q2false2024December 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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, 2024
Or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                       to       
               
comcastmcolorblk165a05.jpg
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 classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par valueCMCSAThe Nasdaq Stock Market LLC
0.000% Notes due 2026CMCS26The Nasdaq Stock Market LLC
0.250% Notes due 2027CMCS27The Nasdaq Stock Market LLC
1.500% Notes due 2029CMCS29The Nasdaq Stock Market LLC
0.250% Notes due 2029CMCS29AThe Nasdaq Stock Market LLC
0.750% Notes due 2032CMCS32The Nasdaq Stock Market LLC
1.875% Notes due 2036CMCS36The Nasdaq Stock Market LLC
1.250% Notes due 2040CMCS40The Nasdaq Stock Market LLC
5.50% Notes due 2029CCGBP29New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029CCZNew 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 July 15, 2024, there were 3,863,057,248 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.


TABLE OF CONTENTS
  
  
Page
Number
Item 1.
1
1
2
3
4
5
6
Note 1: Condensed Consolidated Financial Statements
6
Note 2: Segment Information
7
Note 3: Revenue
9
Note 4: Programming and Production Costs
10
Note 5: Debt
10
Note 6: Investments and Variable Interest Entities
11
Note 7: Equity and Share-Based Compensation
12
Note 8: Supplemental Financial Information
13
Note 9: Commitments and Contingencies
13
Item 2.
14
Item 3.
30
Item 4.
30
Item 1.
31
Item 1A.
31
Item 2.
31
Item 6.
31
32
 
Explanatory Note
This Quarterly Report on Form 10-Q is for the three and six months ended June 30, 2024. 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 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 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
June 30,		Six Months Ended
June 30,
(in millions, except per share data)2024202320242023
Revenue$29,688 $30,513 $59,746 $60,205 
Costs and Expenses:
Programming and production7,961 8,849 16,784 17,853 
Marketing and promotion1,922 2,100 3,940 4,063 
Other operating and administrative9,630 9,317 19,487 18,618 
Depreciation2,153 2,195 4,328 4,459 
Amortization1,387 1,343 2,762 2,856 
Total costs and expenses23,053 23,804 47,301 47,849 
Operating income6,635 6,709 12,445 12,355 
Interest expense(1,026)(998)(2,028)(2,007)
Investment and other income (loss), net(434)15 (137)622 
Income before income taxes5,175 5,726 10,280 10,970 
Income tax expense(1,336)(1,537)(2,663)(3,013)
Net income3,839 4,189 7,616 7,957 
Less: Net income (loss) attributable to noncontrolling interests(89)(59)(169)(126)
Net income attributable to Comcast Corporation$3,929 $4,248 $7,785 $8,082 
Basic earnings per common share attributable to Comcast Corporation shareholders
$1.01 $1.02 $1.98 $1.93 
Diluted earnings per common share attributable to Comcast Corporation shareholders
$1.00 $1.02 $1.97 $1.92 
See accompanying notes to condensed consolidated financial statements.
1
Table of Contents

Comcast Corporation
Condensed Consolidated Statements of Comprehensive Income
(Unaudited) 
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Net income$3,839 $4,189 $7,616 $7,957 
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $(22), $(20), $(43) and $(22)
(130)490 (567)1,268 
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $0, $14, $(2), and $23
6 (7)25 (22)
Realized (gains) losses reclassified to net income, net of deferred taxes of $1, $8, $0 and $16
(5)(50)(4)(97)
Employee benefit obligations and other, net of deferred taxes of $3, $1, $8 and $3
(12)(4)(36)(10)
Other comprehensive income (loss)
(142)429 (582)1,139 
Comprehensive income3,698 4,619 7,034 9,096 
Less: Net income (loss) attributable to noncontrolling interests(89)(59)(169)(126)
Less: Other comprehensive income (loss) attributable to noncontrolling interests— (36)(13)(39)
Comprehensive income attributable to Comcast Corporation$3,787 $4,714 $7,217 $9,261 
See accompanying notes to condensed consolidated financial statements.
2
Table of Contents

Comcast Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited) 
 Six Months Ended
June 30,
(in millions)20242023
Operating Activities
Net income$7,616 $7,957 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization7,091 7,315 
Share-based compensation689 668 
Noncash interest expense (income), net218 140 
Net (gain) loss on investment activity and other391 (354)
Deferred income taxes240 296 
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net750 (92)
Film and television costs, net23 58 
Accounts payable and accrued expenses related to trade creditors(648)(718)
Other operating assets and liabilities(3,798)(843)
Net cash provided by operating activities12,572 14,426 
Investing Activities
Capital expenditures(5,354)(5,627)
Cash paid for intangible assets(1,341)(1,577)
Construction of Universal Beijing Resort(109)(104)
Proceeds from sales of businesses and investments557 369 
Purchases of investments(706)(593)
Other73 6 
Net cash provided by (used in) investing activities(6,879)(7,528)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net— (660)
Proceeds from borrowings3,266 6,044 
Repurchases and repayments of debt(1,911)(3,001)
Repurchases of common stock under repurchase program and employee plans(4,930)(4,227)
Dividends paid(2,418)(2,387)
Other175 (260)
Net cash provided by (used in) financing activities(5,817)(4,492)
Impact of foreign currency on cash, cash equivalents and restricted cash(17)14 
Increase (decrease) in cash, cash equivalents and restricted cash(141)2,420 
Cash, cash equivalents and restricted cash, beginning of period6,282 4,782 
Cash, cash equivalents and restricted cash, end of period$6,141 $7,202 
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Balance Sheets
(Unaudited)
(in millions, except share data)June 30,
2024		December 31,
2023
Assets
Current Assets:
Cash and cash equivalents$6,065 $6,215 
Receivables, net13,167 13,813 
Other current assets4,220 3,959 
Total current assets23,452 23,987 
Film and television costs12,853 12,920 
Investments9,171 9,385 
Property and equipment, net of accumulated depreciation of $59,470 and $58,701
60,507 59,686 
Goodwill58,376 59,268 
Franchise rights59,365 59,365 
Other intangible assets, net of accumulated amortization of $32,240 and $30,290
26,363 27,867 
Other noncurrent assets, net12,468 12,333 
Total assets$262,555 $264,811 
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors$11,736 $12,437 
Accrued participations and residuals1,520 1,671 
Deferred revenue3,943 3,242 
Accrued expenses and other current liabilities7,955 11,613 
Current portion of debt
1,021 2,069 
Advance on sale of investment
9,167 9,167 
Total current liabilities35,342 40,198 
Noncurrent portion of debt
97,107 95,021 
Deferred income taxes26,252 26,003 
Other noncurrent liabilities19,914 20,122 
Commitments and contingencies
Redeemable noncontrolling interests236 241 
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, 4,744,910,918 and 4,842,108,959; outstanding, 3,872,119,890 and 3,969,317,931
47 48 
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
— — 
Additional paid-in capital38,203 38,533 
Retained earnings54,308 52,892 
Treasury stock, 872,791,028 Class A common shares
(7,517)(7,517)
Accumulated other comprehensive income (loss)(1,822)(1,253)
Total Comcast Corporation shareholders’ equity83,219 82,703 
Noncontrolling interests485 523 
Total equity83,704 83,226 
Total liabilities and equity$262,555 $264,811 
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions, except per share data)2024202320242023
Redeemable Noncontrolling Interests
Balance, beginning of period$243 $422 $241 $411 
Contributions from (distributions to) noncontrolling interests, net
2 (8)(8)(15)
Other— (171)— (171)
Net income (loss)
(9)(3)3 14 
Balance, end of period$236 $239 $236 $239 
Class A Common Stock
Balance, beginning of period$48 $50 $48 $51 
Repurchases of common stock under repurchase program and employee plans
(1)— (1)(1)
Balance, end of period$47 $50 $47 $50 
Additional Paid-In Capital
Balance, beginning of period$38,274 $39,262 $38,533 $39,412 
Share-based compensation287 250 610 543 
Repurchases of common stock under repurchase program and employee plans(428)(386)(1,074)(907)
Issuances of common stock under employee plans70 82 132 158 
Other— (89)1 (87)
Balance, end of period$38,203 $39,118 $38,203 $39,118 
Retained Earnings
Balance, beginning of period$53,425 $52,524 $52,892 $51,609 
Repurchases of common stock under repurchase program and employee plans(1,825)(1,664)(3,906)(3,352)
Dividends declared(1,222)(1,208)(2,465)(2,439)
Net income
3,929 4,248 7,7858,082
Balance, end of period$54,308 $53,900 $54,308 $53,900 
Treasury Stock at Cost
Balance, beginning and end of period
$(7,517)$(7,517)$(7,517)$(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period$(1,680)$(1,898)$(1,253)$(2,611)
Other comprehensive income (loss)(142)466 (569)1,179 
Balance, end of period$(1,822)$(1,432)$(1,822)$(1,432)
Noncontrolling Interests
Balance, beginning of period$500 $612 $523 $684 
Other comprehensive income (loss)— (36)(13)(39)
Contributions from (distributions to) noncontrolling interests, net
66 41 147 56 
Other— (2)— (2)
Net income (loss)(81)(55)(172)(139)
Balance, end of period$485 $559 $485 $559 
Total equity$83,704 $84,679 $83,704 $84,679 
Cash dividends declared per common share$0.31 $0.29 $0.62 $0.58 
See accompanying notes to condensed consolidated financial statements.
