AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 18/10/2026
Moat38
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Installed infrastructure and monetized owned content provide identifiable advantages. Active competing network deployment and customer losses limit their demonstrated economic protection; margins alone do not establish the moat.
durability · 2/4 · Physical infrastructure and owned content support persistence, but upgrades require substantial spending and licensed sports rights face relatively short competitive renewal cycles. Exceptional long-term protection is unproven.
customer dependency · 1/4 · Broadband and video customers are leaving, and broadband penetration fell from 49.7% to 47.9%. Wireless and Peacock growth demonstrate demand elsewhere, but do not establish strong switching friction or customer dependence.
erosion resilience · 1/4 · Competition has already impaired customer relationships and broadband revenue. Wireless and content growth provide offsets, but the pricing pivot's expected retention improvement remains unproven.
Pricing power44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 1/4 · Observed broadband revenue weakness alongside customer losses and an implemented free-wireless promotion indicate fragile pricing economics. Management expects lower broadband revenue per customer; that forecast is not treated as a measured ARPU result. Content revenue growth does not isolate price from volume or mix.
retention · 2/4 · Indirect operating evidence is mixed: broadband and video customer bases declined, although first-half net losses moderated, while wireless lines and Peacock paid subscribers grew. These figures assess demand, not cohort retention or renewal rates.
margin resilience · 2/4 · Peacock losses improved in 2025, but first-half 2026 Media Adjusted EBITDA fell 64.3% despite substantial revenue growth as programming costs increased. Results show mixed cost absorption, with sporting-event timing limiting comparability.
contractual freedom · 2/4 · Comcast demonstrated discretion to restructure broadband pricing and promotions, and can negotiate retransmission compensation. Competitive conditions and distribution renewal constraints limit practical freedom; comprehensive contractual pricing rights are not supplied.
Predictability94
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 1.75
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 2.21
Financial strength27
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 49.73
- netDebtEbitGrade
- 13.45
- interestCoverageGrade
- 33.53
- currentRatioGrade
- 10.56
- Debt / FCF (x)
- 4.52
- Net debt / operating income (x)
- 4.33
- Interest coverage (x)
- 4.69
- Current ratio (x)
- 0.88
Capital allocation88
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 12.69
- 3-year average dilution (%)
- -7.65
- 3-year average SBC / revenue (%)
- 1.03
- cashConversionGrade
- 100.00
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · 2025 operating cash flow of $33.643 billion funded capital expenditures and intangible investment while leaving $19.235 billion of disclosed free cash flow. Repurchases exceeded stock-compensation dilution. This demonstrates funding discipline, tempered by substantial commitments, lower first-half 2026 cash generation and limited evidence on project-level returns.
incentive alignment · 2/4 · Actual three-year PSU metrics include ROIC, relative EPS growth and relative TSR. The TSR modifier reduced the calculated payout, demonstrating application, but executives still received 108% of target despite 14th-percentile relative TSR. Alignment is meaningful but mixed.
execution · 2/4 · Completed Versant separation, Epic Universe's opening, wireless growth and Peacock improvement demonstrate delivery. Broadband customer erosion and weaker first-half Media earnings offset those achievements. Subscriber and operating results are indirect evidence of execution, not proof that every strategic investment earned an adequate return.
governance · 2/4 · Existing independent committee structures, lead-director powers, annual elections and clawback provisions support oversight. Sharply unequal Class A and Class B voting rights weaken proportional shareholder accountability. Nominee independence statistics do not establish subsequent election outcomes.
Evidence
Cable Franchise Rights Our cable franchise rights assets result from agreements we have with state and local governments that allow us to construct and operate a cable business within a specified geographic area.
Critical accounting estimates: cable franchise rights · Filed 03/02/2026
49 Comcast 2025 Annual Report on Form 10-K Table of Contents Year ended December 31 (in millions) 2025 2024 Customer premise equipment $ 2,192 $ 2,013 Scalable infrastructure 3,156 3,024 Line extensions 2,689 2,691 Support capital 686 557 Total $ 8,723 $ 8,286 We expect our capital expenditures in 2026 will continue to be focused on investments in the Connectivity & Platforms business in scalable infrastructure as we increase capacity and continue to execute our plans to upgrade our network to deliver multigigabit symmetrical speeds, in the continued deployment of next generation wireless gateways, and in line extensions for the expansion of homes and businesses passed.
