Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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 September 30, 2024


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

For the transition period from to



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

Pennsylvania

One Comcast Center

Philadelphia, PA 19103-2838

(215) 286-1700

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.01 par value

CMCSA

The Nasdaq Stock Market LLC

0.000% Notes due 2026

CMCS26

The Nasdaq Stock Market LLC

0.250% Notes due 2027

CMCS27

The Nasdaq Stock Market LLC

1.500% Notes due 2029

CMCS29

The Nasdaq Stock Market LLC

0.250% Notes due 2029

CMCS29A

The Nasdaq Stock Market LLC

0.750% Notes due 2032

CMCS32

The Nasdaq Stock Market LLC

3.250% Notes due 2032

CMCS32A

The Nasdaq Stock Market LLC

1.875% Notes due 2036

CMCS36

The Nasdaq Stock Market LLC

3.550% Notes due 2036

CMCS36A

The Nasdaq Stock Market LLC

1.250% Notes due 2040

CMCS40

The Nasdaq Stock Market LLC

5.250% Notes due 2040

CMCS40A

The Nasdaq Stock Market LLC

5.50% Notes due 2029

CCGBP29

New York Stock Exchange

2.0% Exchangeable Subordinated Debentures due 2029

CCZ

New York Stock Exchange

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

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

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

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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

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

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

As of October 15, 2024, there were 3,817,095,628 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

TABLE OF CONTENTS


		Page Number
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Income (Unaudited)	1
	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	2
	Condensed Consolidated Statements of Cash Flows (Unaudited)	3
	Condensed Consolidated Balance Sheets (Unaudited)	4
	Condensed Consolidated Statements of Changes in Equity (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
	Note 1: Condensed Consolidated Financial Statements	6
	Note 2: Segment Information	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	1 3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	31
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32

Item 6.	Exhibits	32
SIGNATURES		33

Explanatory Note

This Quarterly Report on Form 10-Q is for the three and nine months ended September 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 words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. In evaluating 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

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PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

Comcast Corporation

Condensed Consolidated Statements of Income

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2024		2023		2024		2023
Revenue	$	32,070	$	30,115	$	91,817	$	90,319
Costs and Expenses:
Programming and production	10,216		8,652		27,000		26,506
Marketing and promotion	1,989		1,866		5,929		5,929
Other operating and administrative	10,128		9,629		29,615		28,247
Depreciation	2,219		2,203		6,548		6,662
Amortization	1,659		1,290		4,421		4,146


Total costs and expenses	26,211		23,640		73,512		71,489
Operating income	5,859		6,475		18,304		18,830
Interest expense	(1,037)		(1,060)		(3,065)		(3,068)
Investment and other income (loss), net	(3)		50		(140)		672
Income before income taxes	4,819		5,465		15,099		16,434
Income tax expense	(1,243)		(1,468)		(3,906)		(4,481)
Net income	3,576		3,997		11,192		11,954
Less: Net income (loss) attributable to noncontrolling interests	(53)		(49)		(222)		(175)
Net income attributable to Comcast Corporation	$	3,629	$	4,046	$	11,415	$	12,128
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.94	$	0.98	$	2.92	$	2.92
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.94	$	0.98	$	2.90	$	2.90

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Net income	$	3,576	$	3,997	$	11,192	$	11,954
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $(31), $(20), $(74) and $(42)	1,889		(1,154)		1,322		114
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $3, $(19), $1, and $4	(19)		62		5		41
Realized (gains) losses reclassified to net income, net of deferred taxes of $11, $2, $11 and $18	(35)		13		(39)		(84)
Employee benefit obligations and other, net of deferred taxes of $2, $2, $10 and $5	(6)		(7)		(42)		(17)
Other comprehensive income (loss)	1,829		(1,086)		1,247		54
Comprehensive income	5,405		2,911		12,439		12,007
Less: Net income (loss) attributable to noncontrolling interests	(53)		(49)		(222)		(175)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	15		7		2		(32)
Comprehensive income attributable to Comcast Corporation	$	5,443	$	2,953	$	12,660	$	12,214

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended September 30,
(in millions)	2024		2023
Operating Activities
Net income	$	11,192	$	11,954
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,969		10,807
Share-based compensation	983		955
Noncash interest expense (income), net	331		235
Net (gain) loss on investment activity and other	620		(266)
Deferred income taxes	123		394
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	74		(26)
Film and television costs, net	(287)		(531)
Accounts payable and accrued expenses related to trade creditors	(906)		(518)
Other operating assets and liabilities	(3,505)		(425)
Net cash provided by operating activities	19,593		22,579
Investing Activities
Capital expenditures	(8,267)		(8,922)
Cash paid for intangible assets	(2,043)		(2,405)

Construction of Universal Beijing Resort	(111)		(119)


Proceeds from sales of businesses and investments	689		410
Purchases of investments	(934)		(949)

Other	108		267
Net cash provided by (used in) investing activities	(10,559)		(11,718)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net	—		(660)
Proceeds from borrowings	6,268		6,046

Repurchases and repayments of debt	(2,433)		(3,041)
Repurchases of common stock under repurchase program and employee plans	(6,920)		(7,770)
Dividends paid	(3,624)		(3,586)

Other	250		(126)
Net cash provided by (used in) financing activities	(6,459)		(9,136)
Impact of foreign currency on cash, cash equivalents and restricted cash	21		(18)
Increase (decrease) in cash, cash equivalents and restricted cash	2,596		1,707
Cash, cash equivalents and restricted cash, beginning of period	6,282		4,782
Cash, cash equivalents and restricted cash, end of period	$	8,878	$	6,489

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions, except share data)	September 30, 2024		December 31, 2023
Assets
Current Assets:
Cash and cash equivalents	$	8,814	$	6,215
Receivables, net	14,036		13,813
Other current assets	4,336		3,959
Total current assets	27,186		23,987
Film and television costs	13,340		12,920
Investments	9,021		9,385
Property and equipment, net of accumulated depreciation of $60,114 and $58,701	61,775		59,686
Goodwill	60,076		59,268
Franchise rights	59,365		59,365
Other intangible assets, net of accumulated amortization of $34,162 and $30,290	26,423		27,867
Other noncurrent assets, net	12,686		12,333
Total assets	$	269,871	$	264,811
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	$	11,779	$	12,437
Accrued participations and residuals	1,476		1,671
Deferred revenue	3,778		3,242
Accrued expenses and other current liabilities	8,977		11,613
Current portion of debt	2,610		2,069
Advance on sale of investment	9,167		9,167
Total current liabilities	37,786		40,198
Noncurrent portion of debt	98,754		95,021
Deferred income taxes	26,263		26,003
Other noncurrent liabilities	20,526		20,122
Commitments and contingencies
Redeemable noncontrolling interests	224		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, 4,697,741,828 and 4,842,108,959; outstanding, 3,824,950,800 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 capital	38,147		38,533
Retained earnings	55,105		52,892
Treasury stock, 872,791,028 Class A common shares	(7,517)		(7,517)
Accumulated other comprehensive income (loss)	(8)		(1,253)
Total Comcast Corporation shareholders’ equity	85,774		82,703
Noncontrolling interests	544		523
Total equity	86,318		83,226
Total liabilities and equity	$	269,871	$	264,811

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Changes in Equity

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2024		2023		2024		2023
Redeemable Noncontrolling Interests
Balance, beginning of period	$	236	$	239	$	241	$	411

Contributions from (distributions to) noncontrolling interests, net	(3)		(5)		(11)		(20)
Other	—		—		—		(171)
Net income (loss)	(9)		(5)		(6)		9
Balance, end of period	$	224	$	230	$	224	$	230

Class A Common Stock
Balance, beginning of period	$	47	$	50	$	48	$	51
Repurchases of common stock under repurchase program and employee plans	—		(1)		(1)		(2)

Balance, end of period	$	47	$	49	$	47	$	49

Additional Paid-In Capital
Balance, beginning of period	$	38,203	$	39,118	$	38,533	$	39,412

Share-based compensation	272		258		882		801
Repurchases of common stock under repurchase program and employee plans	(389)		(579)		(1,462)		(1,486)
Issuances of common stock under employee plans	61		65		193		223
Other	—		4		2		(83)
Balance, end of period	$	38,147	$	38,866	$	38,147	$	38,866

Retained Earnings
Balance, beginning of period	$	54,308	$	53,900	$	52,892	$	51,609

Repurchases of common stock under repurchase program and employee plans	(1,625)		(3,005)		(5,531)		(6,357)
Dividends declared	(1,205)		(1,190)		(3,670)		(3,628)
Other	(1)		—		(1)		(1)
Net income	3,629		4,046		11,415		12,128
Balance, end of period	$	55,105	$	53,751	$	55,105	$	53,751

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	$	(1,822)	$	(1,432)	$	(1,253)	$	(2,611)

Other comprehensive income (loss)	1,814		(1,093)		1,245		86
Balance, end of period	$	(8)	$	(2,525)	$	(8)	$	(2,525)

Noncontrolling Interests
Balance, beginning of period	$	485	$	559	$	523	$	684
Other comprehensive income (loss)	15		7		2		(32)
Contributions from (distributions to) noncontrolling interests, net	89		16		236		72
Other	—		—		—		(2)
Net income (loss)	(44)		(44)		(216)		(183)
Balance, end of period	$	544	$	538	$	544	$	538

Total equity	$	86,318	$	83,163	$	86,318	$	83,163

Cash dividends declared per common share	$	0.31	$	0.29	$	0.93	$	0.87

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, will result in our disclosure of certain significant segment expenses. We will adopt the updated accounting guidance on a retrospective basis 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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Comcast Corporation

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 September 30, 2024
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	17,807	$	2,419	$	6,926	$	1,993	$	2,289	$	31,434
Intersegment revenue(a)	59		6		1,305		833		—		2,203
	17,866		2,425		8,231		2,826		2,289		33,637
Reconciliation of Revenue
Other revenue(b)											686
Eliminations(a)											(2,253)
Total consolidated revenue											$	32,070

Segment Adjusted EBITDA(c)	$	6,904	$	1,391	$	650	$	468	$	847	$	10,259

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(200)
Corporate and other(b)(c)											(300)
Eliminations											(21)
Depreciation											(2,219)
Amortization											(1,659)
Interest expense											(1,037)
Investment and other income (loss), net											(3)
Income before income taxes											$	4,819


	Three Months Ended September 30, 2023
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	17,901	$	2,314	$	4,869	$	1,994	$	2,419	$	29,497
Intersegment revenue(a)	50		6		1,160		524		(1)		1,739
	17,951		2,320		6,029		2,518		2,418		31,236
Reconciliation of Revenue
Other revenue(b)											656
Eliminations(a)											(1,777)
Total consolidated revenue											$	30,115

Segment Adjusted EBITDA(c)	$	6,886	$	1,335	$	723	$	429	$	983	$	10,356

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(178)
Corporate and other(b)(c)											(244)
Eliminations											33
Depreciation											(2,203)
Amortization											(1,290)
Interest expense											(1,060)
Investment and other income (loss), net											50
Income before income taxes											$	5,465

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Comcast Corporation


	Nine Months Ended September 30, 2024
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	53,431	$	7,236	$	17,338	$	5,555	$	6,242	$	89,802
Intersegment revenue(a)	127		17		3,588		2,268		1		6,001
	53,558		7,253		20,926		7,822		6,243		95,803
Reconciliation of Revenue
Other revenue(b)											2,181
Eliminations(a)											(6,167)
Total consolidated revenue											$	91,817

Segment Adjusted EBITDA(c)	$	20,859	$	4,137	$	2,832	$	835	$	2,111	$	30,774

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(642)
Corporate and other(b)(c)											(881)
Eliminations											22
Depreciation											(6,548)
Amortization											(4,421)
Interest expense											(3,065)
Investment and other income (loss), net											(140)
Income before income taxes											$	15,099