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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 2023 Annual Report on Form 10-K.
Recent Accounting Pronouncements
Segment Disclosures
In November 2023, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to annual and interim segment disclosures. The updated accounting guidance, among other things, requires disclosure of certain significant segment expenses. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2024.
Income Tax Disclosures
In December 2023, the FASB issued updated accounting guidance related to income tax disclosures. The updated accounting guidance, among other things, requires additional disclosure primarily related to the income tax rate reconciliation and income taxes paid. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2025.
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Note 2: Segment Information
We are a global media and technology company with five segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios and Theme Parks.
Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources.
Three Months Ended June 30, 2024
(in millions)
Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total
Revenue from external customers
$17,794 $2,416 $5,190 $1,657 $1,974 $29,030 
Intersegment revenue(a)
30 6 1,134 597 1 1,768 
17,824 2,421 6,324 2,253 1,975 30,798 
Reconciliation of Revenue
Other revenue(b)
715 
Eliminations(a)
(1,825)
Total consolidated revenue$29,688 
Segment Adjusted EBITDA(c)
$7,103 $1,380 $1,356 $124 $632 $10,594 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)
(198)
Corporate and other(b)(c)
(257)
Eliminations
36 
Depreciation(2,153)
Amortization(1,387)
Interest expense(1,026)
Investment and other income (loss), net(434)
Income before income taxes
$5,175 
Three Months Ended June 30, 2023
(in millions)
Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total
Revenue from external customers$18,025 $2,281 $5,030 $2,341 $2,209 $29,886 
Intersegment revenue(a)
43 11 1,164 747 — 1,965 
18,068 2,292 6,195 3,087 2,209 31,851 
Reconciliation of Revenue
Other revenue(b)
665 
Eliminations(a)
(2,003)
Total consolidated revenue$30,513 
Segment Adjusted EBITDA(c)
$7,024 $1,322 $1,244 $255 $833 $10,677 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)
(200)
Corporate and other(b)(c)
(300)
Eliminations
70 
Depreciation(2,195)
Amortization(1,343)
Interest expense(998)
Investment and other income (loss), net15 
Income before income taxes
$5,726 
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Six Months Ended June 30, 2024
(in millions)
Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total
Revenue from external customers
$35,624 $4,817 $10,412 $3,561 $3,953 $58,368 
Intersegment revenue(a)
68 12 2,283 1,435 1 3,798 
35,692 4,829 12,695 4,996 3,954 62,166 
Reconciliation of Revenue
Other revenue(b)
1,494 
Eliminations(a)
(3,914)
Total consolidated revenue$59,746 
Segment Adjusted EBITDA(c)
$13,955 $2,746 $2,182 $367 $1,264 $20,514 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)
(442)
Corporate and other(b)(c)
(580)
Eliminations
43 
Depreciation(4,328)
Amortization(2,762)
Interest expense(2,028)
Investment and other income (loss), net(137)
Income before income taxes
$10,280 
Six Months Ended June 30, 2023
(in millions)
Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total
Revenue from external customers$35,842 $4,564 $10,015 $4,334 $4,158 $58,913 
Intersegment revenue(a)
96 11 2,332 1,709 — 4,147 
35,937 4,575 12,347 6,043 4,158 63,060 
Reconciliation of Revenue
Other revenue(b)
1,391 
Eliminations(a)
(4,247)
Total consolidated revenue$60,205 
Segment Adjusted EBITDA(c)
$13,785 $2,654 $2,124 $532 $1,490 $20,585 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)
(432)
Corporate and other(b)(c)
(581)
Eliminations
98 
Depreciation(4,459)
Amortization(2,856)
Interest expense(2,007)
Investment and other income (loss), net622 
Income before income taxes
$10,970 
(a)Our most significant intersegment revenue 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.
(b)Includes the operations of our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture with Charter Communications. Corporate and other also includes overhead and personnel costs for Corporate.
(c)We use Adjusted EBITDA as the measure of profit or loss for our segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our segments within Corporate and other.
(d)Includes overhead, personnel costs and costs associated with corporate initiatives for our Media, Studios and Theme Park segments.
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Note 3: Revenue
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Domestic broadband$6,569 $6,377 $13,160 $12,720 
Domestic wireless1,019 869 1,991 1,727 
International connectivity1,148 1,002 2,264 1,900 
Total residential connectivity8,736 8,248 17,415 16,346 
Video6,781 7,358 13,658 14,741 
Advertising993 993 1,944 1,900 
Other1,313 1,469 2,675 2,950 
Total Residential Connectivity & Platforms Segment17,824 18,068 35,692 35,937 
Total Business Services Connectivity Segment2,421 2,292 4,829 4,575 
Domestic advertising1,991 2,027 4,016 4,051 
Domestic distribution2,764 2,615 5,670 5,325 
International networks1,102 1,035 2,123 2,043 
Other467 518 887 928 
Total Media Segment6,324 6,195 12,695 12,347 
Content licensing1,714 1,821 3,815 4,165 
Theatrical237 913 567 1,232 
Other302 354 614 646 
Total Studios Segment2,253 3,087 4,996 6,043 
Total Theme Parks Segment1,975 2,209 3,954 4,158 
Other revenue
715 665 1,494 1,391 
Eliminations(a)
(1,825)(2,003)(3,914)(4,247)
Total revenue$29,688 $30,513 $59,746 $60,205 
(a)See Note 2 for additional information on intersegment revenue transactions.
