10-K – 2026-02-03 – cmcsa-20251231.htm

(a) Our foreign currency denominated debt designated as net investment hedges are non-derivative instruments and amount shown is the value of debt designated as a hedge.
The fair value of our derivative financial instruments are primarily measured using Level 2 inputs using a market-based approach. Net cash received or paid related to our derivative instruments is classified in our consolidated statements of cash flows based on the objective of the instrument and the classifications of the applicable underlying cash flows.
Changes in the fair value of derivative instruments accounted for as fair value hedges are primarily recorded within earnings and changes in the fair value of cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the hedged items affect earnings. The earnings impacts are recorded within the same line item as the item being hedged. The table below summarizes the impact of our hedged foreign currency denominated debt and intercompany loans and the associated derivative contracts on the other income (loss) component of investment and other income (loss).

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Year ended December 31 (in billions)
2025 2024 2023
Foreign currency transaction gains (losses) $ ( 0.3 ) $ —   $ ( 0.2 )
Derivative gains (losses) $ 0.4   $ 0.1   $ 0.3  

Transaction gains and losses resulting from currency movements on debt and changes in the fair value of cross-currency swaps designated as net investment hedges are recorded within the currency translation adjustments component of accumulated other comprehensive income (loss). The table below summarizes the amount of pre-tax gains (losses) related to net investment hedges recognized in the cumulative translation adjustments component of other comprehensive income (loss).

Year ended December 31 (in billions)
2025 2024 2023
Effect of net investment hedges $ ( 1.0 ) $ 0.9   $ 0.3  

Note 7: Significant Transactions

Acquisit ions
In April 2025, we acquired Nitel, a network-as-a-service managed service provider, for total cash consideration of $ 1.3 billion. The acquisition has enhanced our ability to serve and provide connectivity solutions to enterprise customers. Nitel’s results of operations are included in our consolidated results of operations since the date of acquisition and are reported in our Business Services Connectivity segment. We have recorded Nitel’s assets and liabilities at their estimated fair values with approximately $ 1.1 billion recorded to goodwill and the remainder primarily attributed to customer relationship intangible assets. The acquisition was not material to our consolidated results of operations.
Assets Held For Sale
In 2025, we entered into an agreement with RTL Group to sell our Sky operations in Germany, subject to various conditions and approvals, and we expect the sale to be completed in 2026. The related assets and liabilities are presented as held for sale as of December 31, 2025, with $ 892 million of assets included in other current assets and $ 848 million of liabilities included in accrued expenses and other current liabilities within our consolidated balance sheet. The fair value less cost to sell exceeded the carrying value of the assets and liabilities held for sale as of December 31, 2025.

Note 8: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

Year ended December 31 (in millions)
2025 2024 2023
Equity in net income (losses) of investees, net $ ( 591 ) $ ( 680 ) $ 789  
Realized and unrealized gains (losses) on equity securities, net ( 20 ) ( 313 ) ( 130 )
Other income (loss), net 10,114   502   592  
Investment and other income (loss), net $ 9,503   $ ( 490 ) $ 1,252  

The amount of unrealized gains (losses), net recognized in 2025, 2024 and 2023 that related to equity securities still held as of the end of each reporting period was $( 159 ) million , $( 288 ) million and $( 140 ) million , respectively.

Investments

December 31 (in millions)
2025 2024
Equity method $ 6,674   $ 7,252  
Nonmarketable equity securities 1,049   1,221  
Other investments 244   195  
Total investments 7,966   8,668  
Less: Current investments 14   21  
Noncurrent investments $ 7,952   $ 8,647  