Liquidity and capital resources: Connectivity & Platforms capital expenditures · Filed 03/02/2026
20 Table of Contents Connectivity & Platforms Customer Metrics Net Additions / (Losses) June 30, Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 2026 2025 Residential Connectivity & Platforms Customer Relationships(a) Domestic Residential Connectivity & Platforms customer relationships 30,179 30,746 (166) (223) (261) (427) International Residential Connectivity & Platforms customer relationships(b) 17,539 17,573 (64) (102) 40 (113) Total Residential Connectivity & Platforms customer relationships(b) 47,718 48,318 (230) (325) (221) (540) Domestic Residential Broadband Domestic broadband residential customers 28,486 28,989 (167) (201) (233) (384) Domestic residential passings(c) 59,443 58,356 Domestic broadband residential penetration of residential passings(d) 47.9 % 49.7 % Domestic Wireless Domestic wireless lines(e) 10,187 8,527 448 378 883 701 Domestic Video Domestic video customers 10,668 11,771 (280) (325) (601) (751) (a)Residential Connectivity & Platforms customer relationships generally represent the number of residential customers that subscribe to at least one of our services.
Connectivity & Platforms customer metrics · Filed 23/07/2026
Competition Residential Connectivity & Platforms Broadband We compete with a number of companies, many with significant financial resources, that offer internet services, including: •wireline telecommunications companies •wireless telecommunications companies •municipal broadband networks and power companies •satellite broadband providers Certain wireline telecommunications companies, such as AT&T, Lumen and Verizon in the United States and BT and Virgin Media O2 in the United Kingdom, have built and are continuing to build fiber-based wireline network infrastructure further into their networks, which enables them to provide data transmission speeds that exceed those that can be provided with traditional copper digital subscriber line (“DSL”) technology, and are offering services with these higher speeds in many of our service areas.
Business: residential broadband competition · Filed 03/02/2026
Various wireless companies, such as AT&T, T-Mobile and Verizon, offer internet services using a variety of wireless technologies, including 5G fixed wireless networks and 4G and 5G wireless broadband services.
Business: wireless broadband competition · Filed 03/02/2026
10 Table of Contents Comcast Corporation Note 3: Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025(a) 2026 2025(a) Domestic broadband $ 6,280 $ 6,649 $ 12,618 $ 13,327 Domestic wireless service 1,007 882 1,984 1,732 Domestic wireless equipment 404 313 821 587 International connectivity 1,246 1,219 2,486 2,351 Video 6,092 6,605 12,347 13,206 Advertising 962 951 1,913 1,850 Other 1,133 1,219 2,277 2,452 Total Residential Connectivity & Platforms Segment 17,124 17,839 34,446 35,504 Total Business Services Connectivity Segment 2,671 2,575 5,311 5,071 Domestic advertising 2,163 1,395 5,616 2,863 Domestic distribution 1,993 1,632 4,276 3,299 International networks 1,330 1,254 2,621 2,403 Other 204 261 457 505 Total Media Segment 5,691 4,543 12,970 9,069 Content licensing 1,799 1,805 4,772 3,979 Theatrical 972 284 1,088 570 Other 269 343 605 709 Total Studios Segment 3,040 2,432 6,466 5,259 Total Theme Parks Segment 2,413 2,349 4,744 4,226 Versant revenue(b) — 1,770 — 3,539 Other revenue 771 885 1,792 1,802 Eliminations(c) (1,771) (2,081) (4,333) (4,270) Total revenue $ 29,940 $ 30,313 $ 61,396 $ 60,199 (a) Beginning in the first quarter of 2026, commission revenue from the sale of certain direct to consumer (“DTC”) streaming services is presented in broadband revenue or video revenue based on whether a customer is entitled to receive the DTC streaming service through a broadband or video service offering.
Note 3: revenue by business and service · Filed 23/07/2026
Our customer relationship additions/(losses) continue to be negatively impacted by an increasingly competitive environment.