Condensed Consolidated Balance Sheets
(in millions)June 30,
2024		December 31,
2023
Receivables, gross$13,903 $14,511 
Less: Allowance for credit losses736 698 
Receivables, net$13,167 $13,813 
The following table summarizes our 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,
2024		December 31,
2023
Noncurrent receivables, net (included in other noncurrent assets, net)$1,767 $1,914 
Noncurrent deferred revenue (included in other noncurrent liabilities)$703 $618 
Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below.
(in millions)June 30,
2024		December 31,
2023
Receivables, net$1,718 $1,695 
Noncurrent receivables, net (included in other noncurrent assets, net)1,161 1,223 
Total$2,879 $2,918 
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Note 4: Programming and Production Costs
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Video distribution programming$2,879 $3,191 $5,899 $6,381 
Film and television content:
Owned(a)
2,215 2,804 4,776 5,539
   Licensed, including sports rights2,570 2,461 5,494 5,193
Other298 393 615 740
Total programming and production costs$7,961 $8,849 $16,784 $17,853 
(a) Amount includes amortization of owned content of $1.8 billion and $4.0 billion for the three and six months ended June 30, 2024, respectively, and $2.0 billion and $4.3 billion for the three and six months ended June 30,2023, respectively, as well as participations and residuals expenses.
Capitalized Film and Television Costs
(in millions)June 30,
2024		December 31,
2023
Owned:
In production and in development$3,474 $2,893 
Completed, not released241 317 
Released, less amortization4,035 4,340 
7,751 7,551 
Licensed, including sports advances5,102 5,369 
Film and television costs$12,853 $12,920 
Note 5: Debt
As of June 30, 2024, our debt had a carrying value of $98.1 billion and an estimated fair value of $89.5 billion. As of December 31, 2023, our debt had a carrying value of $97.1 billion and an estimated fair value of $92.2 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.
In May 2024, we entered into a new $11.8 billion revolving credit facility with a syndicate of banks, due May 17, 2029, that may be used for general corporate purposes. We may increase the commitments under the facility up to a total of $14.8 billion, as well as extend the expiration date to no later than May 17, 2031, subject to the approval of the lenders. The interest rate consists of a benchmark rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of June 30, 2024, the borrowing margin for borrowings based on the Adjusted Term SOFR Rate, as defined in the agreement, was 0.875%. The facility requires that we maintain a certain financial ratio based on debt and EBITDA, as defined in the agreement. In connection with our entry into the new credit facility, we terminated our prior credit facility dated as of March 30, 2021, and as of June 30, 2024 and December 31, 2023, we had no borrowings outstanding under the new and prior credit facility, respectively. As of June 30, 2024, amounts available under our new credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.8 billion.
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Note 6: Investments and Variable Interest Entities
Investment and Other Income (Loss), Net
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Equity in net income (losses) of investees, net$(444)$(80)$(286)$405 
Realized and unrealized gains (losses) on equity securities, net
(89)(38)(141)(44)
Other income (loss), net99 133 290 261 
Investment and other income (loss), net$(434)$15 $(137)$622 
The amount of unrealized gains (losses), net recognized in the three months ended June 30, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(70) million and $(41) million, respectively. The amount of unrealized gains (losses), net recognized in the six months ended June 30, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(141) million and $(66) million, respectively.
Investments
(in millions)June 30,
2024		December 31,
2023
Equity method$7,478 $7,615 
Marketable equity securities15 39 
Nonmarketable equity securities1,402 1,482 
Other investments422 559 
Total investments9,318 9,694 
Less: Current investments146 310 
Noncurrent investments$9,171 $9,385 
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, 2024 and 2023 was $66 million and $142 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, 2024 and 2023, we made cash capital contributions to Atairos totaling $26 million and $28 million, respectively. As of June 30, 2024 and December 31, 2023, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was $5.3 billion and $5.5 billion, respectively. As of June 30, 2024, our remaining unfunded capital commitment was $1.4 billion.
Other Investments
Other investments also includes investments in certain short-term instruments, which totaled $117 million and $254 million as of June 30, 2024 and December 31, 2023, 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, 2024 and 2023 were $514 million and $304 million, respectively. Purchases of short-term instruments for the six months ended June 30, 2024 and 2023 were $373 million and $162 million, respectively.
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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”). 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, 2024, Universal Beijing Resort had $3.4 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement. As of December 31, 2023, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement.
As of June 30, 2024, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.4 billion and $7.0 billion, respectively. As of December 31, 2023, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.8 billion and $7.2 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.
Note 7: Equity and Share-Based Compensation
Weighted-Average Common Shares Outstanding
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Weighted-average number of common shares outstanding – basic3,905 4,165 3,932 4,186 
Effect of dilutive securities15 18 24 19 
Weighted-average number of common shares outstanding – diluted3,920 4,183 3,956 4,205 
Antidilutive securities228 230 195 216 
Weighted-average common shares outstanding used in calculating diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive.
Accumulated Other Comprehensive Income (Loss)
(in millions)June 30,
2024		December 31,
2023
Cumulative translation adjustments$(2,149)$(1,596)
Deferred gains (losses) on cash flow hedges70 49 
Unrecognized gains (losses) on employee benefit obligations and other257 293 
Accumulated other comprehensive income (loss), net of deferred taxes$(1,822)$(1,253)
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 2024, we granted 31 million RSUs and 3 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $42.62 per RSU and $9.49 per stock option. During the three months ended June 30, 2024 and 2023, share-based compensation expense recognized in our condensed consolidated statements of income was $261 million and $252 million, respectively. During the six months ended June 30, 2024 and 2023, share-based compensation expense recognized in our condensed consolidated statements of income was $564 million and $547 million, respectively. As of June 30, 2024, we had unrecognized pretax compensation expense of $2.6 billion related to nonvested RSUs and nonvested stock options.
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Note 8: Supplemental Financial Information
Cash Payments for Interest and Income Taxes
 Six Months Ended
June 30,
(in millions)20242023
Interest$1,813 $1,823 
Income taxes$4,568 $2,384 
Noncash Activities
During the six months ended June 30, 2024:
•we acquired $2.1 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 $0.31 per common share paid in July 2024
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
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,
2024		December 31,
2023
Cash and cash equivalents$6,065 $6,215 
Restricted cash included in other current assets and other noncurrent assets, net77 67 
Cash, cash equivalents and restricted cash, end of period$6,141 $6,282 
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 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 (“Notes”) included in this Quarterly Report on Form 10-Q and our 2023 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 segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks.