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Equity Method
We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating and financial policies, or in which we hold a partnership or limited liability company interest in an entity with specific ownership accounts, unless we have virtually no influence over the investee’s operating and financial policies. Equity method investments are recorded at cost and are adjusted to recognize our share, based on percentage ownership or other contractual basis, of the investee’s net income or loss after the date of investment; amortization of the recorded investment that exceeds our share of the book value of the investee’s net assets; additional contributions made and dividends or other distributions received; and impairments resulting from other-than-temporary declines in fair value. For some investments, we record our share of the investee’s net income or loss one quarter in arrears due to the timing of our receipt of such information. Gains or losses on the sale of equity method investments are recorded to other income (loss), net. If an equity method investee were to issue additional securities that would change our proportionate share of the entity, we would recognize the change, if any, as a gain or loss to oth er income (loss), net. Cash distributions received from equity method investments are considered returns on investment and are presented within operating activities in the consolidated statements of cash flows to the extent of cumulative equity in net income of the investee. Additional distributions are presented as investing activities. Distributions presented within operating activities totaled $ 226 million , $ 297 million and $ 217 million in 2025 , 2024 and 2023, respectively.
Atairos
On January 1, 2016, we established Atairos Group, Inc., a strategic company focused on investing in and operating companies in a range of industries and business sectors, both domestically and internationally. Atairos is controlled by management companies led by our former CFO through interests that carry all of the voting rights. We are the only third-party investor in Atairos.
In November 2020, we amended our agreement with Atairos, which primarily extended the investment term of the agreement from up to 12 years to up to 16.5 years, extended the period in which capital can be recycled to the full investment period and decreased our commitment to fu nd Atairos from up to $ 5 billion to u p to $ 4.5 billion in the aggregate at any one time, subject to certain offsets, with the maximum amount of annual capital calls reduced to $ 400 million , plus certain amounts previously distributed. In addition, we have separately committed to fund Atairos  $ 40 million annually for a management fee, subject to certain adjustments. The management company investors have committed to fund from $ 50 million to $ 100 million , with at lea st $ 40 million to be funded by our former CFO, subject to his continued role with Atairos. Our economic interests do not carry voting rights and obligate us to absorb approximately 99 % of any losses and they provide us the right to receive approximately 86 % of any residual returns in Atairos, in either case on a cumulative basis.
We have concluded that Atairos is a VIE, that we do not have the power to direct the activities that most significantly impact the economic performance of Atairo s as we have no voting rights and only certain consent rights, and that we are not a related party with our former CFO or the management companies. We therefore do not consolidate Atairos and account for our investment as an equity method investment. Certain distributions retained by Atairos on our behalf are accounted for as advances and classified within other investments. Atairos may pledge our remaining unfunded capital commitment as security to lenders in connection with certain financing arrangem ents. This has no effect on our funding commitments. There are no other liquidity arrangements, guarantees or other financial commitments between Comcast and Atairos, and therefore our maximum risk of financial loss is our investment balance and our remaining unfunded capital commitment of $ 1.3 billion as of December 31, 2025.
Atairos follows investment company accounting and records its inv estments 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. In 2025 , 2024 and 2023 , we made cash capital contributions totaling $ 130 million, $ 73 million, and $ 145 million, respe ctively, to Atairos. As of December 31, 2025 and 2024, our investment, inclusive of advances classified within other investments, was $ 4.7 billion and $ 5.1 billion, respectively.
Hulu and Collateralized Obligation
In 2019, we entered into a series of agreements with The Walt Disney Company and certain of its subsidiaries, whereby we relinquished our board seats and substantially all voting rights associated with our investment in Hulu, and Disney assumed full operational control. Concurrent with these agreements, we also acquired additional ownership interest in Hulu previously held by AT&T. Following these transactions, our interest was approximately 33 % and we had the right, but not the obligation, to fund our proportionate share of future equity capital calls. The agreements included put and call provisions regarding our ownership interest in Hulu, pursuant to which, as early as January 2024, we could require Disney to buy, and Disney could require us to sell our interest, in either case, for fair value at that future time subject to a minimum equity value of $ 27.5 billion for 100 % of the equity of Hulu. In the third quarter of 2023, we amended these agreements and agreed, among other things, that