MD&A: competitive impact on customer relationships · Filed 23/07/2026
In 2025, we simplified our broadband pricing structure and began offering a free wireless line for one year to new and existing domestic broadband customers, which we expect will improve customer retention and strengthen our ability to compete for new customers, but will negatively impact average domestic broadband revenue per customer.
MD&A: broadband pricing changes and free wireless offer · Filed 23/07/2026
Revenue is generated primarily from the worldwide licensing of our owned film and television content and from the worldwide distribution of our produced and acquired films for exhibition in movie theaters.
Business: Studios revenue sources · Filed 03/02/2026
Other Areas of Regulation Intellectual Property Copyright, trademark, unfair competition, patent, trade secret and other proprietary-rights laws of the United States and other countries help protect our intellectual property rights.
Regulation: intellectual property protection · Filed 03/02/2026
) ☑ Filed by the Registrant ☐ Filed by a party other than the Registrant CHECK THE APPROPRIATE BOX: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☑ Definitive Proxy Statement ☐ Definitive Additional Materials ☐ Soliciting Material under §240.14a-12 Comcast Corporation (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) PAYMENT OF FILING FEE (CHECK ALL BOXES THAT APPLY): ☑ No fee required ☐ Fee paid previously with preliminary materials ☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 Table of Contents Notice of 2026 Annual Meeting of Shareholders and Proxy Statement Table of Contents 2025 Company Highlights Strong Execution on Key Strategic Priorities Consolidated Financial Results Generated revenue of $123.7 billion, net income of $20.0 billion and Adjusted EBITDA of $37.4 billion Returned $11.7 billion to shareholders through a combination of $6.8 billion in share repurchases and $4.9 billion in dividend payments, reducing shares outstanding by 5% Connectivity & Platforms Advanced our new national go-to-market strategy, simplifying our broadband offering with a clear transparent value proposition alongside wireless offers designed to increase mobile awareness and attachment 50.8 million customer relationships at year end Domestic wireless delivered 1.5 million net line additions, reaching 9.3 million total lines and surpassing 15% penetration of domestic residential broadband customers Grew connectivity revenue by 4.2% to $46.0 billion, reflecting growth in domestic wireless, international connectivity and business services connectivity Content & Experiences Theme parks generated $3.1 billion in Adjusted EBITDA, fueled by the opening of Epic Universe in May 2025 Peacock revenue increased by 10% to $5.4 billion; Adjusted EBITDA losses improved by nearly $700 million; paid subscribers increased by 22% to 44 million Successful launch of NBA highlighted our strong sports portfolio, complemented by news and entertainment assets, helping to support Peacock subscribers and our advertising business Wicked franchise grossed $1.3 billion worldwide, becoming the #1 Broadway-to-feature film adaptation of all time Completed the spin-off of Versant Media Group, Inc.
Proxy statement: 2025 company operating highlights · Filed 24/04/2026
• Universal theme parks increased revenue by 14.2% and Adjusted EBITDA by 4.5%, driven by the successful opening of Epic Universe in May 2025.
Compensation discussion: theme-park operating achievements · Filed 24/04/2026
In Europe, major sports rights, which are significant to our international networks, are usually tendered through a competitive auction process, with the winning bidder or bidders acquiring rights over a 3 to 5 year period.
Business: European sports-rights auctions and terms · Filed 03/02/2026
In particular, unauthorized copying, distribution and piracy of programming and films over the internet, through devices, software and websites, on counterfeit DVDs/Blu-rays, through AI and through other platforms interfere with the market for copyrighted works and present challenges for our content businesses.
Regulation: piracy and unauthorized content distribution · Filed 03/02/2026
The number of entertainment choices available to consumers, including DTC streaming service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products and services, continues to increase, intensify audience fragmentation and disaggregate how content traditionally has been distributed to and viewed by consumers.