	Nine Months Ended September 30, 2023
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	53,742	$	6,878	$	14,884	$	6,328	$	6,577	$	88,409
Intersegment revenue(a)	146		17		3,492		2,233		(1)		5,886
	53,888		6,894		18,376		8,561		6,576		94,296
Reconciliation of Revenue
Other revenue(b)											2,048
Eliminations(a)											(6,025)
Total consolidated revenue											$	90,319

Segment Adjusted EBITDA(c)	$	20,672	$	3,988	$	2,847	$	961	$	2,473	$	30,941

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(610)
Corporate and other(b)(c)											(824)
Eliminations											131
Depreciation											(6,662)
Amortization											(4,146)
Interest expense											(3,068)
Investment and other income (loss), net											672
Income before income taxes											$	16,434

(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 September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Domestic broadband	$	6,539	$	6,366	$	19,700	$	19,086
Domestic wireless	1,093		917		3,084		2,644
International connectivity	1,236		1,109		3,500		3,009
Total residential connectivity	8,869		8,393		26,284		24,739
Video	6,713		7,154		20,370		21,895
Advertising	987		960		2,931		2,860
Other	1,298		1,444		3,973		4,394
Total Residential Connectivity & Platforms Segment	17,866		17,951		53,558		53,888

Total Business Services Connectivity Segment	2,425		2,320		7,253		6,894

Domestic advertising	3,347		1,913		7,363		5,965
Domestic distribution	3,272		2,591		8,942		7,916
International networks	1,070		1,019		3,193		3,062
Other	542		506		1,429		1,433
Total Media Segment	8,231		6,029		20,926		18,376

Content licensing	1,865		1,691		5,680		5,856
Theatrical	611		504		1,178		1,735
Other	350		324		964		970
Total Studios Segment	2,826		2,518		7,822		8,561

Total Theme Parks Segment	2,289		2,418		6,243		6,576

Other revenue	686		656		2,181		2,048
Eliminations(a)	(2,253)		(1,777)		(6,167)		(6,025)
Total revenue	$	32,070	$	30,115	$	91,817	$	90,319

(a)See Note 2 for additional information on intersegment revenue transactions.

Condensed Consolidated Balance Sheets


(in millions)	September 30, 2024		December 31, 2023
Receivables, gross	$	14,798	$	14,511
Less: Allowance for credit losses	763		698
Receivables, net	$	14,036	$	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)	September 30, 2024		December 31, 2023
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,782	$	1,914
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	650	$	618

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


(in millions)	September 30, 2024		December 31, 2023
Receivables, net	$	1,808	$	1,695
Noncurrent receivables, net (included in other noncurrent assets, net)	1,199		1,223

Total	$	3,008	$	2,918

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Note 4: Programming and Production Costs


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Video distribution programming	$	2,783	$	3,084	$	8,682	$	9,465
Film and television content:
Owned(a)	2,111		2,083		6,888		7,622
Licensed, including sports rights	4,991		3,048		10,484		8,241
Other	330		438		946		1,178
Total programming and production costs	$	10,216	$	8,652	$	27,000	$	26,506

(a) Amount includes amortization of owned content of $1.6 billion and $5.6 billion for the three and nine months ended September 30, 2024, respectively, and $1.6 billion and $5.9 billion for the three and nine months ended September 30, 2023, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs


(in millions)	September 30, 2024		December 31, 2023
Owned:
In production and in development	$	3,566	$	2,893
Completed, not released	428		317
Released, less amortization	4,266		4,340
	8,261		7,551
Licensed, including sports advances	5,080		5,369


Film and television costs	$	13,340	$	12,920

Note 5: Debt

As of September 30, 2024, our debt had a carrying value of $101.4 billion and an estimated fair value of $96.8 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 September 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 September 30, 2024 and December 31, 2023, we had no borrowings outstanding under the new and prior credit facility, respectively. As of September 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 September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Equity in net income (losses) of investees, net	$	(152)	$	49	$	(438)	$	454
Realized and unrealized gains (losses) on equity securities, net	(22)		(87)		(163)		(130)
Other income (loss), net	171		88		461		349
Investment and other income (loss), net	$	(3)	$	50	$	(140)	$	672

The amount of unrealized gains (losses), net recognized in the three months ended September 30, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(15) million and $(82) million, respectively. The amount of unrealized gains (losses), net recognized in the nine months ended September 30, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(117) million and $(145) million, respectively.

Investments


(in millions)	September 30, 2024		December 31, 2023
Equity method	$	7,516	$	7,615
Marketable equity securities	21		39
Nonmarketable equity securities	1,380		1,482
Other investments	206		559
Total investments	9,122		9,694
Less: Current investments	101		310
Noncurrent investments	$	9,021	$	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 nine months ended September 30, 2024 and 2023 was $244 million and $185 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 nine months ended September 30, 2024 and 2023, we made cash capital contributions to Atairos totaling $60 million and $132 million, respectively. As of September 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 September 30, 2024, our remaining unfunded capital commitment was $1.4 billion.

Other Investments

Other investments also includes certain short-term instruments, which totaled $70 million and $254 million as of September 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 nine months ended September 30, 2024 and 2023 were $632 million and $339 million, respectively. Purchases of short-term instruments for the nine months ended September 30, 2024 and 2023 were $443 million and $286 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 September 30, 2024, Universal Beijing Resort had $3.6 billion of debt outstanding, including $3.2 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 September 30, 2024, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.7 billion and $7.3 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 September 30,		Nine Months Ended September 30,
(in millions)	2024	2023		2024	2023
Weighted-average number of common shares outstanding – basic	3,861	4,109		3,908	4,160
Effect of dilutive securities	18	33		22	23
Weighted-average number of common shares outstanding – diluted	3,880	4,141		3,930	4,184

Antidilutive securities	188	86		193	172

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)	September 30, 2024		December 31, 2023
Cumulative translation adjustments	$	(275)	$	(1,596)

Deferred gains (losses) on cash flow hedges	16		49
Unrecognized gains (losses) on employee benefit obligations and other	251		293

Accumulated other comprehensive income (loss), net of deferred taxes	$	(8)	$	(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 long-term incentive compensation structure. 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 under our annual management awards program. 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 September 30, 2024 and 2023, share-based compensation expense recognized in our condensed consolidated statements of income was $247 million and $238 million, respectively. During the nine months ended September 30, 2024 and 2023, share-based compensation expense recognized in our condensed consolidated statements of income was $811 million and $786 million, respectively. As of September 30, 2024, we had unrecognized pretax compensation expense of $2.3 billion related to unvested RSUs and unvested stock options.

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Note 8: Supplemental Financial Information

Cash Payments for Interest and Income Taxes


	Nine Months Ended September 30,
(in millions)	2024		2023
Interest	$	2,503	$	2,566
Income taxes(a)	$	5,988	$	3,823

a) Cash payments for income taxes in the nine months ended September 30, 2024 include $1.2 billion related to the purchase of transferable tax credits.

Noncash Activities

During the nine months ended September 30, 2024:

•we acquired $2.4 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 October 2024

During the nine months ended September 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 October 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)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	8,814	$	6,215
Restricted cash included in other current assets and other noncurrent assets, net	64		67
Cash, cash equivalents and restricted cash, end of period	$	8,878	$	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 September 30,				Change		Nine Months Ended September 30,				Change
(in millions, except per share data)	2024		2023		%		2024		2023		%
Revenue	$	32,070	$	30,115	6.5	%	$	91,817	$	90,319	1.7	%
Costs and Expenses:
Programming and production	10,216		8,652		18.1		27,000		26,506		1.9
Marketing and promotion	1,989		1,866		6.6		5,929		5,929		—
Other operating and administrative	10,128		9,629		5.2		29,615		28,247		4.8
Depreciation	2,219		2,203		0.7		6,548		6,662		(1.7)
Amortization	1,659		1,290		28.6		4,421		4,146		6.6


Total costs and expenses	26,211		23,640		10.9		73,512		71,489		2.8
Operating income	5,859		6,475		(9.5)		18,304		18,830		(2.8)
Interest expense	(1,037)		(1,060)		(2.2)		(3,065)		(3,068)		(0.1)
Investment and other income (loss), net	(3)		50		NM		(140)		672		NM
Income before income taxes	4,819		5,465		(11.8)		15,099		16,434		(8.1)
Income tax expense	(1,243)		(1,468)		(15.3)		(3,906)		(4,481)		(12.8)
Net income	3,576		3,997		(10.5)		11,192		11,954		(6.4)
Less: Net income (loss) attributable to noncontrolling interests	(53)		(49)		8.7		(222)		(175)		27.1
Net income attributable to Comcast Corporation	$	3,629	$	4,046	(10.3)	%	$	11,415	$	12,128	(5.9)	%
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.94	$	0.98	(4.5)	%	$	2.92	$	2.92	0.2	%
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.94	$	0.98	(4.2)	%	$	2.90	$	2.90	0.2	%
Weighted-average number of common shares outstanding – basic	3,861		4,109		(6.0)	%	3,908		4,160		(6.1)	%
Weighted-average number of common shares outstanding – diluted	3,880		4,141		(6.3)	%	3,930		4,184		(6.1)	%

Adjusted EBITDA(a)	$	9,735	$	9,962	(2.3)	%	$	29,261	$	29,621	(1.2)	%

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.

Consolidated revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily driven by increases in the Content & Experiences business and Corporate and Other. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”

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Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily driven by increases in the Content & Experiences business and 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 increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business. Consolidated depreciation and amortization expense for the nine months ended September 30, 2024 was partially offset by decreased depreciation of international property and equipment and decreased amortization of software.

Amortization expense from acquisition-related intangible assets totaled $817 million and $1.9 billion for the three and nine months ended September 30, 2024, respectively, and $571 million and $1.7 billion for the three and nine months ended September 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 decreased for the three months ended September 30, 2024 and was consistent for the nine months ended September 30, 2024 primarily due to interest expense in the prior year periods associated with a collateralized obligation that was repaid in the fourth quarter of 2023, offset by increases in average debt outstanding and higher weighted-average interest rates in the current year periods.

Consolidated investment and other income (loss), net decreased for the three and nine months ended September 30, 2024 compared to the same periods in 2023.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Equity in net income (losses) of investees, net	$	(152)	$	49	$	(438)	$	454
Realized and unrealized gains (losses) on equity securities, net	(22)		(87)		(163)		(130)
Other income (loss), net	171		88		461		349
Total investment and other income (loss), net	$	(3)	$	50	$	(140)	$	672

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 $(93) million and $(289) million for the three and nine months ended September 30, 2024, respectively, and $252 million and $753 million for the three and nine months ended September 30, 2023, respectively.

The change in realized and unrealized gains (losses) on equity securities, net for the three months ended September 30, 2024 was primarily due to higher losses on nonmarketable securities in the prior year period and losses on marketable securities in the prior year period. The change in realized and unrealized gains (losses) on equity securities, net for the nine months ended September 30, 2024 was primarily due to higher losses on marketable and nonmarketable securities in the current year period.

The increase in other income (loss), net for the three and nine months ended September 30, 2024 primarily resulted from insurance contracts and foreign exchange remeasurement.

Consolidated income tax expense for the three and nine months ended September 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 nine months ended September 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 nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to our regional sports networks. The change for the three months ended September 30, 2024 was partially offset by Universal Beijing Resort.