Consolidated Operating Results
 Three Months Ended
June 30,		ChangeSix Months Ended
June 30,		Change
(in millions, except per share data)20242023%20242023%
Revenue$29,688 $30,513 (2.7)%$59,746 $60,205 (0.8)%
Costs and Expenses:
Programming and production7,961 8,849 (10.0)16,784 17,853 (6.0)
Marketing and promotion1,922 2,100 (8.5)3,940 4,063 (3.0)
Other operating and administrative
9,630 9,317 3.4 19,487 18,618 4.7 
Depreciation2,153 2,195 (1.9)4,328 4,459 (2.9)
Amortization
1,387 1,343 3.2 2,762 2,856 (3.3)
Total costs and expenses23,053 23,804 (3.2)47,301 47,849 (1.1)
Operating income
6,635 6,709 (1.1)12,445 12,355 0.7 
Interest expense (1,026)(998)2.9 (2,028)(2,007)1.1 
Investment and other income (loss), net(434)15 NM(137)622 NM
Income before income taxes
5,175 5,726 (9.6)10,280 10,970 (6.3)
Income tax expense
(1,336)(1,537)(13.1)(2,663)(3,013)(11.6)
Net income
3,839 4,189 (8.4)7,616 7,957 (4.3)
Less: Net income (loss) attributable to noncontrolling interests (89)(59)51.7 (169)(126)34.3 
Net income attributable to Comcast Corporation
$3,929 $4,248 (7.5)%$7,785 $8,082 (3.7)%
Basic earnings per common share attributable to Comcast Corporation shareholders
$1.01 $1.02 (1.4)%$1.98 $1.93 2.6 %
Diluted earnings per common share attributable to Comcast Corporation shareholders
$1.00 $1.02 (1.3)%$1.97 $1.92 2.4 %
Weighted-average number of common shares outstanding – basic
3,905 4,165 (6.2)%3,932 4,186 (6.1)%
Weighted-average number of common shares outstanding – diluted
3,920 4,183 (6.3)%3,956 4,205 (5.9)%
Adjusted EBITDA(a)
$10,171 $10,244 (0.7)%$19,526 $19,659 (0.7)%
Percentage changes that are considered not meaningful are denoted with NM.
(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 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.
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Consolidated revenue decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily driven by a decrease in the Content & Experiences business, partially offset by an increase in Corporate and Other. Consolidated revenue remained consistent with the prior year period for the six months ended June 30, 2024 driven by a decrease in the Content & Experiences business, offset by an increase in Corporate and Other. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
Consolidated costs and expenses, excluding depreciation and amortization expense, decreased for the three months ended June 30, 2024 primarily driven by decreases in the Content & Experiences and Connectivity & Platforms businesses, partially offset by an increase in Corporate and Other. Consolidated costs and expenses, excluding depreciation and amortization expense, remained consistent with the prior year period for the six months ended June 30, 2024, driven by decreases in the Content & Experiences and Connectivity & Platforms businesses, offset by an increase in Corporate and Other. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”
Consolidated depreciation and amortization expense remained consistent with the prior year period for the three months ended June 30, 2024. Consolidated depreciation and amortization expense decreased for the six months ended June 30, 2024 primarily due to decreased depreciation of international property and equipment and decreased amortization of software.
Amortization expense from acquisition-related intangible assets totaled $563 million and $1.1 billion for the three and six months ended June 30, 2024, respectively, and $572 million and $1.1 billion for the three and six months ended June 30, 2023, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.
Consolidated interest expense increased for the three and six months ended June 30, 2024 primarily due to higher weighted-average interest rates and increases in average debt outstanding, partially offset by interest expense in the prior year periods associated with a collateralized obligation that was repaid in the fourth quarter of 2023.
Consolidated investment and other income (loss), net decreased for the three and six months ended June 30, 2024 compared to the same period in 2023.
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Equity in net income (losses) of investees, net$(444)$(80)$(286)$405 
Realized and unrealized gains (losses) on equity securities, net(89)(38)(141)(44)
Other income (loss), net99 133 290 261 
Total investment and other income (loss), net$(434)$15 $(137)$622 
The change in equity in net income (losses) of investees, net was primarily due to our investment in Atairos. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $(391) million and $(196) million for the three and six months ended June 30, 2024, respectively, and $(23) million and $501 million for the three and six months ended June 30, 2023, respectively.
The change in realized and unrealized gains (losses) on equity securities, net for the three months ended June 30, 2024 was primarily due to higher losses on nonmarketable and marketable securities in the current year period. The change in realized and unrealized gains (losses) on equity securities, net for the six months ended June 30, 2024 was primarily due to higher losses on nonmarketable securities in the current year period and losses on marketable securities in the current year period compared to gains in the prior year period.
The change in other income (loss), net for the three months ended June 30, 2024 primarily resulted from a gain related to an investment in the prior year period. The change in other income (loss), net for the six months ended June 30, 2024 primarily resulted from higher interest income in the current year period.
Consolidated income tax expense for the three and six months ended June 30, 2024 and 2023 reflects an effective income tax rate that differs from the federal statutory rate due to state and foreign income taxes and adjustments associated with uncertain tax positions. The decreases in income tax expense for the three and six months ended June 30, 2024 compared to the same periods in 2023 were primarily driven by lower domestic income before income taxes.
Consolidated net income (loss) attributable to noncontrolling interests changed for the three and six months ended June 30, 2024 compared with the same periods in 2023 primarily due to Universal Beijing Resort and our regional sports networks.
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Segment Operating Results
Our segment operating results are presented based on how we assess operating performance and internally report financial information. See Note 2 for additional information on our segments.
Connectivity & Platforms Results of Operations
 Three Months Ended
June 30,		Change
Constant Currency Change(b)
Six Months Ended
June 30,		Change
Constant Currency Change(b)
(in millions)20242023%%20242023%%
Revenue
Residential Connectivity & Platforms$17,824$18,068(1.4)%(1.5)%$35,692$35,937(0.7)%(1.1)%
Business Services Connectivity2,4212,2925.7 5.7 4,8294,5755.6 5.5 
Total Connectivity & Platforms revenue$20,245$20,360(0.6)%(0.7)%$40,521$40,512— %(0.4)%
Adjusted EBITDA
Residential Connectivity & Platforms$7,103$7,0241.1 %1.1 %$13,955$13,7851.2 %1.1 %
Business Services Connectivity1,3801,3224.4 4.4 2,7462,6543.5 3.5 
Total Connectivity & Platforms Adjusted EBITDA$8,483$8,3461.6 %1.6 %$16,701$16,4391.6 %1.4 %
Adjusted EBITDA Margin(a)
Residential Connectivity & Platforms39.9 %38.9 %100 bps100 bps39.1 %38.4 % 70 bps 80 bps
Business Services Connectivity57.0 57.7 (70) bps(70) bps56.9 58.0 (110) bps(110) bps
Total Connectivity & Platforms Adjusted EBITDA margin41.9 %41.0 %90 bps90 bps41.2 %40.6 % 60 bps 70 bps
(a)Our Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall operating cost management. The changes reflect the year-over-year basis point changes in the rounded Adjusted EBITDA margins.
(b)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 24 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. An increasingly competitive environment and continued low domestic household move levels have had negative impacts on our customer relationships additions/(losses). In addition, funding for the Affordable Connectivity Program, which provided a monthly discount towards broadband service for eligible low-income households, expired during the second quarter of 2024, which began to have, and may continue to have in the short term, a negative impact on our residential broadband customer relationships. We believe our residential connectivity revenue will increase as a result of growth in average domestic broadband revenue per customer, as well as increases in domestic wireless and international connectivity revenue. At the same time, we expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses. We also expect continued declines in other revenue related to declines in wireline voice revenue. We believe our Business Services Connectivity segment will continue to grow by offering competitive services, including to medium-sized and enterprise customers. Global economic conditions and consumer sentiment have in the past adversely impacted, and may continue to adversely impact, demand for our products and services and our results of operations.