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the put/call provisions regarding our interest could be exercised in November 2023 (in addition to subsequent periods) and that we would fund our share of prior equity capital calls if the put/call was exercised in November 2023.
In November 2023, we exercised our put right requiring Disney to purchase our interest in Hulu. As a result, in the fourth quarter of 2023, Disney paid us $ 8.6  billion, representing $ 9.2  billion for our share of Hulu’s minimum equity value, less $ 557  million for our share of prior capital calls. Additional proceeds for any excess of the fair value of our interest over the $ 9.2  billion minimum equity value would be due following final determination of Hulu’s fair value pursuant to a third-party appraisal process. In connection with the transaction, Disney also agreed to share with us 50 % of the estimated future tax benefits resulting from the purchase of our interest in Hulu. Because we continued to hold our interest in Hulu, the $ 9.2  billion payment from Disney was treated as an advance on the sale of our interest in our consolidated balance sheet as of December 31, 2024. The receipt of the minimum proceeds resulted in a tax gain in 2023.
In June 2025, we sold our interest in Hulu and received an additional $ 439 million from Disney. We recognized a pre-tax gain of $ 9.4 billion and we also recorded a receivable of $ 792 million within other current assets and other noncurrent assets, net, relating to our right to receive 50 % of the estimated future tax benefits resulting from the transaction.
In 2019, we entered into a financing arrangement with a syndicate of banks whereby we received proceeds of $ 5.2 billion under a term loan facility, which was fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. The term loan was due at the earlier of March 2024 or upon receipt of the proceeds under the put/call provisions and was repaid in the fourth quarter of 2023. The repayment is presented in the caption “repayment of collateralized obligation” within financing activities in our consolidated statements of cash flows.
Nonmarketable Equity Securities
We classify investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. We generally apply the measurement alternative, adjusting the investments for observable price changes of identical or similar investments of the same issuer, to our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities primarily based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. The changes in value are recorded in realized and unrealized gains (losses) on equity securities, net.
Other Investments
Other investments include marketable equity securities, which are investments with readily determinable fair values that are not accounted for under the equity method. The carrying values of marketable equity securities are primarily presented in other current assets, and the changes in fair value between measurement dates are recorded in realized and unrealized gains (losses) on equity securities, net. The fair values of our marketable equity securities are based on Level 1 inputs that use quoted market prices.
Other investments also includes certain short-term instruments with maturities over three months when purchased, such as commercial paper, certificates of deposit and U.S. government obligations, that are generally accounted for at amortized cost. 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. We had no short-term instruments as of December 31, 2025 and December 31, 2024. There were no proceeds from or purchases of short-term instruments in 2025. Proceeds from short-term instruments in 2024 and 2023 were $ 702  million and $ 560  million, respectively. Purchases of short-term instruments in 2024 and 2023 were $ 443 million and $ 506 million, respectively.
Impairment Testing of Investments
We review our investment portfolio, other than our marketable equity securities, each reporting period to determine whether there are identified events or circumstances that would indicate there is a decline in the fair value. For our nonpublic investments, if there are no identified events or circumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. For our equity method investments, if an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. For our nonmarketable equity securities, we record the impairment to realized and unrealized gains (losses) on equity securities, net. For our equity method investments, we record the impairment to other income (loss), net.

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Consolidated Variable Interest Entity
Universal Beijing Resort
In 2018, we entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”), which opened in September 2021. We own a 30 % interest in Universal Beijing Resort and the construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain covenants and a maximum borrowing limit of ¥ 29.7 billion RMB (approximately $ 4.2 billion). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the inve stors. A s of December 31, 2025, 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, 2024, Universal Beijing Resort had $ 3.4 billion of debt outstanding, including $ 3.0 billion principal amount of a term loan outstanding under the debt financing agreement.
We have concluded that Universal Beijing Resort is a VIE based on its governance structure, and we consolidate it because we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitments between us and Universal Beijing Resort, and therefore our maximum risk of financial loss is our 30 % interest. Universal Beijing Resort’s results of operations are reported in our Theme Parks segment. Our consolidated statements of cash flows includes the costs of construction and related borrowings in the “construction of Universal Beijing Resort” and “proceeds from borrowings” captions, respectively, and equity contributions from the noncontrolling interests are included in other financing activities.
As of December 31, 2025, our consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $ 7.4 billion and $ 7.3 billion, respectively. As of December 31, 2024, our consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $ 7.3 billion and $ 7.0 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

Note 9: Property and Equipment

December 31 (in billions) Weighted-Average
Original Useful Life
as of December 31, 2025
2025 2024
Distribution systems 11 years $ 50.9   $ 47.8  
Customer premise equipment   6 years 21.8   23.2  
Buildings, theme park infrastructure and leasehold improvements   30 years 26.9   22.1  
Other equipment 13 years 22.1   18.1  
Construction in process N/A 2.4   8.6  
Land N/A 2.3   2.2  
Property and equipment, at cost 126.4   122.1  
Less: Accumulated depreciation   60.8   59.5  
Property and equipment, net   $ 65.7   $ 62.5  

Property and Equipment by Geographic Location

December 31 (in billions) 2025 2024
United States $ 55.9   $ 52.6  
Other 9.8   10.0  
Property and equipment, net $ 65.7   $ 62.5  

Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and maintenance costs as incurred. We record depreciation using the straight-line method over the asset’s estimated useful life. For assets that are sold or retired, we remove the applicable cost and accumulated depreciation and, unless the gain or loss on disposition is presented separately, we recognize it as a component of depreciation expense. Capital expenditures for the construction of Universal Beijing Resort are presented separately in our consolidated statements of cash flows.
We capitalize the costs associated with the construction of and improvements to our HFC network, including scalable infrastructure and line extensions; costs associated with acquiring and deploying new customer premise equipment; and certain costs associated with installation of our services, including the customer’s connection to our network, in accordance with accounting guidance related to property and equipment as well as for cable television companies. Costs capitalized include all

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direct costs for labor and materials, as well as various indirect costs. Costs incurred in connection with subsequent disconnects, and reconnects of previously deployed customer premise equipment, are expensed as they are incurred.
We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of depreciation expense.
Certain of our cable franchise agreements and lease agreements contain provisions requiring us to restore facilities or remove property in the event that the franchise or lease agreement is not renewed. We expect to continually renew our cable franchise agreements and therefore cannot reasonably estimate liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in us incurring significant expense in complying with restoration or removal provisions. We do not have any material liabilities related to asset retirement obligations recorded in our consolidated financial statements.

Note 10: Goodwill and Intangible Assets

Goodwill 

(in billions) Residential Connectivity & Platforms Business Services Connectivity Media Studios Theme
Parks Total
Balance, December 31, 2023

Goodwill $ 34.5   $ 2.2   $ 21.9   $ 3.7   $ 5.4   $ 67.8  
Accumulated impairment losses
( 6.3 ) —   ( 2.2 ) —   —   ( 8.5 )
$ 28.2   $ 2.2   $ 19.7   $ 3.7   $ 5.4   $ 59.3  
Foreign currency translation and other ( 0.4 ) —   ( 0.2 ) —   ( 0.5 ) ( 1.0 )
Balance, December 31, 2024

Goodwill $ 33.9   $ 2.2   $ 21.7   $ 3.7   $ 5.0   $ 66.4  
Accumulated impairment losses
( 6.1 ) —   ( 2.2 ) —   —   ( 8.2 )
$ 27.8   $ 2.2   $ 19.5   $ 3.7   $ 5.0   $ 58.2  
Acquisitions
—   1.1   —   —   —   1.1  
Foreign currency translation and other 1.5   —   0.5   —   —   2.1  
Balance, December 31, 2025

Goodwill $ 36.0   $ 3.4   $ 22.4   $ 3.7   $ 5.0   $ 70.6  
Accumulated impairment losses
( 6.7 ) —   ( 2.4 ) —   —   ( 9.0 )
$ 29.3   $ 3.4   $ 20.1   $ 3.7   $ 5.0   $ 61.5  

Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and other agreements. We assess the recoverability of our goodwill annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. We test goodwill for impairment at the reporting unit level. To determine our reporting units, we evaluate the components one level below the segment level and we aggregate the components if they have similar economic characteristics. We evaluate the determination of our reporting units used to test for impairment periodically or whenever events or substantive changes in circumstances occur. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.

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Intangible Assets

    2025 2024
December 31 (in billions) Weighted-Average
Original Useful Life
as of December 31, 2025
Gross
Carrying
Amount
Accumulated
Amortization
Gross
Carrying
Amount
Accumulated
Amortization

Indefinite-Lived Intangible Assets:
Franchise rights N/A $ 59.4   $ 59.4  
FCC licenses N/A 2.8   2.8  
Total
$ 62.2   $ 62.2  

Finite-Lived Intangible Assets:
Customer relationships 13 years $ 21.4   $ ( 17.9 ) $ 20.5   $ ( 15.1 )
Software 5 years 25.8   ( 18.1 ) 24.9   ( 16.2 )
Other agreements and rights 28 years 11.8   ( 3.4 ) 11.4   ( 2.7 )
Total   $ 59.0   $ ( 39.4 ) $ 56.8   $ ( 34.0 )