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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 September 30,						Change		Constant Currency Change(b)		Nine Months Ended September 30,						Change		Constant Currency Change(b)
(in millions)	2024			2023			%		%		2024			2023			%		%
Revenue
Residential Connectivity & Platforms	$	17,866		$	17,951		(0.5)	%	(1.0)	%	$	53,558		$	53,888		(0.6)	%	(1.1)	%
Business Services Connectivity	2,425			2,320			4.5		4.5		7,253			6,894			5.2		5.2
Total Connectivity & Platforms revenue	$	20,291		$	20,271		0.1	%	(0.4)	%	$	60,812		$	60,783		—	%	(0.4)	%
Adjusted EBITDA
Residential Connectivity & Platforms	$	6,904		$	6,886		0.3	%	—	%	$	20,859		$	20,672		0.9	%	0.7	%
Business Services Connectivity	1,391			1,335			4.2		4.3		4,137			3,988			3.7		3.7
Total Connectivity & Platforms Adjusted EBITDA	$	8,295		$	8,221		0.9	%	0.7	%	$	24,996		$	24,660		1.4	%	1.2	%
Adjusted EBITDA Margin(a)
Residential Connectivity & Platforms	38.6		%	38.4		%	20 bps		40 bps		38.9		%	38.4		%	50 bps		60 bps
Business Services Connectivity	57.4			57.5			(10) bps		(10) bps		57.0			57.8			(80) bps		(80) bps
Total Connectivity & Platforms Adjusted EBITDA margin	40.9		%	40.6		%	30 bps		50 bps		41.1		%	40.6		%	50 bps		60 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. A competitive environment, which has increased in recent years, 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 and resulted in an estimated net loss of 96,000 residential domestic broadband customers for the third quarter of 2024. 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)
	September 30,				Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2024		2023		2024	2023	2024	2023
Customer Relationships
Domestic Residential Connectivity & Platforms customer relationships(a)	31,324		31,722		(103)	(39)	(324)	(138)
International Residential Connectivity & Platforms customer relationships(a)	17,716		17,958		78	74	(131)	18
Business Services Connectivity customer relationships(b)	2,627		2,640		(4)	5	(14)	15
Total Connectivity & Platforms customer relationships	51,667		52,320		(29)	40	(469)	(105)
Domestic Broadband
Residential customers	29,504		29,779		(79)	(17)	(244)	(33)
Business customers	2,477		2,508		(8)	(2)	(28)	1
Total domestic broadband customers	31,981		32,287		(87)	(18)	(272)	(32)
Domestic Wireless
Total domestic wireless lines(c)	7,519		6,278		319	294	930	965
Domestic Video
Total domestic video customers	12,834		14,495		(365)	(490)	(1,272)	(1,647)
Domestic homes and businesses passed(d)	63,355		62,086
Domestic broadband penetration of homes and businesses passed(e)	50.3	%	51.8	%

(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 September 30,				Change		Constant Currency Change(a)		Nine Months Ended September 30,				Change		Constant Currency Change(a)
	2024		2023		%		%		2024		2023		%		%
Average monthly total Connectivity & Platforms revenue per customer relationship	$	130.87	$	129.20	1.3	%	0.8	%	$	130.19	$	128.95	1.0	%	0.5	%
Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship	$	53.50	$	52.40	2.1	%	1.9	%	$	53.51	$	52.32	2.3	%	2.1	%

(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.

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.

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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 includes each segment’s direct costs and an allocation of shared costs.


	Three Months Ended September 30,				Change		Constant Currency Change(g)		Nine Months Ended September 30,				Change		Constant Currency Change(g)
(in millions)	2024		2023		%		%		2024		2023		%		%
Costs and Expenses
Programming(a)	$	4,102	$	4,460	(8.0)	%	(8.6)	%	$	12,756	$	13,638	(6.5)	%	(7.0)	%
Technical and support(b)	1,908		1,867		2.2		1.8		5,712		5,525		3.4		3.0
Direct product costs(c)	1,675		1,554		7.8		6.2		4,705		4,362		7.8		6.4
Marketing and promotion(d)	1,234		1,169		5.5		4.9		3,547		3,585		(1.0)		(1.5)
Customer service(e)	680		692		(1.7)		(2.1)		2,072		2,097		(1.2)		(1.6)
Other(f)	2,395		2,308		3.8		3.1		7,023		6,915		1.6		1.0
Total Connectivity & Platforms costs and expenses	$	11,996	$	12,050	(0.4)	%	(1.1)	%	$	35,816	$	36,122	(0.8)	%	(1.4)	%

(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.

Residential Connectivity & Platforms Segment Results of Operations


	Three Months Ended September 30,				Change		Constant Currency Change(a)		Nine Months Ended September 30,				Change		Constant Currency Change(a)
(in millions)	2024		2023		%		%		2024		2023		%		%
Revenue
Domestic broadband	$	6,539	$	6,366	2.7	%	2.7	%	$	19,700	$	19,086	3.2	%	3.2	%
Domestic wireless	1,093		917		19.2		19.2		3,084		2,644		16.6		16.6
International connectivity	1,236		1,109		11.4		8.3		3,500		3,009		16.3		13.4
Total residential connectivity	8,869		8,393		5.7		5.3		26,284		24,739		6.2		5.9
Video	6,713		7,154		(6.2)		(6.8)		20,370		21,895		(7.0)		(7.5)
Advertising	987		960		2.7		1.6		2,931		2,860		2.5		1.6
Other	1,298		1,444		(10.1)		(10.7)		3,973		4,394		(9.6)		(10.2)
Total revenue	17,866		17,951		(0.5)		(1.0)		53,558		53,888		(0.6)		(1.1)
Costs and Expenses
Programming	4,102		4,460		(8.0)		(8.6)		12,756		13,638		(6.5)		(7.0)
Other	6,860		6,605		3.9		3.0		19,943		19,578		1.9		1.1
Total costs and expenses	10,962		11,065		(0.9)		(1.7)		32,699		33,216		(1.6)		(2.2)
Adjusted EBITDA	$	6,904	$	6,886	0.3	%	—	%	$	20,859	$	20,672	0.9	%	0.7	%

Residential Connectivity & Platforms Segment – Revenue

Domestic broadband revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 due to increases in average rates.

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Domestic wireless revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increases in the number of customer lines and device sales.

International connectivity revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increases in broadband revenue resulting from an increase in average rates. The increase for the nine months ended September 30, 2024 also includes an increase in wireless revenue primarily resulting from an increase in the sale of wireless services. The increases for the three and nine months ended September 30, 2024 include the positive impact of foreign currency.

Video revenue decreased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 due to declines in the overall number of video customers, partially offset by overall increases in average rates.

Advertising revenue increased for the three months ended September 30, 2024 compared to the same period in 2023 primarily driven by an increase in domestic political advertising, partially offset by lower domestic nonpolitical and international advertising.

Advertising revenue increased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily 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 nine months ended September 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 nine months ended September 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 increased for the three months ended September 30, 2024 compared to the same period in 2023 primarily due to increased direct product costs, the impact of foreign currency, higher technical and support expenses, and increased spending on marketing and promotion, including spending associated with the Paris Olympics.

Other expenses increased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to increased direct product costs, the impact of foreign currency and higher technical and support expenses, partially offset by decreased spending on marketing and promotion.

Business Services Connectivity Segment Results of Operations


	Three Months Ended September 30,				Change		Nine Months Ended September 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue	$	2,425	$	2,320	4.5	%	$	7,253	$	6,894	5.2	%
Costs and expenses	1,034		985		4.9		3,117		2,906		7.2
Adjusted EBITDA	$	1,391	$	1,335	4.2	%	$	4,137	$	3,988	3.7	%

Business services connectivity revenue increased for the three and nine months ended September 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 nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increases in direct product costs and in marketing and promotion. The increase for the nine months ended September 30, 2024 also includes an increase in technical and support expenses.

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Content & Experiences Results of Operations


	Three Months Ended September 30,				Change		Nine Months Ended September 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue
Media	$	8,231	$	6,029	36.5	%	$	20,926	$	18,376	13.9	%
Studios	2,826		2,518		12.3		7,822		8,561		(8.6)
Theme Parks	2,289		2,418		(5.3)		6,243		6,576		(5.1)
Headquarters and Other	11		13		(16.8)		32		45		(27.1)
Eliminations	(758)		(419)		(80.7)		(1,994)		(1,867)		(6.8)
Total Content & Experiences revenue	$	12,599	$	10,559	19.3	%	$	33,030	$	31,690	4.2	%
Adjusted EBITDA
Media	$	650	$	723	(10.1)	%	$	2,832	$	2,847	(0.5)	%
Studios	468		429		9.0		835		961		(13.1)
Theme Parks	847		983		(13.8)		2,111		2,473		(14.6)
Headquarters and Other	(200)		(178)		(12.6)		(642)		(610)		(5.3)
Eliminations	38		17		125.6		108		97		10.7
Total Content & Experiences Adjusted EBITDA	$	1,802	$	1,973	(8.7)	%	$	5,244	$	5,768	(9.1)	%

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. The Writers Guild of America and the Screen Actors Guild-American Federation of Television and Radio Artists work stoppages from May to September 2023 and July to November 2023, respectively, resulted in reduced content licensing revenue and programming and production costs at our Studios segment in the three and nine months ended September 30, 2023.

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 September 30,				Change		Nine Months Ended September 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue
Domestic advertising	$	3,347	$	1,913	74.9	%	$	7,363	$	5,965	23.4	%
Domestic distribution	3,272		2,591		26.3		8,942		7,916		13.0
International networks	1,070		1,019		5.0		3,193		3,062		4.3
Other	542		506		7.2		1,429		1,433		(0.3)
Total revenue	8,231		6,029		36.5		20,926		18,376		13.9
Costs and Expenses
Programming and production	5,917		3,944		50.0		13,652		11,567		18.0
Marketing and promotion	470		329		43.2		1,071		975		9.9
Other	1,194		1,034		15.5		3,371		2,987		12.8
Total costs and expenses	7,581		5,306		42.9		18,094		15,529		16.5
Adjusted EBITDA	$	650	$	723	(10.1)	%	$	2,832	$	2,847	(0.5)	%

Media Segment – Revenue

Revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to the Paris Olympics in the third quarter of 2024. Excluding incremental revenue associated with the Paris Olympics, revenue for the three months ended September 30, 2024 increased primarily due to increases in domestic distribution, international networks and other revenue. Excluding incremental revenue associated with the Paris Olympics, revenue for the nine months ended September 30, 2024 increased primarily due to increases in domestic distribution and international networks revenue, partially offset by a decrease in domestic advertising revenue.


	Three Months Ended September 30,				Change			Nine Months Ended September 30,					Change
(in millions)	2024		2023			%			2024		2023			%
Total revenue	$	8,231	$	6,029		36.5	%		$	20,926	$	18,376		13.9	%
Olympics	1,906		—			NM			1,906		—			NM
Total revenue, excluding Olympics	$	6,325	$	6,029		4.9	%		$	19,020	$	18,376		3.5	%
Total domestic advertising revenue	$	3,347	$	1,913		74.9	%		$	7,363	$	5,965		23.4	%
Olympics	1,432		—			NM			1,432		—			NM
Domestic advertising revenue, excluding Olympics	$	1,915	$	1,913		0.1	%		$	5,931	$	5,965		(0.6)	%
Total domestic distribution revenue	$	3,272	$	2,591		26.3	%		$	8,942	$	7,916		13.0	%
Olympics	473		—			NM			473		—			NM
Domestic distribution revenue, excluding Olympics	$	2,798	$	2,591		8.0	%		$	8,468	$	7,916		7.0	%

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

Domestic advertising revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to the Paris Olympics in the third quarter of 2024. Excluding the incremental revenue associated with this event, domestic advertising revenue remained consistent for the three months ended September 30, 2024 primarily due to an increase in revenue at Peacock, offset by a decrease in revenue at our linear television networks, and it decreased for the nine months ended September 30, 2024 due to a decrease in revenue at our linear television networks, partially offset by an increase in revenue at Peacock.

Domestic distribution revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 and included the Paris Olympics in the third quarter of 2024. Excluding the incremental revenue associated with this event, domestic distribution revenue increased for the three and nine months ended September 30, 2024 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 and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to the positive impact of foreign currency and increases in revenue associated with the distribution of sports networks.

Other revenue increased for the three months ended September 30, 2024 compared to the same period in 2023 primarily due to an increase in revenue from the licensing of our owned content.