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Connectivity & Platforms Customer Metrics
 Net Additions / (Losses)
 June 30,Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)202420232024202320242023
Customer Relationships
Domestic Residential Connectivity & Platforms customer relationships(a)
31,426 31,761 (128)(65)(222)(100)
International Residential Connectivity & Platforms customer relationships(a)
17,638 17,884 (144)(167)(208)(55)
Business Services Connectivity customer relationships(b)
2,632 2,635 (3)5 (10)10 
Total Connectivity & Platforms customer relationships51,696 52,280 (275)(228)(440)(145)
Domestic Broadband
Residential customers
29,583 29,796 (110)(20)(165)(17)
Business customers2,485 2,509 (10)1 (20)3 
Total domestic broadband customers32,068 32,305 (120)(19)(185)(14)
Domestic Wireless
Total domestic wireless lines(c)
7,199 5,984 322 316 611 671 
Domestic Video
Total domestic video customers13,199 14,985(419)(543)(907)(1,157)
Domestic homes and businesses passed(d)
63,03161,838
Domestic broadband penetration of homes and businesses passed(e)
50.7 %52.1 %
(a)Residential Connectivity & Platforms customer relationships generally represent the number of residential customer locations that subscribe to at least one of our services. International Residential Connectivity & Platforms customer relationships represent customers receiving Sky services in the United Kingdom and Italy. Because each of our services includes a variety of product tiers, which may change from time to time, net additions or losses in any one period will reflect a mix of customers at various tiers.
(b)Business Services Connectivity customer metrics are generally counted based on the number of locations receiving services, including locations within our network in the United States, as well as locations outside of our network both in the United States and internationally. Certain arrangements whereby third parties provide connectivity services leveraging our network are also generally counted based on the number of locations served.
(c)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines.
(d)Connectivity & Platforms domestic homes and businesses are considered passed if we can connect them to our network in the United States without further extending the transmission lines. Homes and businesses passed is an estimate based on the best available information.
(e)Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed.

Three Months Ended
June 30,		Change
Constant Currency Change(a)
Six Months Ended
June 30,		Change
Constant Currency Change(a)
20242023%%20242023%%
Average monthly total Connectivity & Platforms revenue per customer relationship$130.20 $129.53 0.5 %0.4 %$130.08 $128.97 0.9 %0.5 %
Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship$54.55 $53.10 2.7 %2.7 %$53.61 $52.33 2.4 %2.3 %
(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 constant currency amounts.

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Average monthly total revenue per customer relationship is impacted by rate adjustments and changes in the types and levels of services received by our residential and business customers, as well as changes in advertising and other revenue and in foreign currency exchange rates. While revenue from our individual service offerings is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship. Each of our services has a different contribution to Adjusted EBITDA margin. We use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe both metrics are useful to understand the trends in our business, and average monthly Adjusted EBITDA per customer relationship is useful particularly as we continue to focus on growing our higher-margin businesses.
Connectivity & Platforms — Supplemental Costs and Expenses Information
Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States. Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments include each segment’s direct costs and an allocation of shared costs.
 Three Months Ended
June 30,		Change
Constant Currency Change(g)
Six Months Ended
June 30,		Change
Constant Currency Change(g)
(in millions)20242023%%20242023%%
Costs and Expenses
Programming(a)
$4,248 $4,579 (7.2)%(7.3)%$8,654 $9,178 (5.7)%(6.2)%
Technical and support(b)
1,845 1,828 0.9 0.9 3,804 3,658 4.0 3.7 
Direct product costs(c)
1,515 1,408 7.6 7.2 3,029 2,809 7.8 6.5 
Marketing and promotion(d)
1,140 1,213 (6.0)(6.1)2,313 2,415 (4.2)(4.6)
Customer service(e)
682 696 (1.9)(2.0)1,392 1,405 (0.9)(1.4)
Other(f)
2,331 2,290 1.8 1.7 4,628 4,608 0.4 (0.1)
Total Connectivity & Platforms costs and expenses$11,762 $12,014 (2.1)%(2.2)%$23,820 $24,073 (1.1)%(1.6)%
(a)Programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations. These expenses also include the costs of content on the Sky-branded entertainment television networks, including amortization of licensed content.
(b)Technical and support expenses primarily include costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.
(c)Direct product costs primarily include access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions.
(d)Marketing and promotion expenses include the costs associated with attracting new customers and promoting our service offerings.
(e)Customer service expenses include the personnel and other costs associated with customer service and certain selling activities.
(f)Other expenses primarily include administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we represent the advertising sales efforts; other business support costs, including building and office expenses, taxes and billing costs; and bad debt.
(g)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 24 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
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Residential Connectivity & Platforms Segment Results of Operations
 Three Months Ended
June 30,		Change
Constant Currency Change(a)
Six Months Ended
June 30,		Change
Constant Currency Change(a)
(in millions)20242023%%20242023%%
Revenue
Domestic broadband$6,569 $6,377 3.0 %3.0 %$13,160 $12,720 3.5 %3.5 %
Domestic wireless1,019 869 17.3 17.3 1,991 1,727 15.3 15.3 
International connectivity1,148 1,002 14.6 13.7 2,264 1,900 19.2 16.4 
Total residential connectivity 8,736 8,248 5.9 5.8 17,415 16,346 6.5 6.2 
Video6,781 7,358 (7.8)(7.9)13,658 14,741 (7.3)(7.8)
Advertising993 993 — (0.2)1,944 1,900 2.3 1.6 
Other1,313 1,469 (10.6)(10.8)2,675 2,950 (9.3)(9.9)
Total revenue17,824 18,068 (1.4)(1.5)35,692 35,937 (0.7)(1.1)
Costs and Expenses
Programming4,248 4,579 (7.2)(7.3)8,654 9,178 (5.7)(6.2)
Other6,472 6,465 0.1 (0.1)13,083 12,973 0.8 0.2 
Total costs and expenses10,721 11,044 (2.9)(3.1)21,737 22,152 (1.9)(2.4)
Adjusted EBITDA$7,103 $7,024 1.1 %1.1 %$13,955 $13,785 1.2 %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 constant currency amounts.
Residential Connectivity & Platforms Segment – Revenue
Domestic broadband revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 due to increases in average rates.
Domestic wireless revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in the number of customer lines.
International connectivity revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 due to increases in broadband revenue resulting from an increase in average rates and in wireless revenue primarily resulting from increases in the sale of wireless services. The increase for the six months ended June 30, 2024 includes the positive impact of foreign currency.
Video revenue decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to declines in the overall number of residential video customers, partially offset by overall increases in average rates.
Advertising revenue remained consistent for the three months ended June 30, 2024 compared to the same period in 2023 primarily driven by lower domestic nonpolitical advertising, offset by an increase in domestic political advertising.
Advertising revenue increased for the six months ended June 30, 2024 compared to the same period in 2023 driven by an increase in domestic political advertising, increased revenue from our advanced advertising business and the positive impact of foreign currency, partially offset by lower domestic nonpolitical advertising.
Other revenue decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to decreases in residential wireline voice revenue driven by declines in the number of customers.
Residential Connectivity & Platforms Segment – Costs and Expenses
Programming expenses decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to declines in the number of domestic video subscribers, partially offset by rate increases under our domestic programming contracts.
Other expenses remained consistent for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to increased direct product costs, offset by decreased spending on marketing and promotion.
Other expenses increased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to increased direct product costs, higher technical and support expenses and the impact of foreign currency, partially offset by decreased spending on marketing and promotion.
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Business Services Connectivity Segment Results of Operations
 Three Months Ended
June 30,		ChangeSix Months Ended
June 30,		Change
(in millions)20242023%20242023%
Revenue$2,421 $2,292 5.7 %$4,829 $4,575 5.6 %
Costs and expenses1,041 970 7.4 2,083 1,921 8.4 
Adjusted EBITDA$1,380 $1,322 4.4 %$2,746 $2,654 3.5 %
Business services connectivity revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 due to increases in revenue from medium-sized and enterprise customers and from higher average rates from small business customers.