Indefinite-Lived Intangible Assets
Indefinite-lived intangible assets consist primarily of our cable franchise rights. Our cable franchise rights represent the values we attributed to agreements with state and local authorities that allow access to homes and businesses in cable service areas acquired in business combinations. We do not amortize our cable franchise rights because we have determined that they meet the definition of indefinite-lived intangible assets since there are no legal, regulatory, contractual, competitive, economic or other factors that limit the period over which these rights will contribute to our cash flows. We reassess this determination periodically or whenever events or substantive changes in circumstances occur.
We assess the recoverability of our cable franchise rights and other indefinite-lived intangible assets annually, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. We evaluate the unit of account used to test for impairment of our cable franchise rights and other indefinite-lived intangible assets periodically or whenever events or substantive changes in circumstances occur to ensure impairment testing is performed at an appropriate level. The assessment of recoverability may first consider qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. When performing a quantitative assessment, we estimate the fair value of our cable franchise rights and other indefinite-lived intangible assets. If the fair value of our cable franchise rights or other indefinite-lived intangible assets were less than the carrying amount, we would recognize an impairment charge for the difference between the estimated fair value and the carrying value of the assets. Unless presented separately, the impairment charge is included as a component of amortization expense.  
Finite-Lived Intangible Assets
Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations, software, trade names and intellectual property rights. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement.
The table below presents the estimated amortization expense of our customer relationships and other agreements and rights, including trade names and intellectual property rights.

Estimated Amortization Expense

(in billions)    

2026 $ 2.8  
2027 $ 0.6  
2028 $ 0.6  
2029 $ 0.6  
2030 $ 0.5  

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We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payroll costs for employees devoting time to these software projects. We also capitalize costs associated with arrangements that constitute the purchase of, or convey a license to, software licenses. We generally amortize them on a straight-line basis over a period not to exceed five years. We expense maintenance and training costs, as well as costs incurred during the preliminary stage of a project, as they are incurred. We capitalize initial operating system software costs and amortize them over the life of the associated hardware.
We evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.

Note 11: Employee Benefit Plans

Deferred Compensation Plans

As of and for the year ended December 31 (in millions)
2025 2024 2023
Benefit obligation $ 5,097   $ 4,812   $ 4,507  
Interest expense $ 374   $ 370   $ 341  

We maintain unfunded, nonqualified deferred compensation plans for certain members of management and nonemployee directors. The amount of compensation deferred by each participant is based on participant elections. Participant accounts are credited with income primarily based on a fixed annual rate. Participants are eligible to receive distributions from their account based on elected deferral periods that are consistent with the plans and applicable tax law.
We have purchased life insurance policies to recover a portion of the future payments related to our deferred compensation plans. As of December 31, 2025 and 2024, the cash surrender value of these policies, which is recorded to other noncurrent assets, net, was $ 662 million and $ 566 million, respectively.
Pension and Postretirement Benefit Plans
We sponsor several 401(k) defined contribution retirement plans that allow eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of the employees’ contributions up to certain limits. In 2025, 2024 and 2023, expenses related to these plans totaled $ 662 million, $ 661 million and $ 650 million, respectively.
We participate in various multiemployer benefit plans, including pension and postretirement benefit plans, that cover some of our employees and temporary employees who are represented by labor unions. We also participate in other multiemployer benefit plans that provide health and welfare and retirement savings benefits to active and retired participants. If we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans, applicable law would require us to fund our allocable share of the unfunded vested benefits, which is known as a withdrawal liability. In addition, actions taken by other participating employers may lead to adverse changes in the financial condition of one of these plans, which could result in an increase in our withdrawal liability. Total contributions we made to multiemployer benefit plans and any potential withdrawal liabilities were not material in any of the periods presented.

Note 12: Equity

Common Stock
In the aggregate, holders of our Class A common stock have 66 2 / 3 % of the voting power of our common stock and holders of our Class B common stock have 33 1 / 3 % of the voting power of our common stock, which percentage is generally non-dilutable under the terms of our articles of incorporation. Each share of our Class B common stock is entitled to 15 votes. The number of votes held by each share of our Class A common stock depends on the number of shares of Class A and Class B common stock outstanding at any given time. The 33 1 / 3 % aggregate voting power of our Class B common stock cannot be diluted by additional issuances of any other class of common stock. Our Class B common stock is convertible, share for share, into Class A common stock, subject to certain restrictions.
We present excise tax payments related to repurchases of common stock within repurchases of common stock under repurchase program and employee plans in the consolidated statements of cash flows.