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* * *

Media segment total revenue included $1.5 billion and $3.6 billion related to Peacock for the three and nine months ended September 30, 2024, respectively, including amounts related to the Paris Olympics. Media segment total revenue included $830 million and $2.3 billion related to Peacock for the three and nine months ended September 30, 2023, respectively. We had 36 million and 28 million paid subscribers of Peacock as of September 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 increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to costs associated with the Paris Olympics, higher programming costs at Peacock and increases in other sports programming costs for our domestic television networks. The increase for the nine months ended September 30, 2024 was partially offset by a decrease in entertainment content costs for our television networks.

Marketing and promotion expenses increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increased costs associated with the Paris Olympics. The increase for the three months ended September 30, 2024 also includes increased spending on marketing at Peacock.

Other expenses increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increases in costs related to Peacock.

* * *

Media segment total costs and expenses included $1.9 billion and $5.0 billion related to Peacock for the three and nine months ended September 30, 2024, respectively, including amounts related to the Paris Olympics. Media segment total costs and expenses included $1.4 billion and $4.3 billion related to Peacock for the three and nine months ended September 30, 2023, respectively.

Studios Segment Results of Operations


	Three Months Ended September 30,				Change		Nine Months Ended September 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue
Content licensing	$	1,865	$	1,691	10.3	%	$	5,680	$	5,856	(3.0)	%
Theatrical	611		504		21.3		1,178		1,735		(32.1)
Other	350		324		8.2		964		970		(0.6)
Total revenue	2,826		2,518		12.3		7,822		8,561		(8.6)
Costs and Expenses
Programming and production	1,818		1,569		15.8		5,176		5,866		(11.8)
Marketing and promotion	301		314		(4.3)		1,126		1,155		(2.5)
Other	240		205		16.8		685		579		18.3
Total costs and expenses	2,359		2,089		12.9		6,987		7,600		(8.1)
Adjusted EBITDA	$	468	$	429	9.0	%	$	835	$	961	(13.1)	%

Studios Segment – Revenue

Content licensing revenue increased for the three months ended September 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, including the impact of the work stoppages in the prior year period.

Content licensing revenue decreased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to the timing of when content was made available by our film studios, partially offset by the timing of when content was made available by our television studios under licensing agreements, including the impact of the work stoppages in the prior year period.

Theatrical revenue increased for the three months ended September 30, 2024 compared to the same period in 2023 primarily due to higher revenue from recent releases, including Despicable Me 4 and Twisters.

Theatrical revenue decreased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to higher revenue from releases in the prior year period, including The Super Mario Bros., Oppenheimer and Fast X, compared to revenue from recent releases, including Despicable Me 4, Kung Fu Panda 4 and Twisters.

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Studios Segment – Costs and Expenses

Programming and production costs increased for the three months ended September 30, 2024 compared to the same period in 2023 primarily due to higher costs associated with content licensing sales, including the impact of work stoppages in the prior year period.

Programming and production costs decreased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to lower costs associated with theatrical releases, partially offset by higher costs associated with content licensing sales, including the impact of work stoppages in the prior year period.

Marketing and promotion expenses decreased for the three and nine months ended September 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 September 30,				Change		Nine Months Ended September 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue	$	2,289	$	2,418	(5.3)	%	$	6,243	$	6,576	(5.1)	%
Costs and expenses	1,442		1,435		0.5		4,132		4,103		0.7
Adjusted EBITDA	$	847	$	983	(13.8)	%	$	2,111	$	2,473	(14.6)	%

Theme parks segment revenue decreased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to decreases at our domestic theme parks driven by decreased park attendance. The decrease for the nine months ended September 30, 2024 also includes the negative impact of foreign currency at our international theme parks.

Theme parks segment costs and expenses were consistent for the three and nine months ended September 30, 2024 compared to the same periods in 2023. Theme parks segment costs and expenses were consistent for the nine months ended September 30, 2024 primarily due to higher costs associated with park operations, offset by the impact of foreign currency.

Content & Experiences Headquarters, Other and Eliminations

Headquarters and Other Results of Operations


	Three Months Ended September 30,				Change		Nine Months Ended September 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue	$	11	$	13	(16.8)	%	$	32	$	45	(27.1)	%
Costs and expenses	211		191		10.6		675		654		3.1
Adjusted EBITDA	$	(200)	$	(178)	(12.6)	%	$	(642)	$	(610)	(5.3)	%

Headquarters and Other expenses include overhead, personnel costs and costs associated with corporate initiatives.

Eliminations


	Three Months Ended September 30,				Change		Nine Months Ended September 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue	$	(758)	$	(419)	80.7	%	$	(1,994)	$	(1,867)	6.8	%
Costs and expenses	(796)		(436)		82.4		(2,101)		(1,965)		7.0
Adjusted EBITDA	$	38	$	17	(125.6)	%	$	108	$	97	(10.7)	%

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.

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Corporate, Other and Eliminations

Corporate and Other Results of Operations


	Three Months Ended September 30,				Change		Nine Months Ended September 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue	$	675	$	643	5.0	%	$	2,148	$	2,004	7.2	%
Costs and expenses	978		893		9.6		3,040		2,844		6.9


Adjusted EBITDA	$	(302)	$	(249)	(21.3)	%	$	(892)	$	(841)	(6.1)	%

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 months ended September 30, 2024 compared to the same period in 2023 driven by Spectacor and Xumo. Corporate and other revenue increased for the nine months ended September 30, 2024 compared to the same period in 2023 driven by an increase across our businesses.

Corporate and Other costs and expenses increased for the three months ended September 30, 2024 compared to the same period in 2023 due to increased marketing associated with the Paris Olympics and increases related to Spectacor and Xumo. Corporate and Other costs and expenses increased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to increases related to corporate functions, increased marketing associated with the Paris Olympics, and Xumo.

Eliminations


	Three Months Ended September 30,				Change		Nine Months Ended September 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue	$	(1,495)	$	(1,358)	10.1	%	$	(4,174)	$	(4,157)	0.4	%
Costs and expenses	(1,436)		(1,375)		4.5		(4,088)		(4,191)		(2.5)
Adjusted EBITDA	$	(59)	$	16	NM		$	(86)	$	34	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. Current year amounts reflect an increase associated with the Paris Olympics. 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.

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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.

Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Net income attributable to Comcast Corporation	$	3,629	$	4,046	$	11,415	$	12,128
Net income (loss) attributable to noncontrolling interests	(53)		(49)		(222)		(175)
Income tax expense	1,243		1,468		3,906		4,481
Interest expense	1,037		1,060		3,065		3,068
Investment and other (income) loss, net	3		(50)		140		(672)
Depreciation	2,219		2,203		6,548		6,662
Amortization	1,659		1,290		4,421		4,146


Adjustments(a)	(2)		(6)		(11)		(16)


Adjusted EBITDA	$	9,735	$	9,962	$	29,261	$	29,621

(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.

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Reconciliation of Connectivity & Platforms Constant Currency


	Three Months Ended September 30, 2023								Nine Months Ended September 30, 2023
(in millions)	As Reported			Effects of Foreign Currency		Constant Currency Amounts			As Reported			Effects of Foreign Currency		Constant Currency Amounts
Revenue
Residential Connectivity & Platforms	$	17,951		$	99	$	18,050		$	53,888		$	253	$	54,141
Business Services Connectivity	2,320			—		2,320			6,894			1		6,895
Total Connectivity & Platforms revenue	$	20,271		$	99	$	20,370		$	60,783		$	254	$	61,037
Adjusted EBITDA
Residential Connectivity & Platforms	$	6,886		$	16	$	6,902		$	20,672		$	39	$	20,711
Business Services Connectivity	1,335			(1)		1,334			3,988			(1)		3,988
Total Connectivity & Platforms Adjusted EBITDA	$	8,221		$	15	$	8,237		$	24,660		$	39	$	24,699
Adjusted EBITDA Margin
Residential Connectivity & Platforms	38.4		%	(20) bps		38.2		%	38.4		%	(10) bps		38.3		%
Business Services Connectivity	57.5			- bps		57.5			57.8			- bps		57.8
Total Connectivity & Platforms Adjusted EBITDA margin	40.6		%	(20) bps		40.4		%	40.6		%	(10) bps		40.5		%


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
	As Reported		Effects of Foreign Currency		Constant Currency Amounts		As Reported		Effects of Foreign Currency		Constant Currency Amounts
Average monthly total Connectivity & Platforms revenue per customer relationship	$	129.20	$	0.63	$	129.83	$	128.95	$	0.54	$	129.49
Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship	$	52.40	$	0.10	$	52.50	$	52.32	$	0.08	$	52.40


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
(in millions)	As Reported		Effects of Foreign Currency		Constant Currency Amounts		As Reported		Effects of Foreign Currency		Constant Currency Amounts
Costs and Expenses
Programming	$	4,460	$	28	$	4,488	$	13,638	$	74	$	13,712
Technical and support	1,867		8		1,874		5,525		20		5,544
Direct product costs	1,554		23		1,577		4,362		58		4,420
Marketing and promotion	1,169		7		1,176		3,585		17		3,602
Customer service	692		2		695		2,097		9		2,105
Other	2,308		15		2,323		6,915		38		6,954
Total Connectivity & Platforms costs and expenses	$	12,050	$	84	$	12,134	$	36,122	$	216	$	36,338

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Reconciliation of Residential Connectivity & Platforms Constant Currency


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
(in millions)	As Reported		Effects of Foreign Currency		Constant Currency Amounts		As Reported		Effects of Foreign Currency		Constant Currency Amounts
Revenue
Domestic broadband	$	6,366	$	—	$	6,366	$	19,086	$	—	$	19,086
Domestic wireless	917		—		917		2,644		—		2,644
International connectivity	1,109		31		1,141		3,009		77		3,086
Total residential connectivity	8,393		31		8,424		24,739		77		24,816
Video	7,154		47		7,201		21,895		124		22,018
Advertising	960		11		971		2,860		25		2,885
Other	1,444		10		1,454		4,394		28		4,422
Total revenue	17,951		99		18,050		53,888		253		54,141
Costs and Expenses
Programming	4,460		28		4,488		13,638		74		13,712
Other	6,605		55		6,659		19,578		140		19,718
Total costs and expenses	11,065		83		11,148		33,216		214		33,430
Adjusted EBITDA	$	6,886	$	16	$	6,902	$	20,672	$	39	$	20,711

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.

Liquidity and Capital Resources


	Nine Months Ended September 30,
(in billions)	2024		2023
Cash provided by operating activities	$	19.6	$	22.6
Cash used in investing activities	$	(10.6)	$	(11.7)
Cash used in financing activities	$	(6.5)	$	(9.1)


(in billions)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	8.8	$	6.2
Debt	$	101.4	$	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 September 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 September 30, 2024, we met this financial covenant, and we expect to remain in compliance with this financial covenant.

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Operating Activities

Components of Net Cash Provided by Operating Activities


	Nine Months Ended September 30,
(in millions)	2024		2023
Operating income	$	18,304	$	18,830
Depreciation and amortization	10,969		10,807

Noncash share-based compensation	983		955
Changes in operating assets and liabilities	(2,652)		(2,030)
Payments of interest	(2,503)		(2,566)
Payments of income taxes	(5,988)		(3,823)
Proceeds from investments and other	480		406
Net cash provided by operating activities	$	19,593	$	22,579

The variance in changes in operating assets and liabilities for the nine months ended September 30, 2024 compared to the same period in 2023 was primarily related to increases in receivables and decreases in deferred revenue, which includes the impact of the Paris Olympics, the timing of amortization and related payments for our film and television costs, including decreased spending in the prior year period due to the work stoppages and the timing of sports, and decreases in inventory.

The decrease in payments of interest for the nine months ended September 30, 2024 compared to the same period in 2023 was primarily due to the payments of interest in the prior year period associated with our collateralized obligation which was repaid in the fourth quarter of 2023, partially offset by increased debt balances following debt issuances in the current year period and higher weighted-average interest rates.

Payments of income taxes increased for the nine months ended September 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. Payments were also impacted by the timing of transferable tax credit purchases.