Risk factors: audience fragmentation · Filed 03/02/2026
24 Table of Contents Media Segment Results of Operations Three Months Ended June 30, Change Six Months Ended June 30, Change (in millions) 2026 2025 % 2026 2025 % Revenue Domestic advertising $ 2,163 $ 1,395 55.0 % $ 5,616 $ 2,863 96.2 % Domestic distribution 1,993 1,632 22.1 4,276 3,299 29.6 International networks 1,330 1,254 6.1 2,621 2,403 9.1 Other 204 261 (21.9) 457 505 (9.5) Total revenue 5,691 4,543 25.3 12,970 9,069 43.0 Costs and Expenses Programming and production 3,699 2,759 34.1 10,003 6,042 65.6 Marketing and promotion 289 285 1.6 694 591 17.3 Other 994 816 21.8 1,991 1,646 21.0 Total costs and expenses 4,983 3,860 29.1 % 12,688 8,279 53.3 % Adjusted EBITDA $ 708 $ 683 3.7 % $ 282 $ 790 (64.3) % Media Segment – Revenue Revenue increased for the three months ended June 30, 2026 compared to the same period in 2025, including the impact of the FIFA World Cup in the second quarter of 2026.
Media segment: revenue, expenses and Adjusted EBITDA · Filed 23/07/2026
In connection with the proposed NBCUniversal Spin-off, we have suspended our share repurchase program as of the beginning of the third quarter of 2026.
Liquidity and capital resources: proposed NBCUniversal spin-off and repurchase suspension · Filed 23/07/2026
Our owned local broadcast television stations must elect, with respect to retransmission by certain multichannel video providers, either “must-carry” status, in which we require the provider to carry the station without paying any compensation to us, or “retransmission consent,” in which we give up our right to mandatory carriage and instead seek to negotiate the terms and conditions of carriage, including the amount of compensation, if any, paid to us by such provider.
Risk factors: retransmission consent and negotiated compensation · Filed 03/02/2026
For all of these types of arrangements, our ability to renew agreements on acceptable terms and/or in a timely manner may be affected by evolving market dynamics, government regulations and industry consolidation.
Risk factors: constraints on distribution agreement renewals · Filed 03/02/2026
A-1 2026 Proxy Statement Table of Contents RECONCILIATION FROM NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW ($ in millions) YEAR ENDED DECEMBER 31, 2025 2024 Net cash provided by operating activities 33,643 27,673 Capital expenditures (11,750 ) (12,181 ) Cash paid for capitalized software and other intangible assets (2,658 ) (2,949 ) Free Cash Flow 19,235 12,543 2026 Proxy Statement A-2 Table of Contents Table of Contents w SCAN TO VIEW MATERIALS & VOTE VOTE BY INTERNET Before The Meeting - Go to www.proxyvote.com or scan the QR Barcode above Use the Internet to transmit your voting instructions up until 11:59 P.M.
Appendix A: operating cash flow to free cash flow reconciliation · Filed 24/04/2026
Our share repurchases have more than offset dilution that resulted from issuing our Class A common stock in connection with our share-based compensation plans in those years, thereby having the effect of reducing the total number of our Class A common stock outstanding.
Liquidity and capital resources: repurchases and dilution · Filed 03/02/2026
Operating Activities Components of Net Cash Provided by Operating Activities Six Months Ended June 30, (in millions) 2026 2025 Operating income $ 9,296 $ 11,650 Depreciation and amortization 7,553 8,003 Noncash share-based compensation 786 703 Changes in operating assets and liabilities (369) (614) Payments of interest (1,836) (1,803) Payments of income taxes (559) (2,085) Proceeds from investments and other 112 254 Net cash provided by operating activities $ 14,983 $ 16,109 The variance in changes in operating assets and liabilities for the six months ended June 30, 2026 compared to the same period in 2025 was primarily related to the timing of amortization and related payments for our film and television costs, including the timing of sports, and the timing of third-party transferable tax credits purchases, partially offset by increases in accounts receivable, including the impact of our broadcast of the FIFA World Cup, and decreases in deferred revenue.
Liquidity and capital resources: operating cash flow · Filed 23/07/2026
Share Repurchases Under Share Repurchase Program Authorization and Dividends Paid and Weighted-Average Number of Common Shares Outstanding - Diluted ($ in billions and shares in millions) Contractual Obligations The following table summarizes our most significant contractual obligations as of December 31, 2025: As of December 31, 2025 (in billions) Total Within the next 12 months Beyond the next 12 months Debt obligations(a) $ 104.8 $ 6.0 $ 98.8 Programming and production obligations(b)(c) 93.8 18.3 75.5 51 Comcast 2025 Annual Report on Form 10-K Table of Contents (a)Amounts represent the face value of debt and exclude interest payments.