Business services connectivity costs and expenses increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in direct product costs and in technical and support expenses. The increase for the six months ended June 30, 2024 also includes increased spending on marketing and promotion.
Content & Experiences Results of Operations
 Three Months Ended
June 30,		ChangeSix Months Ended
June 30,		Change
(in millions)20242023%20242023%
Revenue
Media$6,324 $6,195 2.1 %$12,695 $12,347 2.8 %
Studios2,253 3,087 (27.0)4,996 6,043 (17.3)
Theme Parks1,975 2,209 (10.6)3,954 4,158 (4.9)
Headquarters and Other10 13 (23.3)22 31 (31.4)
Eliminations(505)(631)20.0 (1,236)(1,448)14.6 
Total Content & Experiences revenue$10,057 $10,873 (7.5)%$20,431 $21,131 (3.3)%
Adjusted EBITDA
Media$1,356 $1,244 9.0 %$2,182 $2,124 2.8 %
Studios124 255 (51.4)367 532 (31.0)
Theme Parks632 833 (24.1)1,264 1,490 (15.2)
Headquarters and Other(198)(200)0.7 (442)(432)(2.3)
Eliminations36 56 (35.2)70 81 (13.4)
Total Content & Experiences Adjusted EBITDA$1,949 $2,187 (10.9)%$3,442 $3,795 (9.3)%
We operate our Media segment as a combined television and streaming business. We expect that the number of subscribers and audience ratings at our linear television networks will continue to decline as a result of the competitive environment and shifting video consumption patterns, which we aim to mitigate over time by continued growth in paid subscribers and advertising revenue at Peacock. We expect to continue to incur significant costs related to content and marketing at Peacock. Revenue and programming expenses are also impacted by the timing of certain sporting events, including the Olympics in the third quarter of 2024. Global economic conditions and consumer sentiment have in the past adversely impacted, and may continue to adversely impact, demand for our products and services and our results of operations.
Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties.
We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, as well as in new destinations and experiences which we believe will have a positive impact on attendance and guest spending at our theme parks.
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Media Segment Results of Operations
 Three Months Ended
June 30,		ChangeSix Months Ended
June 30,		Change
(in millions)20242023%20242023%
Revenue
Domestic advertising$1,991 $2,027 (1.7)%$4,016 $4,051 (0.9)%
Domestic distribution2,764 2,615 5.7 5,670 5,325 6.5 
International networks1,102 1,035 6.5 2,123 2,043 3.9 
Other467 518 (9.9)887 928 (4.4)
Total revenue6,324 6,195 2.1 12,695 12,347 2.8 
Costs and Expenses
Programming and production3,595 3,634 (1.1)7,735 7,624 1.5 
Marketing and promotion287 341 (15.9)601 646 (7.0)
Other1,087 976 11.4 2,177 1,953 11.4 
Total costs and expenses4,968 4,951 0.4 10,513 10,223 2.8 
Adjusted EBITDA$1,356 $1,244 9.0 %$2,182 $2,124 2.8 %
Media Segment – Revenue
Domestic advertising revenue decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to a decrease in revenue at our linear television networks, partially offset by an increase in revenue at Peacock.
Domestic advertising revenue remained consistent for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to a decrease in revenue at our linear television networks, offset by an increase in revenue at Peacock.
Domestic distribution revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in Peacock paid subscribers, partially offset by decreases in revenue at our linear television networks. The decreases at our networks were primarily due to declines in the number of subscribers, partially offset by contractual rate increases.
International networks revenue increased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to an increase in revenue associated with the distribution of sports networks.
International networks revenue increased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to an increase in revenue associated with the distribution of sports networks and the positive impact of foreign currency.
Other revenue decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to a decrease in revenue from the licensing of our technology.
* * *
Media segment total revenue included $1.0 billion and $2.1 billion related to Peacock for the three and six months ended June 30, 2024, respectively. Media segment total revenue included $820 million and $1.5 billion related to Peacock for the three and six months ended June 30, 2023, respectively. We had 33 million and 24 million paid subscribers of Peacock as of June 30, 2024 and 2023, respectively. Peacock paid subscribers represent customers from which Peacock receives a subscription fee on a retail or wholesale basis. Paid subscribers do not include certain customers that receive Peacock as part of bundled services where Peacock does not receive fees.
Media Segment – Costs and Expenses
Programming and production costs decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to a decrease at Peacock and a decrease in content costs for our entertainment television networks, partially offset by an increase in international sports programming costs, which included the timing of events.
Programming and production costs increased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to higher programming costs at Peacock and an increase in domestic sports programming costs for our television networks, partially offset by a decrease in content costs for our entertainment television networks.
Marketing and promotion expenses decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to lower costs related to marketing for Peacock.
Other expenses increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in costs related to Peacock.
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* * *
Media segment total costs and expenses included $1.4 billion and $3.1 billion related to Peacock for the three and six months ended June 30, 2024, respectively. Media segment total costs and expenses included $1.5 billion and $2.9 billion related to Peacock for the three and six months ended June 30, 2023, respectively.
Studios Segment Results of Operations
 Three Months Ended
June 30,		ChangeSix Months Ended
June 30,		Change
(in millions)20242023%20242023%
Revenue
Content licensing$1,714 $1,821 (5.9)%$3,815 $4,165 (8.4)%
Theatrical237 913 (74.1)567 1,232 (54.0)
Other302 354 (14.6)614 646 (5.0)
Total revenue2,253 3,087 (27.0)4,996 6,043 (17.3)
Costs and Expenses
Programming and production1,499 2,196 (31.7)3,358 4,297 (21.8)
Marketing and promotion394 443 (11.1)825 840 (1.8)
Other236 194 21.8 445 374 19.2 
Total costs and expenses2,130 2,833 (24.8)4,629 5,511 (16.0)
Adjusted EBITDA$124 $255 (51.4)%$367 $532 (31.0)%
Studios Segment – Revenue
Content licensing revenue decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to the timing of when content was made available by our television studios under licensing agreements.
Content licensing revenue decreased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to the timing of when content was made available by our film studios.
Theatrical revenue decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to higher revenue from releases in the prior year periods, including The Super Mario Bros. and Fast X, compared to revenue from recent releases, including Kung Fu Panda 4.
Other revenue decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to decreased sales of home entertainment products.
Studios Segment – Costs and Expenses
Programming and production costs decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to lower costs associated with theatrical releases and content licensing sales.
Marketing and promotion expenses decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to decreased spending on recent and upcoming theatrical film releases in the current year periods.
Theme Parks Segment Results of Operations
Three Months Ended
June 30,		ChangeSix Months Ended
June 30,		Change
(in millions)20242023%20242023%
Revenue$1,975 $2,209 (10.6)%$3,954 $4,158 (4.9)%
Costs and expenses1,343 1,376 (2.4)2,690 2,668 0.8 
Adjusted EBITDA$632 $833 (24.1)%$1,264 $1,490 (15.2)%
Theme parks segment revenue decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to decreases at our domestic theme parks driven by decreased park attendance, as well as the negative impact from foreign currency at our international theme parks.
Theme parks segment costs and expenses decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to the impact of foreign currency.
Theme parks segment costs and expenses for the six months ended June 30, 2024 were consistent compared to the same period in 2023 primarily due to higher costs associated with park operations, offset by the impact of foreign currency.