In July 2024, we entered into new rights agreements with the NBA and WNBA for television and streaming rights for certain regular and post-season games beginning with the 2025-26 season through the 2035-36 season with aggregate rights payments of $27 billion.

Investing Activities

Net cash used in investing activities decreased for the nine months ended September 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. Capital expenditures decreased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily reflecting decreased spending by the Connectivity & Platforms businesses driven by customer premise equipment and scalable infrastructure, partially offset by increased spending on line extensions; as well capital expenditures in the prior year period associated with the acquisition of land for potential theme park expansion opportunities. These decreases were partially offset by increased spending on theme park attractions.

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 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 decreased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to decreases in repurchases of common stock in the current year period, repayments of short-term borrowings in the prior year period, higher repurchases and repayments of debt in the prior year period and higher proceeds from borrowings in the current year period.

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In September 2024, we issued €1.8 billion aggregate principal amount of fixed-rate euro senior notes maturing in 2032 and 2036 and entered into a corresponding cross-currency swap, effectively converting the debt to an aggregate U.S. dollar principal amount of $2.0 billion with a weighted-average interest rate of 4.72%. We also issued £750 million ($1.0 billion using exchange rates on the date of issuance) principal amount of fixed rate sterling senior notes maturing in 2040 with an interest rate of 5.25%. The net proceeds from this issuance are intended for working capital and general corporate purposes, including the early redemption of $725 million of our outstanding 5.25% Notes due 2025, which was completed in October 2024, and the repayment of certain of our other outstanding debt with near-term maturities. 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 nine months ended September 30, 2024, we made debt repayments of $2.4 billion, including $1.9 billion principal amount of notes due at maturity and $216 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 nine months ended September 30, 2024, we repurchased a total of 162 million shares of our Class A common stock for $6.6 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 September 30, 2024, we had $9.0 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 $328 million for the nine months ended September 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 nine months ended September 30, 2024, we paid dividends of $3.6 billion. In July 2024, our Board of Directors approved our third quarter dividend of $0.31 per share, which was paid in October 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)	September 30, 2024		December 31, 2023
Debt Subject to Cross-Guarantees
Comcast	$	96.5	$	91.9
NBCUniversal(a)	1.6		1.6
Comcast Cable(a)	0.9		0.9
	99.0		94.4
Debt Subject to One-Way Guarantees
Sky	3.2		3.6
Other(a)	0.1		0.1
	3.3		3.8
Debt Not Guaranteed
Universal Beijing Resort(b)	3.6		3.5
Other	1.4		1.5
	5.0		5.0
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net	(6.0)		(6.1)
Total debt	$	101.4	$	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 September 30, 2024 and December 31, 2023, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $81 billion and $136 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $19 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 September 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 $15 billion and $14 billion, respectively. 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.

We believe our estimates associated with the valuation and impairment testing of goodwill are critical in the preparation of our consolidated financial statements. We performed a quantitative assessment as of July 1, 2024 for goodwill in our Media segment. Based on this assessment, the estimated fair value of the Media reporting unit substantially exceeded its carrying value and no impairment was required.

Changes in market conditions, laws and regulations, and key assumptions made in future quantitative assessments, including expected cash flows, competitive factors and discount rates, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.

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 September 30, 2024.


Period	Total Number of Shares Purchased	Average Price Per Share		Total Number of Shares Purchased as Part of Publicly Announced Authorization	Total Dollar Amount Purchased Under the Publicly Announced Authorization		Maximum Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Authorization(a)
July 1-31, 2024	17,765,351	$	38.77	17,765,351	$	688,839,057	$	10,283,114,218
August 1-31, 2024	13,503,765	$	39.62	13,503,765	$	534,976,025	$	9,748,138,194
September 1-30, 2024	18,644,155	$	39.96	18,644,155	$	744,976,969	$	9,003,161,225
Total	49,913,271	$	39.44	49,913,271	$	1,968,792,051	$	9,003,161,225

(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


31						Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32						Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101						The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the nine months ended September 30, 2024, filed with the Securities and Exchange Commission on October 31, 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.
104						Cover Page Interactive Data File (embedded within the iXBRL document).

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SIGNATURES

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


						COMCAST CORPORATION

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

Date: October 31, 2024

Exhibit 31

CERTIFICATIONS

I, Brian L. Roberts, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: October 31, 2024


/s/ BRIAN L. ROBERTS
Name: Brian L. Roberts
Title: Chief Executive Officer

I, Jason S. Armstrong, certify that:

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

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

Date: October 31, 2024


/s/ JASON S. ARMSTRONG
Name: Jason S. Armstrong
Title: Chief Financial Officer

Exhibit 32

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

October 31, 2024

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Ladies and Gentlemen:

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

Brian L. Roberts, the Chief Executive Officer and Jason S. Armstrong, the Chief Financial Officer of Comcast Corporation, each certifies that, to the best of his knowledge:

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

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


/s/ BRIAN L. ROBERTS
Name: Brian L. Roberts
Title: Chief Executive Officer


/s/ JASON S. ARMSTRONG
Name: Jason S. Armstrong
Title: Chief Financial Officer

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 15, 2024
Document And Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-32871
Entity Registrant Name	COMCAST CORPORATION
Entity Tax Identification Number	27-0000798
Entity Incorporation, State or Country Code	PA
Entity Address, Address Line One	One Comcast Center
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103-2838
City Area Code	215
Local Phone Number	286-1700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001166691
Class A Common Stock, $0.01 par value
Document And Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	CMCSA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		3,817,095,628
0.000% Notes due 2026
Document And Entity Information [Line Items]
Title of 12(b) Security	0.000% Notes due 2026
Trading Symbol	CMCS26
Security Exchange Name	NASDAQ
0.250% Notes due 2027
Document And Entity Information [Line Items]
Title of 12(b) Security	0.250% Notes due 2027
Trading Symbol	CMCS27
Security Exchange Name	NASDAQ
1.500% Notes due 2029
Document And Entity Information [Line Items]
Title of 12(b) Security	1.500% Notes due 2029
Trading Symbol	CMCS29
Security Exchange Name	NASDAQ
0.250% Notes due 2029
Document And Entity Information [Line Items]
Title of 12(b) Security	0.250% Notes due 2029
Trading Symbol	CMCS29A
Security Exchange Name	NASDAQ
0.750% Notes due 2032
Document And Entity Information [Line Items]
Title of 12(b) Security	0.750% Notes due 2032
Trading Symbol	CMCS32
Security Exchange Name	NASDAQ
3.250% Notes due 2032
Document And Entity Information [Line Items]
Title of 12(b) Security	3.250% Notes due 2032
Trading Symbol	CMCS32A
Security Exchange Name	NASDAQ
1.875% Notes due 2036
Document And Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2036
Trading Symbol	CMCS36
Security Exchange Name	NASDAQ
3.550% Notes due 2036
Document And Entity Information [Line Items]
Title of 12(b) Security	3.550% Notes due 2036
Trading Symbol	CMCS36A
Security Exchange Name	NASDAQ
1.250% Notes due 2040
Document And Entity Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2040
Trading Symbol	CMCS40
Security Exchange Name	NASDAQ
5.250% Notes due 2040
Document And Entity Information [Line Items]
Title of 12(b) Security	5.250% Notes due 2040
Trading Symbol	CMCS40A
Security Exchange Name	NASDAQ
5.50% Notes due 2029
Document And Entity Information [Line Items]
Title of 12(b) Security	5.50% Notes due 2029
Trading Symbol	CCGBP29
Security Exchange Name	NYSE
2.0% Exchangeable Subordinated Debentures due 2029
Document And Entity Information [Line Items]
Title of 12(b) Security	2.0% Exchangeable Subordinated Debentures due 2029
Trading Symbol	CCZ
Security Exchange Name	NYSE
Class B Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		9,444,375

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 32,070	$ 30,115	$ 91,817	$ 90,319
Costs and Expenses:
Programming and production	10,216	8,652	27,000	26,506
Marketing and promotion	1,989	1,866	5,929	5,929
Other operating and administrative	10,128	9,629	29,615	28,247
Depreciation	2,219	2,203	6,548	6,662
Amortization	1,659	1,290	4,421	4,146
Total costs and expenses	26,211	23,640	73,512	71,489
Operating income	5,859	6,475	18,304	18,830
Interest expense	(1,037)	(1,060)	(3,065)	(3,068)
Investment and other income (loss), net	(3)	50	(140)	672
Income before income taxes	4,819	5,465	15,099	16,434
Income tax expense	(1,243)	(1,468)	(3,906)	(4,481)
Net income	3,576	3,997	11,192	11,954
Less: Net income (loss) attributable to noncontrolling interests	(53)	(49)	(222)	(175)
Net income attributable to Comcast Corporation	$ 3,629	$ 4,046	$ 11,415	$ 12,128
Basic earnings (loss) per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 0.94	$ 0.98	$ 2.92	$ 2.92
Diluted earnings (loss) per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 0.94	$ 0.98	$ 2.90	$ 2.90

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 3,576	$ 3,997	$ 11,192	$ 11,954
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $(31), $(20), $(74) and $(42)	1,889	(1,154)	1,322	114
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $3, $(19), $1, and $4	(19)	62	5	41
Realized (gains) losses reclassified to net income, net of deferred taxes of $11, $2, $11 and $18	(35)	13	(39)	(84)
Employee benefit obligations and other, net of deferred taxes of $2, $2, $10 and $5	(6)	(7)	(42)	(17)
Other comprehensive income (loss)	1,829	(1,086)	1,247	54
Comprehensive income	5,405	2,911	12,439	12,007
Less: Net income (loss) attributable to noncontrolling interests	(53)	(49)	(222)	(175)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	15	7	2	(32)
Comprehensive income attributable to Comcast Corporation	$ 5,443	$ 2,953	$ 12,660	$ 12,214

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Currency translation adjustments, net of deferred taxes	$ (31)	$ (20)	$ (74)	$ (42)
Deferred gains (losses) on cash flow hedges, deferred taxes	3	(19)	1	4
Realized (gains) losses on cash flow hedges, deferred taxes	11	2	11	18
Employee benefit obligations and other, deferred taxes	$ 2	$ 2	$ 10	$ 5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net income	$ 11,192	$ 11,954
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,969	10,807
Share-based compensation	983	955
Noncash interest expense (income), net	331	235
Net (gain) loss on investment activity and other	620	(266)
Deferred income taxes	123	394
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	74	(26)
Film and television costs, net	(287)	(531)
Accounts payable and accrued expenses related to trade creditors	(906)	(518)
Other operating assets and liabilities	(3,505)	(425)
Net cash provided by operating activities	19,593	22,579
Investing Activities
Capital expenditures	(8,267)	(8,922)
Cash paid for intangible assets	(2,043)	(2,405)
Construction of Universal Beijing Resort	(111)	(119)
Proceeds from sales of businesses and investments	689	410
Purchases of investments	(934)	(949)
Other	108	267
Net cash provided by (used in) investing activities	(10,559)	(11,718)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net	0	(660)
Proceeds from borrowings	6,268	6,046
Repurchases and repayments of debt	(2,433)	(3,041)
Repurchases of common stock under repurchase program and employee plans	(6,920)	(7,770)
Dividends paid	(3,624)	(3,586)
Other	250	(126)
Net cash provided by (used in) financing activities	(6,459)	(9,136)
Impact of foreign currency on cash, cash equivalents and restricted cash	21	(18)
Increase (decrease) in cash, cash equivalents and restricted cash	2,596	1,707
Cash, cash equivalents and restricted cash, beginning of period	6,282	4,782
Cash, cash equivalents and restricted cash, end of period	$ 8,878	$ 6,489