Contractual obligations: debt and programming commitments · Filed 03/02/2026
PSUs are earned based on our performance over a cumulative three-year period against two relative performance metrics relating to Adjusted Earnings Per Share (“EPS”) growth and Total Shareholder Return (“TSR”), as well as an absolute Return on Invested Capital (“ROIC”) performance metric.
Compensation discussion: three-year PSU performance metrics · Filed 24/04/2026
The combined PSU payout percentage based on the above levels of ROIC and Relative Adjusted EPS Growth achievement was 144%, which, after applying a Relative TSR Modifier of -25% based on a 14th percentile ranking relative to the S&P 100 Index, resulted in the 108% total payout.
Compensation discussion: actual PSU payout and relative TSR modifier · Filed 24/04/2026
Board Independence/Composition • Strong Lead Independent Director, with defined role and responsibilities, including authority to review and approve agendas, materials and meeting schedules for Board meetings • Lead Independent Director is appointed by independent directors annually • Nine of 11 director nominees are independent • Added four new independent directors within past three years; average independent director tenure is nine years • Director tenure considered in annual Board director independence determinations • All members of Board committees are independent • Opportunity for executive sessions at every Board and committee meeting • Compensation Committee directly retains independent compensation consultant Board Performance • Annual Board and committee evaluations • Board/committee oversight of strategy, significant company risks and corporate responsibility matters • Annual Board and Compensation Committee discussion of succession planning for co-CEOs and other senior executives • Director education on key Company topics and issues, including as requested by independent directors Corporate Governance • Independent director retirement policy at age 75 • Director “overboarding” policy • Robust shareholder engagement program • Annual director elections • Proxy access bylaw • Recoupment (“clawback”) policy for executive compensation • No automatic acceleration of vesting in connection with a change in control Succession Planning Ensuring that we have the appropriate senior management talent to successfully pursue our strategies is one of the Board’s primary responsibilities.
Corporate governance: board structure and existing policies · Filed 24/04/2026
As of the record date, each holder of Class A common stock is entitled to 0.07949 votes per share and each holder of Class B common stock is entitled to 15 votes per share.
Stock ownership: Class A and Class B voting rights · Filed 24/04/2026
Note 6: Significant Transactions Versant Separation On January 2, 2026, we completed the previously announced separation of Versant into an independent, publicly traded company with its Class A common stock listed on The Nasdaq Stock Market under the ticker symbol “VSNT.”
Note 6: completed Versant separation · Filed 23/07/2026
Three Months Ended June 30, Change Six Months Ended June 30, Change (in millions) 2026 2025 % 2026 2025 % Total revenue $ 5,691 $ 4,543 25.3 % $ 12,970 $ 9,069 43.0 % Olympics, Super Bowl, and FIFA World Cup 440 — NM 2,618 — NM Total revenue, excluding Olympics, Super Bowl and FIFA World Cup $ 5,250 $ 4,543 15.6 % 10,352 9,069 14.1 % Total domestic advertising revenue $ 2,163 $ 1,395 55.0 % $ 5,616 $ 2,863 96.2 % Olympics, Super Bowl, and FIFA World Cup 440 — NM 2,357 — NM Domestic advertising revenue, excluding Olympics, Super Bowl and FIFA World Cup $ 1,723 $ 1,395 23.5 % 3,259 2,863 13.8 % Total domestic distribution revenue $ 1,993 $ 1,632 22.1 % $ 4,276 $ 3,299 29.6 % Olympics — — NM 262 — NM Domestic distribution revenue, excluding Olympics $ 1,993 $ 1,632 22.1 % $ 4,014 $ 3,299 21.7 % Percentage changes that are considered not meaningful are denoted with NM.
Media revenue comparison excluding major sporting events · Filed 23/07/2026
• Peacock paid subscribers increased 22% to 44 million and achieved a more than $700 million improvement in Peacock losses, which included the impact of new NBA rights fees.
Compensation discussion: Peacock subscriber growth and loss improvement · Filed 24/04/2026