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Content & Experiences Headquarters, Other and Eliminations
Headquarters and Other Results of Operations
 Three Months Ended
June 30,		ChangeSix Months Ended
June 30,		Change
(in millions)20242023%20242023%
Revenue$10 $13 (23.3)%$22 $31 (31.4)%
Costs and expenses208 212 (2.0)463 463 — 
Adjusted EBITDA$(198)$(200)0.7 %$(442)$(432)(2.3)%
Headquarters and Other expenses include overhead, personnel costs and costs associated with corporate initiatives.
Eliminations
 Three Months Ended
June 30,		ChangeSix Months Ended
June 30,		Change
(in millions)20242023%20242023%
Revenue$(505)$(631)(20.0)%$(1,236)$(1,448)(14.6)%
Costs and expenses(541)(687)(21.3)(1,306)(1,528)(14.6)
Adjusted EBITDA$36 $56 35.2 %$70 $81 13.4 %
Amounts represent eliminations of transactions between segments in our Content & Experiences business, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses.
Eliminations increase or decrease to the extent that additional content is made available to our other segments within the Content & Experiences business. Refer to Note 2 for additional information on transactions between our segments.
Corporate, Other and Eliminations
Corporate and Other Results of Operations
 Three Months Ended
June 30,		ChangeSix Months Ended
June 30,		Change
(in millions)20242023
%
20242023
%
Revenue$706 $654 8.0 %$1,473 $1,360 8.3 %
Costs and expenses966 957 1.0 2,062 1,952 5.7 
Adjusted EBITDA$(260)$(303)14.1 %$(590)$(591)0.3 %
Corporate and Other primarily includes overhead and personnel costs; Sky branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture.
Corporate and Other revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 driven by increases across our businesses.
Corporate and Other costs and expenses increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases related to corporate functions and Xumo. The increase for the three months ended June 30, 2024 was partially offset by lower costs related to Sky operations in Germany, including the impact of the timing of recognition of costs related to the 2022 FIFA World Cup in the prior year period.
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Eliminations
 Three Months Ended
June 30,		ChangeSix Months Ended
June 30,		Change
(in millions)20242023%20242023%
Revenue$(1,320)$(1,373)(3.8)%$(2,678)$(2,799)(4.3)%
Costs and expenses(1,320)(1,386)(4.8)(2,651)(2,816)(5.9)
Adjusted EBITDA$(1)$14 NM$(27)$17 NM
Percentage changes that are considered not meaningful are denoted with NM.
Amounts represent eliminations of transactions between our Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Eliminations of transactions between segments within Content & Experiences are presented separately. Refer to Note 2 for additional information on 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
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Net income attributable to Comcast Corporation
$3,929 $4,248 $7,785 $8,082 
Net income (loss) attributable to noncontrolling interests(89)(59)(169)(126)
Income tax expense1,336 1,537 2,663 3,013 
Interest expense1,026 998 2,028 2,007 
Investment and other (income) loss, net434 (15)137 (622)
Depreciation2,153 2,195 4,328 4,459 
Amortization1,387 1,343 2,762 2,856 
Adjustments(a)
(3)(3)(9)(11)
Adjusted EBITDA$10,171 $10,244 $19,526 $19,659 
(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.
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 Connectivity & Platforms, 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 Connectivity & Platforms business, we use constant currency and constant currency growth rates to evaluate the underlying performance of the businesses, and we believe they are helpful for investors because such measures present operating results on a comparable basis year over year to allow the evaluation of their underlying performance.
Constant currency and constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods.
Reconciliation of Connectivity & Platforms Constant Currency
Three Months Ended June 30, 2023Six Months Ended June 30, 2023
(in millions)As ReportedEffects of Foreign CurrencyConstant Currency AmountsAs ReportedEffects of Foreign CurrencyConstant Currency Amounts
Revenue
Residential Connectivity & Platforms$18,068 $20 $18,088 $35,937 $154 $36,092 
Business Services Connectivity 2,292 — 2,292 4,575 — 4,575 
Total Connectivity & Platforms revenue$20,360 $20 $20,380 $40,512 $155 $40,667 
Adjusted EBITDA
Residential Connectivity & Platforms $7,024 $5 $7,029 $13,785 $23 $13,809 
Business Services Connectivity1,322 — 1,322 2,654 — 2,654 
Total Connectivity & Platforms Adjusted EBITDA$8,346 $5 $8,351 $16,439 $23 $16,462 
Adjusted EBITDA Margin
Residential Connectivity & Platforms 38.9 %- bps38.9 %38.4 %(10) bps38.3 %
Business Services Connectivity57.7 - bps57.7 58.0 - bps58.0 
Total Connectivity & Platforms Adjusted EBITDA margin41.0 %- bps41.0 %40.6 %(10) bps40.5 %
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Three Months Ended June 30, 2023Six Months Ended June 30, 2023
As ReportedEffects of Foreign CurrencyConstant Currency AmountsAs ReportedEffects of Foreign CurrencyConstant Currency Amounts
Average monthly total Connectivity & Platforms revenue per customer relationship$129.53 $0.13 $129.66 $128.97 $0.49 $129.47 
Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship$53.10 $0.03 $53.13 $52.33 $0.07 $52.41 
Three Months Ended June 30, 2023Six Months Ended June 30, 2023
(in millions)As ReportedEffects of Foreign CurrencyConstant Currency AmountsAs ReportedEffects of Foreign CurrencyConstant Currency Amounts
Costs and Expenses
Programming$4,579 $4 $4,582 $9,178 $46 $9,224 
Technical and support1,828 1 1,829 3,658 12 3,670 
Direct product costs1,408 5 1,413 2,809 35 2,843 
Marketing and promotion1,213 1 1,214 2,415 10 2,426 
Customer service696 1 696 1,405 6 1,411 
Other2,290 3 2,293 4,608 23 4,631 
Total Connectivity & Platforms costs and expenses$12,014 $15 $12,029 $24,073 $132 $24,205 
Reconciliation of Residential Connectivity & Platforms Constant Currency
Three Months Ended June 30, 2023Six Months Ended June 30, 2023
(in millions)
As ReportedEffects of Foreign CurrencyConstant Currency AmountsAs ReportedEffects of Foreign CurrencyConstant Currency Amounts
Revenue
Domestic broadband$6,377 $— $6,377 $12,720 $— $12,720 
Domestic wireless869 — 869 1,727 — 1,727 
International connectivity1,002 8 1,010 1,900 45 1,945 
Total residential connectivity8,248 8 8,255 16,346 45 16,392 
Video7,358 8 7,366 14,741 77 14,818 
Advertising993 2 995 1,900 14 1,914 
Other1,469 3 1,471 2,950 18 2,969 
Total revenue18,068 20 18,088 35,937 154 36,092 
Costs and Expenses
Programming4,579 3 4,582 9,178 46 9,224 
Other6,465 12 6,477 12,973 86 13,059 
Total costs and expenses11,044 15 11,059 22,152 131 22,283 
Adjusted EBITDA$7,024 $5 $7,029 $13,785 $23 $13,809 
Other Adjustments
From time to time, we present adjusted information, such as revenue, to exclude the impact of certain events, gains, losses or other charges. This adjusted information is a non-GAAP financial measure. We believe, among other things, that the adjusted information may help investors evaluate our ongoing operations and can assist in making meaningful period-over-period comparisons.