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 8,814	$ 6,215
Receivables, net	14,036	13,813
Other current assets	4,336	3,959
Total current assets	27,186	23,987
Film and television costs	13,340	12,920
Investments	9,021	9,385
Property and equipment, net of accumulated depreciation of $60,114 and $58,701	61,775	59,686
Goodwill	60,076	59,268
Franchise rights	59,365	59,365
Other intangible assets, net of accumulated amortization of $34,162 and $30,290	26,423	27,867
Other noncurrent assets, net	12,686	12,333
Total assets	269,871	264,811
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	11,779	12,437
Accrued participations and residuals	1,476	1,671
Deferred revenue	3,778	3,242
Accrued expenses and other current liabilities	8,977	11,613
Current portion of debt	2,610	2,069
Advance on sale of investment	9,167	9,167
Total current liabilities	37,786	40,198
Noncurrent portion of debt	98,754	95,021
Deferred income taxes	26,263	26,003
Other noncurrent liabilities	20,526	20,122
Commitments and contingencies
Redeemable noncontrolling interests	224	241
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero	0	0
Additional paid-in capital	38,147	38,533
Retained earnings	55,105	52,892
Treasury stock, 872,791,028 Class A common shares	(7,517)	(7,517)
Accumulated other comprehensive income (loss)	(8)	(1,253)
Total Comcast Corporation shareholders’ equity	85,774	82,703
Noncontrolling interests	544	523
Total equity	86,318	83,226
Total liabilities and equity	269,871	264,811
Class A Common Stock
Equity:
Common stock	47	48
Class B Common Stock
Equity:
Common stock	$ 0	$ 0

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property and equipment - accumulated depreciation	$ 60,114	$ 58,701
Accumulated Amortization	$ 34,162	$ 30,290
Preferred stock, authorized (in shares)	20,000,000	20,000,000
Preferred stock, issued (in shares)	0	0
Treasury (in shares)	872,791,028	872,791,028
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	7,500,000,000	7,500,000,000
Common stock, issued (in shares)	4,697,741,828	4,842,108,959
Common stock, shares outstanding at end of period (in shares)	3,824,950,800	3,969,317,931
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	75,000,000	75,000,000
Common stock, issued (in shares)	9,444,375	9,444,375
Common stock, shares outstanding at end of period (in shares)	9,444,375	9,444,375

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Additional Paid-In Capital	Retained Earnings	Treasury Stock at Cost	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Class A Common Stock Common Stock
Balance, beginning of period at Dec. 31, 2022	$ 411
Redeemable Noncontrolling Interests
Contributions from (distributions to) noncontrolling interests, net	(20)
Other	(171)
Net income (loss)	9
Balance, end of period at Sep. 30, 2023	230
Balance, beginning of period at Dec. 31, 2022		$ 39,412	$ 51,609	$ (7,517)	$ (2,611)	$ 684	$ 51
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		801
Repurchases of common stock under repurchase program and employee plans		(1,486)	(6,357)				(2)
Issuances of common stock under employee plans		223
Contributions from (distributions to) noncontrolling interests, net						72
Other		(83)	(1)			(2)
Dividends declared			(3,628)
Net income	12,128		12,128
Other comprehensive income (loss)	54				86	(32)
Net income (loss)	(175)					(183)
Balance, end of period at Sep. 30, 2023	$ 83,163	38,866	53,751	(7,517)	(2,525)	538	49
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 0.87
Balance, beginning of period at Jun. 30, 2023	$ 239
Redeemable Noncontrolling Interests
Contributions from (distributions to) noncontrolling interests, net	(5)
Net income (loss)	(5)
Balance, end of period at Sep. 30, 2023	230
Balance, beginning of period at Jun. 30, 2023		39,118	53,900	(7,517)	(1,432)	559	50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		258
Repurchases of common stock under repurchase program and employee plans		(579)	(3,005)				(1)
Issuances of common stock under employee plans		65
Contributions from (distributions to) noncontrolling interests, net						16
Other		4
Dividends declared			(1,190)
Net income	4,046		4,046
Other comprehensive income (loss)	(1,086)				(1,093)	7
Net income (loss)	(49)					(44)
Balance, end of period at Sep. 30, 2023	$ 83,163	38,866	53,751	(7,517)	(2,525)	538	49
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 0.29
Balance, beginning of period at Dec. 31, 2023	$ 241
Redeemable Noncontrolling Interests
Contributions from (distributions to) noncontrolling interests, net	(11)
Net income (loss)	(6)
Balance, end of period at Sep. 30, 2024	224
Balance, beginning of period at Dec. 31, 2023	83,226	38,533	52,892	(7,517)	(1,253)	523	48
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		882
Repurchases of common stock under repurchase program and employee plans		(1,462)	(5,531)				(1)
Issuances of common stock under employee plans		193
Contributions from (distributions to) noncontrolling interests, net						236
Other		2	(1)
Dividends declared			(3,670)
Net income	11,415		11,415
Other comprehensive income (loss)	1,247				1,245	2
Net income (loss)	(222)					(216)
Balance, end of period at Sep. 30, 2024	$ 86,318	38,147	55,105	(7,517)	(8)	544	47
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 0.93
Balance, beginning of period at Jun. 30, 2024	$ 236
Redeemable Noncontrolling Interests
Contributions from (distributions to) noncontrolling interests, net	(3)
Net income (loss)	(9)
Balance, end of period at Sep. 30, 2024	224
Balance, beginning of period at Jun. 30, 2024		38,203	54,308	(7,517)	(1,822)	485	47
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		272
Repurchases of common stock under repurchase program and employee plans		(389)	(1,625)
Issuances of common stock under employee plans		61
Contributions from (distributions to) noncontrolling interests, net						89
Other			(1)
Dividends declared			(1,205)
Net income	3,629		3,629
Other comprehensive income (loss)	1,829				1,814	15
Net income (loss)	(53)					(44)
Balance, end of period at Sep. 30, 2024	$ 86,318	$ 38,147	$ 55,105	$ (7,517)	$ (8)	$ 544	$ 47
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 0.31

Condensed Consolidated Financial Statements	9 Months Ended
Condensed Consolidated Financial Statements	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements Basis of Presentation We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 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, will result in our disclosure of certain significant segment expenses. We will adopt the updated accounting guidance on a retrospective basis 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.

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

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 September 30, 2024
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	17,807	$	2,419	$	6,926	$	1,993	$	2,289	$	31,434
Intersegment revenue(a)	59		6		1,305		833		—		2,203
	17,866		2,425		8,231		2,826		2,289		33,637
Reconciliation of Revenue
Other revenue(b)											686
Eliminations(a)											(2,253)
Total consolidated revenue											$	32,070

Segment Adjusted EBITDA(c)	$	6,904	$	1,391	$	650	$	468	$	847	$	10,259

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(200)
Corporate and other(b)(c)											(300)
Eliminations											(21)
Depreciation											(2,219)
Amortization											(1,659)
Interest expense											(1,037)
Investment and other income (loss), net											(3)
Income before income taxes											$	4,819


	Three Months Ended September 30, 2023
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	17,901	$	2,314	$	4,869	$	1,994	$	2,419	$	29,497
Intersegment revenue(a)	50		6		1,160		524		(1)		1,739
	17,951		2,320		6,029		2,518		2,418		31,236
Reconciliation of Revenue
Other revenue(b)											656
Eliminations(a)											(1,777)
Total consolidated revenue											$	30,115

Segment Adjusted EBITDA(c)	$	6,886	$	1,335	$	723	$	429	$	983	$	10,356

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(178)
Corporate and other(b)(c)											(244)
Eliminations											33
Depreciation											(2,203)
Amortization											(1,290)
Interest expense											(1,060)
Investment and other income (loss), net											50
Income before income taxes											$	5,465


	Nine Months Ended September 30, 2024
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	53,431	$	7,236	$	17,338	$	5,555	$	6,242	$	89,802
Intersegment revenue(a)	127		17		3,588		2,268		1		6,001
	53,558		7,253		20,926		7,822		6,243		95,803
Reconciliation of Revenue
Other revenue(b)											2,181
Eliminations(a)											(6,167)
Total consolidated revenue											$	91,817

Segment Adjusted EBITDA(c)	$	20,859	$	4,137	$	2,832	$	835	$	2,111	$	30,774

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(642)
Corporate and other(b)(c)											(881)
Eliminations											22
Depreciation											(6,548)
Amortization											(4,421)
Interest expense											(3,065)
Investment and other income (loss), net											(140)
Income before income taxes											$	15,099


	Nine Months Ended September 30, 2023
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	53,742	$	6,878	$	14,884	$	6,328	$	6,577	$	88,409
Intersegment revenue(a)	146		17		3,492		2,233		(1)		5,886
	53,888		6,894		18,376		8,561		6,576		94,296
Reconciliation of Revenue
Other revenue(b)											2,048
Eliminations(a)											(6,025)
Total consolidated revenue											$	90,319

Segment Adjusted EBITDA(c)	$	20,672	$	3,988	$	2,847	$	961	$	2,473	$	30,941

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(610)
Corporate and other(b)(c)											(824)
Eliminations											131
Depreciation											(6,662)
Amortization											(4,146)
Interest expense											(3,068)
Investment and other income (loss), net											672
Income before income taxes											$	16,434

(d)Includes overhead, personnel costs and costs associated with corporate initiatives for our Media, Studios and Theme Park segments.

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Domestic broadband	$	6,539	$	6,366	$	19,700	$	19,086
Domestic wireless	1,093		917		3,084		2,644
International connectivity	1,236		1,109		3,500		3,009
Total residential connectivity	8,869		8,393		26,284		24,739
Video	6,713		7,154		20,370		21,895
Advertising	987		960		2,931		2,860
Other	1,298		1,444		3,973		4,394
Total Residential Connectivity & Platforms Segment	17,866		17,951		53,558		53,888

Total Business Services Connectivity Segment	2,425		2,320		7,253		6,894

Domestic advertising	3,347		1,913		7,363		5,965
Domestic distribution	3,272		2,591		8,942		7,916
International networks	1,070		1,019		3,193		3,062
Other	542		506		1,429		1,433
Total Media Segment	8,231		6,029		20,926		18,376

Content licensing	1,865		1,691		5,680		5,856
Theatrical	611		504		1,178		1,735
Other	350		324		964		970
Total Studios Segment	2,826		2,518		7,822		8,561

Total Theme Parks Segment	2,289		2,418		6,243		6,576

Other revenue	686		656		2,181		2,048
Eliminations(a)	(2,253)		(1,777)		(6,167)		(6,025)
Total revenue	$	32,070	$	30,115	$	91,817	$	90,319

(a)See Note 2 for additional information on intersegment revenue transactions.

Condensed Consolidated Balance Sheets


(in millions)	September 30, 2024		December 31, 2023
Receivables, gross	$	14,798	$	14,511
Less: Allowance for credit losses	763		698
Receivables, net	$	14,036	$	13,813


(in millions)	September 30, 2024		December 31, 2023
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,782	$	1,914
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	650	$	618

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


(in millions)	September 30, 2024		December 31, 2023
Receivables, net	$	1,808	$	1,695
Noncurrent receivables, net (included in other noncurrent assets, net)	1,199		1,223

Total	$	3,008	$	2,918

Programming and Production Costs

9 Months Ended

Sep. 30, 2024

Other Industries [Abstract]

Programming and Production Costs


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Video distribution programming	$	2,783	$	3,084	$	8,682	$	9,465
Film and television content:
Owned(a)	2,111		2,083		6,888		7,622
Licensed, including sports rights	4,991		3,048		10,484		8,241
Other	330		438		946		1,178
Total programming and production costs	$	10,216	$	8,652	$	27,000	$	26,506

Capitalized Film and Television Costs


(in millions)	September 30, 2024		December 31, 2023
Owned:
In production and in development	$	3,566	$	2,893
Completed, not released	428		317
Released, less amortization	4,266		4,340
	8,261		7,551
Licensed, including sports advances	5,080		5,369


Film and television costs	$	13,340	$	12,920

Debt	9 Months Ended
Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt As of September 30, 2024, our debt had a carrying value of $101.4 billion and an estimated fair value of $96.8 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 September 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 September 30, 2024 and December 31, 2023, we had no borrowings outstanding under the new and prior credit facility, respectively. As of September 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

Investments and Variable Interest Entities

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Investments and Variable Interest Entities

Investment and Other Income (Loss), Net


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Equity in net income (losses) of investees, net	$	(152)	$	49	$	(438)	$	454
Realized and unrealized gains (losses) on equity securities, net	(22)		(87)		(163)		(130)
Other income (loss), net	171		88		461		349
Investment and other income (loss), net	$	(3)	$	50	$	(140)	$	672

Investments


(in millions)	September 30, 2024		December 31, 2023
Equity method	$	7,516	$	7,615
Marketable equity securities	21		39
Nonmarketable equity securities	1,380		1,482
Other investments	206		559
Total investments	9,122		9,694
Less: Current investments	101		310
Noncurrent investments	$	9,021	$	9,385

Equity Method Investments

Atairos

Other Investments

Consolidated Variable Interest Entity

Universal Beijing Resort

Equity and Share-Based Compensation

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Equity and Share-Based Compensation

Weighted-Average Common Shares Outstanding


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2024	2023		2024	2023
Weighted-average number of common shares outstanding – basic	3,861	4,109		3,908	4,160
Effect of dilutive securities	18	33		22	23
Weighted-average number of common shares outstanding – diluted	3,880	4,141		3,930	4,184

Antidilutive securities	188	86		193	172

Accumulated Other Comprehensive Income (Loss)


(in millions)	September 30, 2024		December 31, 2023
Cumulative translation adjustments	$	(275)	$	(1,596)

Deferred gains (losses) on cash flow hedges	16		49
Unrecognized gains (losses) on employee benefit obligations and other	251		293

Accumulated other comprehensive income (loss), net of deferred taxes	$	(8)	$	(1,253)

Share-Based Compensation

Supplemental Financial Information

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Information

Cash Payments for Interest and Income Taxes


	Nine Months Ended September 30,
(in millions)	2024		2023
Interest	$	2,503	$	2,566
Income taxes(a)	$	5,988	$	3,823

a) Cash payments for income taxes in the nine months ended September 30, 2024 include $1.2 billion related to the purchase of transferable tax credits.

Noncash Activities

During the nine months ended September 30, 2024:

•we acquired $2.4 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 October 2024

During the nine months ended September 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 October 2023

Cash, Cash Equivalents and Restricted Cash


(in millions)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	8,814	$	6,215
Restricted cash included in other current assets and other noncurrent assets, net	64		67
Cash, cash equivalents and restricted cash, end of period	$	8,878	$	6,282

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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.

Condensed Consolidated Financial Statements (Policies)	9 Months Ended
Condensed Consolidated Financial Statements (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 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, will result in our disclosure of certain significant segment expenses. We will adopt the updated accounting guidance on a retrospective basis 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.
Earnings Per Share	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.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Financial Data by Business Segment

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 September 30, 2024
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	17,807	$	2,419	$	6,926	$	1,993	$	2,289	$	31,434
Intersegment revenue(a)	59		6		1,305		833		—		2,203
	17,866		2,425		8,231		2,826		2,289		33,637
Reconciliation of Revenue
Other revenue(b)											686
Eliminations(a)											(2,253)
Total consolidated revenue											$	32,070

Segment Adjusted EBITDA(c)	$	6,904	$	1,391	$	650	$	468	$	847	$	10,259

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(200)
Corporate and other(b)(c)											(300)
Eliminations											(21)
Depreciation											(2,219)
Amortization											(1,659)
Interest expense											(1,037)
Investment and other income (loss), net											(3)
Income before income taxes											$	4,819


	Three Months Ended September 30, 2023
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	17,901	$	2,314	$	4,869	$	1,994	$	2,419	$	29,497
Intersegment revenue(a)	50		6		1,160		524		(1)		1,739
	17,951		2,320		6,029		2,518		2,418		31,236
Reconciliation of Revenue
Other revenue(b)											656
Eliminations(a)											(1,777)
Total consolidated revenue											$	30,115

Segment Adjusted EBITDA(c)	$	6,886	$	1,335	$	723	$	429	$	983	$	10,356

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(178)
Corporate and other(b)(c)											(244)
Eliminations											33
Depreciation											(2,203)
Amortization											(1,290)
Interest expense											(1,060)
Investment and other income (loss), net											50
Income before income taxes											$	5,465


	Nine Months Ended September 30, 2024
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	53,431	$	7,236	$	17,338	$	5,555	$	6,242	$	89,802
Intersegment revenue(a)	127		17		3,588		2,268		1		6,001
	53,558		7,253		20,926		7,822		6,243		95,803
Reconciliation of Revenue
Other revenue(b)											2,181
Eliminations(a)											(6,167)
Total consolidated revenue											$	91,817

Segment Adjusted EBITDA(c)	$	20,859	$	4,137	$	2,832	$	835	$	2,111	$	30,774

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(642)
Corporate and other(b)(c)											(881)
Eliminations											22
Depreciation											(6,548)
Amortization											(4,421)
Interest expense											(3,065)
Investment and other income (loss), net											(140)
Income before income taxes											$	15,099


	Nine Months Ended September 30, 2023
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	53,742	$	6,878	$	14,884	$	6,328	$	6,577	$	88,409
Intersegment revenue(a)	146		17		3,492		2,233		(1)		5,886
	53,888		6,894		18,376		8,561		6,576		94,296
Reconciliation of Revenue
Other revenue(b)											2,048
Eliminations(a)											(6,025)
Total consolidated revenue											$	90,319

Segment Adjusted EBITDA(c)	$	20,672	$	3,988	$	2,847	$	961	$	2,473	$	30,941

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)											(610)
Corporate and other(b)(c)											(824)
Eliminations											131
Depreciation											(6,662)
Amortization											(4,146)
Interest expense											(3,068)
Investment and other income (loss), net											672
Income before income taxes											$	16,434

(d)Includes overhead, personnel costs and costs associated with corporate initiatives for our Media, Studios and Theme Park segments.

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Domestic broadband	$	6,539	$	6,366	$	19,700	$	19,086
Domestic wireless	1,093		917		3,084		2,644
International connectivity	1,236		1,109		3,500		3,009
Total residential connectivity	8,869		8,393		26,284		24,739
Video	6,713		7,154		20,370		21,895
Advertising	987		960		2,931		2,860
Other	1,298		1,444		3,973		4,394
Total Residential Connectivity & Platforms Segment	17,866		17,951		53,558		53,888

Total Business Services Connectivity Segment	2,425		2,320		7,253		6,894

Domestic advertising	3,347		1,913		7,363		5,965
Domestic distribution	3,272		2,591		8,942		7,916
International networks	1,070		1,019		3,193		3,062
Other	542		506		1,429		1,433
Total Media Segment	8,231		6,029		20,926		18,376

Content licensing	1,865		1,691		5,680		5,856
Theatrical	611		504		1,178		1,735
Other	350		324		964		970
Total Studios Segment	2,826		2,518		7,822		8,561

Total Theme Parks Segment	2,289		2,418		6,243		6,576

Other revenue	686		656		2,181		2,048
Eliminations(a)	(2,253)		(1,777)		(6,167)		(6,025)
Total revenue	$	32,070	$	30,115	$	91,817	$	90,319

(a)See Note 2 for additional information on intersegment revenue transactions.

Schedule of Receivables, Net

Condensed Consolidated Balance Sheets


(in millions)	September 30, 2024		December 31, 2023
Receivables, gross	$	14,798	$	14,511
Less: Allowance for credit losses	763		698
Receivables, net	$	14,036	$	13,813

Schedule of Other Balance Sheet Accounts


(in millions)	September 30, 2024		December 31, 2023
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,782	$	1,914
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	650	$	618

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


(in millions)	September 30, 2024		December 31, 2023
Receivables, net	$	1,808	$	1,695
Noncurrent receivables, net (included in other noncurrent assets, net)	1,199		1,223

Total	$	3,008	$	2,918

Programming and Production Costs (Tables)

9 Months Ended

Sep. 30, 2024

Other Industries [Abstract]

Schedule of Programming and Production Expense


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Video distribution programming	$	2,783	$	3,084	$	8,682	$	9,465
Film and television content:
Owned(a)	2,111		2,083		6,888		7,622
Licensed, including sports rights	4,991		3,048		10,484		8,241
Other	330		438		946		1,178
Total programming and production costs	$	10,216	$	8,652	$	27,000	$	26,506

Schedule of Capitalized Film and Television Costs

Capitalized Film and Television Costs


(in millions)	September 30, 2024		December 31, 2023
Owned:
In production and in development	$	3,566	$	2,893
Completed, not released	428		317
Released, less amortization	4,266		4,340
	8,261		7,551
Licensed, including sports advances	5,080		5,369


Film and television costs	$	13,340	$	12,920

Investments and Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Schedule of Investment and Other Income (Loss), Net

Investment and Other Income (Loss), Net


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Equity in net income (losses) of investees, net	$	(152)	$	49	$	(438)	$	454
Realized and unrealized gains (losses) on equity securities, net	(22)		(87)		(163)		(130)
Other income (loss), net	171		88		461		349
Investment and other income (loss), net	$	(3)	$	50	$	(140)	$	672

Schedule of Investment Summary

Investments


(in millions)	September 30, 2024		December 31, 2023
Equity method	$	7,516	$	7,615
Marketable equity securities	21		39
Nonmarketable equity securities	1,380		1,482
Other investments	206		559
Total investments	9,122		9,694
Less: Current investments	101		310
Noncurrent investments	$	9,021	$	9,385

Equity and Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Weighted Average Common Shares Outstanding

Weighted-Average Common Shares Outstanding


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2024	2023		2024	2023
Weighted-average number of common shares outstanding – basic	3,861	4,109		3,908	4,160
Effect of dilutive securities	18	33		22	23
Weighted-average number of common shares outstanding – diluted	3,880	4,141		3,930	4,184

Antidilutive securities	188	86		193	172

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)


(in millions)	September 30, 2024		December 31, 2023
Cumulative translation adjustments	$	(275)	$	(1,596)

Deferred gains (losses) on cash flow hedges	16		49
Unrecognized gains (losses) on employee benefit obligations and other	251		293

Accumulated other comprehensive income (loss), net of deferred taxes	$	(8)	$	(1,253)

Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash Payments for Interest and Income Taxes

Cash Payments for Interest and Income Taxes


	Nine Months Ended September 30,
(in millions)	2024		2023
Interest	$	2,503	$	2,566
Income taxes(a)	$	5,988	$	3,823

a) Cash payments for income taxes in the nine months ended September 30, 2024 include $1.2 billion related to the purchase of transferable tax credits.