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Liquidity and Capital Resources
Six Months Ended
June 30,
(in billions)20242023
Cash provided by operating activities$12.6 $14.4 
Cash used in investing activities$(6.9)$(7.5)
Cash used in financing activities$(5.8)$(4.5)
(in billions)June 30,
2024		December 31,
2023
Cash and cash equivalents$6.1 $6.2 
Debt
$98.1 $97.1 
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 generally provides a lower-cost source of borrowing to fund our short-term working capital requirements. As of June 30, 2024, 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 $11.8 billion.
We entered into a new revolving credit facility in May 2024 (see Note 5). Our new revolving credit facility contains a financial covenant pertaining to leverage, which is the ratio of debt to EBITDA, as defined in the agreement. Compliance with this financial covenant is tested on a quarterly basis. As of June 30, 2024, we met this financial covenant, and we expect to remain in compliance with this financial covenant.
Operating Activities
Components of Net Cash Provided by Operating Activities
 Six Months Ended
June 30,
(in millions)20242023
Operating income$12,445 $12,355 
Depreciation and amortization7,091 7,315 
Noncash share-based compensation689 668 
Changes in operating assets and liabilities(1,526)(1,975)
Payments of interest(1,813)(1,823)
Payments of income taxes(4,568)(2,384)
Proceeds from investments and other254 269 
Net cash provided by operating activities$12,572 $14,426 
The variance in changes in operating assets and liabilities for the six months ended June 30, 2024 compared to the same period in 2023 was primarily related to decreases in receivables and inventory.
Payments of income taxes increased for the six months ended June 30, 2024 compared to the same period in 2023 and included higher payments in the current year period related to the preceding tax year, primarily driven by the sale of our investment in Hulu, and other tax related matters.
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Investing Activities
Net cash used in investing activities decreased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to decreased capital expenditures, decreased cash paid for intangible assets related to software development and increased proceeds from the maturity of short-term investments in the current year period. These decreases were partially offset by increased purchases of short-term investments. Capital expenditures decreased for the six months ended June 30, 2024 compared to the same period in 2023 primarily reflecting decreased spending on customer premise equipment and scalable infrastructure, partially offset by increased spending on line extensions by the Connectivity & Platforms businesses.
In the fourth quarter of 2023, we exercised our put right requiring Disney to purchase our interest in Hulu and received $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value presented as an advance on the sale of our investment in our condensed consolidated balance sheet, less $557 million for our share of prior capital calls. We expect to receive additional proceeds for the sale of our interest in Hulu in 2024 following the final determination of Hulu’s fair value pursuant to a third-party appraisal process, at which time we will recognize the sale of our interest.
Financing Activities
Net cash used in financing activities increased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to higher proceeds from borrowings in the prior year period and increases in repurchases of common stock in the current year period. These increases were partially offset by higher repurchases and repayments of debt in the prior year period and by repayments of short-term borrowings in the prior year period.
In May 2024, we issued $3.3 billion aggregate principal amount of fixed-rate senior notes, which have maturities ranging between 2029 and 2054 and a weighted-average interest rate of 5.38%. The net proceeds from this issuance was for the repayment of our outstanding commercial paper, and for working capital and general corporate purposes.
For the six months ended June 30, 2024, we made debt repayments of $1.9 billion, including $1.5 billion principal amount of notes due at maturity and $215 million of 3.950% Notes due 2025, $149 million of 3.375% Notes due 2025 and $25 million of 5.250% Notes due 2025.
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. In particular, we may repurchase varying amounts of our outstanding public notes and debentures with short to medium term maturities through privately negotiated or market transactions. See Notes 5 and 7 for additional information on our financing activities.
Share Repurchases and Dividends
During the six months ended June 30, 2024, we repurchased a total of 112 million shares of our Class A common stock for $4.6 billion. In January 2024, our Board of Directors terminated the existing share repurchase program authorization and approved a new share repurchase program authorization of $15.0 billion, which has no expiration date. As of June 30, 2024, we had $11.0 billion remaining under the authorization. We expect to repurchase additional shares of our Class A common stock under this new authorization in the open market or in private transactions, subject to market and other conditions.
In addition, we paid $307 million for the six months ended June 30, 2024 related to employee taxes associated with the administration of our share-based compensation plans.
In January 2024, our Board of Directors approved a 6.9% increase in our dividend to $1.24 per share on an annualized basis. During the six months ended June 30, 2024, we paid dividends of $2.4 billion. In May 2024, our Board of Directors approved our second quarter dividend of $0.31 per share, which is payable in July 2024. 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)June 30,
2024		December 31,
2023
Debt Subject to Cross-Guarantees
Comcast$93.1 $91.9 
NBCUniversal(a)
1.6 1.6 
Comcast Cable(a)
0.9 0.9 
95.6 94.4 
Debt Subject to One-Way Guarantees
Sky3.6 3.6 
Other(a)
0.1 0.1 
3.7 3.8 
Debt Not Guaranteed
Universal Beijing Resort(b)
3.4 3.5 
Other1.4 1.5 
4.8 5.0 
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net(6.1)(6.1)
Total debt$98.1 $97.1 
(a)NBCUniversal Media, LLC (“NBCUniversal”), Comcast Cable Communications, LLC (“Comcast Cable”) and Comcast Holdings Corporation (“Comcast Holdings”), which is 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 to our Annual Report on Form 10-K, 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 6 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 June 30, 2024 and December 31, 2023, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $80 billion and $136 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $17 billion and $18 billion, respectively. 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 Limited (“Sky”), including all of its senior notes, 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 June 30, 2024 and December 31, 2023, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $47 billion and $104 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $14 billion for both periods. 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 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 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 2023 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 2023 Annual Report on Form 10-K and there have been no material 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 9 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 2023 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 June 30, 2024.
PeriodTotal
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)
April 1-30, 202425,302,381 $39.92 25,302,381 $1,009,999,593 $12,176,953,238 
May 1-31, 202424,034,085 

$38.90 24,034,085 $934,990,530 $11,241,962,708 
June 1-30, 20247,045,460 $38.32 7,045,460 $270,009,433 $10,971,953,275 
Total56,381,926 $39.29 56,381,926 $2,214,999,556 $10,971,953,275 
(a)In September 2022, our Board of Directors approved a share repurchase program authorization of $20.0 billion. In January 2024, our Board of Directors terminated the existing program and approved a new share repurchase authorization of $15.0 billion, which has no expiration date. We expect to repurchase additional shares of our Class A common stock under this authorization, in the open market or in private transactions, subject to market and other conditions.
ITEM 6: EXHIBITS
Exhibit
No.
Description
Credit Agreement dated as of May 17, 2024, among Comcast Corporation, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, and Bank of America, N.A., Barclays Bank PLC, Mizuho Bank, Ltd., Morgan Stanley MUFG Partners, LLC and Wells Fargo Bank, National Association, as co-documentation agents (incorporated by reference to Exhibit 10.1 to Comcast's Current Report on Form 8-K filed May 17, 2024).
Employment Agreement between Comcast Corporation and Jennifer Khoury, dated as of December 31, 2022.
Employment Agreement between Comcast Corporation and Thomas J. Reid, dated as of April 17, 2024.
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the six months ended June 30, 2024, filed with the Securities and Exchange Commission on July 23, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statements of Income; (ii) the Condensed Consolidated Statements of Comprehensive Income; (iii) the Condensed Consolidated Statements of Cash Flows; (iv) the Condensed Consolidated Balance Sheets; (v) the Condensed Consolidated Statements of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
104Cover Page Interactive Data File (embedded within the iXBRL document).
*Constitutes a management contract or compensatory plan or arrangement.
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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: July 23, 2024

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What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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