Schedule of Cash and Cash Equivalents


(in millions)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	8,814	$	6,215
Restricted cash included in other current assets and other noncurrent assets, net	64		67
Cash, cash equivalents and restricted cash, end of period	$	8,878	$	6,282

Schedule of Restricted Cash


(in millions)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	8,814	$	6,215
Restricted cash included in other current assets and other noncurrent assets, net	64		67
Cash, cash equivalents and restricted cash, end of period	$	8,878	$	6,282

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	5

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 32,070	$ 30,115	$ 91,817	$ 90,319
Depreciation	(2,219)	(2,203)	(6,548)	(6,662)
Amortization	(1,659)	(1,290)	(4,421)	(4,146)
Interest expense	(1,037)	(1,060)	(3,065)	(3,068)
Investment and other income (loss), net	(3)	50	(140)	672
Income before income taxes	4,819	5,465	15,099	16,434
Operating Segments
Segment Reporting Information [Line Items]
Revenue	33,637	31,236	95,803	94,296
Adjusted EBITDA	10,259	10,356	30,774	30,941
Operating Segments \| External Customers
Segment Reporting Information [Line Items]
Revenue	31,434	29,497	89,802	88,409
Operating Segments \| Intersegment Customers
Segment Reporting Information [Line Items]
Revenue	2,203	1,739	6,001	5,886
Operating Segments \| Residential Connectivity & Platforms
Segment Reporting Information [Line Items]
Revenue	17,866	17,951	53,558	53,888
Adjusted EBITDA	6,904	6,886	20,859	20,672
Operating Segments \| Residential Connectivity & Platforms \| External Customers
Segment Reporting Information [Line Items]
Revenue	17,807	17,901	53,431	53,742
Operating Segments \| Residential Connectivity & Platforms \| Intersegment Customers
Segment Reporting Information [Line Items]
Revenue	59	50	127	146
Operating Segments \| Business Services Connectivity
Segment Reporting Information [Line Items]
Revenue	2,425	2,320	7,253	6,894
Adjusted EBITDA	1,391	1,335	4,137	3,988
Operating Segments \| Business Services Connectivity \| External Customers
Segment Reporting Information [Line Items]
Revenue	2,419	2,314	7,236	6,878
Operating Segments \| Business Services Connectivity \| Intersegment Customers
Segment Reporting Information [Line Items]
Revenue	6	6	17	17
Operating Segments \| Media
Segment Reporting Information [Line Items]
Revenue	8,231	6,029	20,926	18,376
Adjusted EBITDA	650	723	2,832	2,847
Operating Segments \| Media \| External Customers
Segment Reporting Information [Line Items]
Revenue	6,926	4,869	17,338	14,884
Operating Segments \| Media \| Intersegment Customers
Segment Reporting Information [Line Items]
Revenue	1,305	1,160	3,588	3,492
Operating Segments \| Studios
Segment Reporting Information [Line Items]
Revenue	2,826	2,518	7,822	8,561
Adjusted EBITDA	468	429	835	961
Operating Segments \| Studios \| External Customers
Segment Reporting Information [Line Items]
Revenue	1,993	1,994	5,555	6,328
Operating Segments \| Studios \| Intersegment Customers
Segment Reporting Information [Line Items]
Revenue	833	524	2,268	2,233
Operating Segments \| Theme Parks
Segment Reporting Information [Line Items]
Revenue	2,289	2,418	6,243	6,576
Adjusted EBITDA	847	983	2,111	2,473
Operating Segments \| Theme Parks \| External Customers
Segment Reporting Information [Line Items]
Revenue	2,289	2,419	6,242	6,577
Operating Segments \| Theme Parks \| Intersegment Customers
Segment Reporting Information [Line Items]
Revenue	0	(1)	1	(1)
Other revenue
Segment Reporting Information [Line Items]
Revenue	686	656	2,181	2,048
Other revenue \| Media, Studios, Theme Parks headquarters and other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(200)	(178)	(642)	(610)
Other revenue \| Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(300)	(244)	(881)	(824)
Eliminations
Segment Reporting Information [Line Items]
Revenue	(2,253)	(1,777)	(6,167)	(6,025)
Adjusted EBITDA	$ (21)	$ 33	$ 22	$ 131

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 32,070	$ 30,115	$ 91,817	$ 90,319
Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	33,637	31,236	95,803	94,296
Operating Segments \| Residential Connectivity & Platforms
Disaggregation of Revenue [Line Items]
Revenue	17,866	17,951	53,558	53,888
Operating Segments \| Residential Connectivity & Platforms \| Residential Connectivity
Disaggregation of Revenue [Line Items]
Revenue	8,869	8,393	26,284	24,739
Operating Segments \| Residential Connectivity & Platforms \| Domestic broadband
Disaggregation of Revenue [Line Items]
Revenue	6,539	6,366	19,700	19,086
Operating Segments \| Residential Connectivity & Platforms \| Domestic wireless
Disaggregation of Revenue [Line Items]
Revenue	1,093	917	3,084	2,644
Operating Segments \| Residential Connectivity & Platforms \| International connectivity
Disaggregation of Revenue [Line Items]
Revenue	1,236	1,109	3,500	3,009
Operating Segments \| Residential Connectivity & Platforms \| Video
Disaggregation of Revenue [Line Items]
Revenue	6,713	7,154	20,370	21,895
Operating Segments \| Residential Connectivity & Platforms \| Advertising
Disaggregation of Revenue [Line Items]
Revenue	987	960	2,931	2,860
Operating Segments \| Residential Connectivity & Platforms \| Other
Disaggregation of Revenue [Line Items]
Revenue	1,298	1,444	3,973	4,394
Operating Segments \| Business Services Connectivity
Disaggregation of Revenue [Line Items]
Revenue	2,425	2,320	7,253	6,894
Operating Segments \| Media
Disaggregation of Revenue [Line Items]
Revenue	8,231	6,029	20,926	18,376
Operating Segments \| Media \| Other
Disaggregation of Revenue [Line Items]
Revenue	542	506	1,429	1,433
Operating Segments \| Media \| Domestic advertising
Disaggregation of Revenue [Line Items]
Revenue	3,347	1,913	7,363	5,965
Operating Segments \| Media \| Domestic distribution
Disaggregation of Revenue [Line Items]
Revenue	3,272	2,591	8,942	7,916
Operating Segments \| Media \| International networks
Disaggregation of Revenue [Line Items]
Revenue	1,070	1,019	3,193	3,062
Operating Segments \| Studios
Disaggregation of Revenue [Line Items]
Revenue	2,826	2,518	7,822	8,561
Operating Segments \| Studios \| Other
Disaggregation of Revenue [Line Items]
Revenue	350	324	964	970
Operating Segments \| Studios \| Content licensing
Disaggregation of Revenue [Line Items]
Revenue	1,865	1,691	5,680	5,856
Operating Segments \| Studios \| Theatrical
Disaggregation of Revenue [Line Items]
Revenue	611	504	1,178	1,735
Operating Segments \| Theme Parks
Disaggregation of Revenue [Line Items]
Revenue	2,289	2,418	6,243	6,576
Headquarters/Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	686	656	2,181	2,048
Eliminations
Disaggregation of Revenue [Line Items]
Revenue	$ (2,253)	$ (1,777)	$ (6,167)	$ (6,025)

Revenue - Schedule of Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenues [Abstract]
Receivables, gross	$ 14,798	$ 14,511
Less: Allowance for credit losses	763	698
Receivables, net	14,036	13,813
Noncurrent receivables, net (included in other noncurrent assets, net)	1,782	1,914
Noncurrent deferred revenue (included in other noncurrent liabilities)	$ 650	$ 618

Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Receivables, net	$ 14,036	$ 13,813
Noncurrent receivables, net (included in other noncurrent assets, net)	1,782	1,914
Equipment Installment Plan \| Notes Receivable \| Unbilled Revenues
Disaggregation of Revenue [Line Items]
Receivables, net	1,808	1,695
Noncurrent receivables, net (included in other noncurrent assets, net)	1,199	1,223
Total	$ 3,008	$ 2,918

Programming and Production Costs - Schedule of Recognized Programming and Production Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Industries [Abstract]
Video distribution programming	$ 2,783	$ 3,084	$ 8,682	$ 9,465
Film and television content:
Owned	2,111	2,083	6,888	7,622
Licensed, including sports rights	4,991	3,048	10,484	8,241
Other	330	438	946	1,178
Total programming and production costs	10,216	8,652	27,000	26,506
Amortization of owned film and television costs	$ 1,600	$ 1,600	$ 5,600	$ 5,900

Programming and Production Costs - Schedule of Capitalized Film and Television Costs and Programming Rights (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Owned:
In production and in development	$ 3,566	$ 2,893
Completed, not released	428	317
Released, less amortization	4,266	4,340
Owned	8,261	7,551
Licensed, including sports advances	5,080	5,369
Film and television costs	$ 13,340	$ 12,920

Debt (Details) - USD ($) $ in Millions	3 Months Ended
Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	May 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Total carrying value of debt	$ 101,400		$ 97,100
Total fair value of debt	$ 96,800		92,200
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Spread on variable rate	0.875%
Long-term debt, gross	$ 0		$ 0
Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility Due May 17, 2029
Line of Credit Facility [Line Items]
Current borrowing capacity		$ 11,800
Maximum borrowing capacity		$ 14,800
Remaining borrowing capacity	$ 11,800

Investments and Variable Interest Entities - Schedule of Investment and Other Income (Loss), Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments [Abstract]
Equity in net income (losses) of investees, net	$ (152)	$ 49	$ (438)	$ 454
Realized and unrealized gains (losses) on equity securities, net	(22)	(87)	(163)	(130)
Other income (loss), net	171	88	461	349
Investment and other income (loss), net	$ (3)	$ 50	$ (140)	$ 672

Investments and Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Unrealized gains (losses) recognized	$ (15)	$ (82)	$ (117)	$ (145)
Cash distribution received from equity method investments			244	185
Other investments	206		206		$ 559
Total carrying value of debt	101,400		101,400		97,100
Assets	269,871		269,871		264,811
Short-Term Instruments
Schedule of Equity Method Investments [Line Items]
Other investments	$ 70		70		254
Other Investments
Schedule of Equity Method Investments [Line Items]
Proceeds from short-term instruments			632	339
Purchase of short-term instruments			$ 443	286
Variable Interest Entity, Primary Beneficiary \| Universal Beijing Resort
Schedule of Equity Method Investments [Line Items]
Ownership percentage in variable interest entity	30.00%		30.00%
Total carrying value of debt	$ 3,600		$ 3,600		3,500
Assets	7,700		7,700		7,800
Consolidated variable interest entity's liabilities included in condensed consolidated balance sheet	7,300		7,300		7,200
Variable Interest Entity, Primary Beneficiary \| Universal Beijing Resort \| Universal Beijing Resort Term Loans
Schedule of Equity Method Investments [Line Items]
Total carrying value of debt	3,200		3,200		3,100
Atairos
Schedule of Equity Method Investments [Line Items]
Cash capital contributions for equity method investments			60	$ 132
Equity method investments and certain retained distributions	5,300		5,300		$ 5,500
Atairos \| Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Remaining unfunded capital commitment	$ 1,400		$ 1,400

Investments and Variable Interest Entities - Schedule of Investments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments [Abstract]
Equity method	$ 7,516	$ 7,615
Marketable equity securities	21	39
Nonmarketable equity securities	1,380	1,482
Other investments	206	559
Total investments	9,122	9,694
Less: Current investments	101	310
Noncurrent investments	$ 9,021	$ 9,385

Equity and Share-Based Compensation - Schedule of Weighted Average Common Shares Outstanding (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Weighted-average number of common shares outstanding – basic	3,861	4,109	3,908	4,160
Effect of dilutive securities	18	33	22	23
Weighted-average number of common shares outstanding – diluted	3,880	4,141	3,930	4,184
Antidilutive securities	188	86	193	172

Equity and Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation expense		$ 247	$ 238	$ 811	$ 786
Unrecognized pretax compensation expense on nonvested awards		$ 2,300		$ 2,300
Management Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted (in shares)	3
Weighted-average fair value of stock options granted (in dollars per share)	$ 9.49
Restricted Stock Units (RSUs) \| Management Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted share units granted (in shares)	31
Weighted-average fair value of restricted share units granted (in dollars per share)	$ 42.62

Equity and Share-Based Compensation - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	$ 86,318		$ 83,226	$ 83,163
Cumulative translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	(275)		(1,596)
Deferred gains (losses) on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	16		49
Unrecognized gains (losses) on employee benefit obligations and other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	251		293
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	$ (8)	$ (1,822)	$ (1,253)	$ (2,525)	$ (1,432)	$ (2,611)

Supplemental Financial Information - Schedule of Cash Payments for Interest and Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest	$ 2,503	$ 2,566
Income taxes	5,988	$ 3,823
Payment for purchases of transferable tax credits	$ 1,200

Supplemental Financial Information - Noncash Activities (Details) - USD ($) $ / shares in Units, $ in Billions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property and equipment and intangible assets accrued but not yet paid	$ 2.4	$ 2.2
Dividends payable	$ 1.2	$ 1.2
Dividends payable (in dollars per share)	$ 0.31	$ 0.29

Supplemental Financial Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 8,814	$ 6,215
Restricted cash included in other current assets and other noncurrent assets, net	64	67
Cash, cash equivalents and restricted cash, end of period	$ 8,878	$ 6,282	$ 6,489	$ 4,782