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Shares of Common Stock Outstanding
(in millions)
Class A Class B

Balance, December 31, 2022 4,211   9  
Stock compensation plans 14   —  
Repurchases and retirements of common stock ( 262 ) —  
Employee stock purchase plans 7   —  

Balance, December 31, 2023 3,969   9  
Stock compensation plans 14   —  
Repurchases and retirements of common stock ( 212 ) —  
Employee stock purchase plans 6   —  
Balance, December 31, 2024 3,778   9  
Stock compensation plans 14   —  
Repurchases and retirements of common stock ( 205 ) —  
Employee stock purchase plans 8   —  
Balance, December 31, 2025 3,595   9  

Weighted-Average Common Shares Outstanding
Year ended December 31 (in millions) 2025 2024 2023
Weighted-average number of common shares outstanding – basic 3,699   3,885   4,122  
Effect of dilutive securities 10   24   25  
Weighted-average number of common shares outstanding – diluted 3,709   3,908   4,148  
Antidilutive securities 237   184   169  

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. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. 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.
Treasury Stock
On December 15, 2025, we amended our Amended and Restated Articles of Incorporation (the “Articles”) in connection with the Separation of Versant by designating a new Class A Equivalent Preferred Stock (the “Preferred Stock”) and entering into an agreement with certain of our wholly-owned subsidiaries pursuant to which we issued 872,791.0278 shares of Preferred Stock, which was classified as treasury stock, in exchange for an aggregate 872,791,028 shares of Class A Common Stock held by such subsidiaries. This exchange was designed to ensure that our subsidiaries did not receive shares of Versant Class A Common stock in connection with the Separation. On January 9, 2026, all of the shares of Preferred Stock were automatically redeemed in exchange for 919,026,355 shares of our Class A Common Stock and no Preferred Stock is currently outstanding. On January 30, 2026, we amended the Articles to eliminate the provisions that had designated the Preferred Stock. As a result, the 872,791.0278 shares of Preferred Stock held as of December 31, 2025 are presented on a post-Separation basis as 919,026,355 shares of Class A Common Stock and classified as treasury stock in all periods presented in our consolidated balance sheets.

Accumulated Other Comprehensive Income (Loss)
December 31 (in millions) 2025 2024
Cumulative translation adjustments $ ( 247 ) $ ( 2,474 )

Deferred gains (losses) on cash flow hedges 44   106  
Unrecognized gains (losses) on employee benefit obligations and other 195   325  

Accumulated other comprehensive income (loss), net of deferred taxes $ ( 8 ) $ ( 2,043 )

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Note 13: Share-Based Compensation

Year ended December 31 (in millions)
2025 2024 2023
Share-based compensation expense $ 1,108   $ 1,069   $ 1,021  
Related income tax benefit
$ 181   $ 222   $ 203  

Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our long-term incentive compensation structure. Awards generally vest over a period of 5 years and, in the case of stock options, have a 10 year term. RSUs include performance stock units awarded to certain senior executives with vesting after 3 years based upon the achievement of certain performance conditions. These performance stock units are not material to our consolidated results of operations in any period presented. As of December 31, 2025, virtually all of our stock options outstanding were net settled stock options, which result in fewer shares being issued and no cash proceeds being received by us when the options are exercised. Additionally, eligible employees may purchase shares of our common stock at a discount under our employee stock purchase plans.

Stock Options and Restricted Share Units

As of December 31, 2025, unless otherwise stated (in millions, except per share data) Stock
Options RSUs
Awards granted during 2025 1   46  
Weighted-average exercise price of awards granted during 2025 $ 35.98    
Stock options outstanding and unvested RSUs
204   78  
Weighted-average exercise price of stock options outstanding $ 41.93  
Weighted-average fair value at grant date of unvested RSUs
  $ 37.71  

The cost associated with our share-based compensation is based on an award’s estimated fair value at the date of grant and is recognized over the period in which any related services are provided. RSUs are primarily valued based on the closing price of our common stock on the date of grant and are discounted for the lack of dividends, if any, during the vesting period. We use the Black-Scholes option pricing model to estimate the fair value of stock option awards.
The table below presents the weighted-average fair value on the date of grant of RSUs and stock options awarded under our various plans and the related weighted-average valuation assumptions.

Year ended December 31 2025 2024 2023
RSUs fair value $ 34.49   $ 42.23   $ 37.14  
Stock options fair value $ 7.21   $ 9.93   $ 8.41  
Stock Option Valuation Assumptions:
Dividend yield 3.7   % 2.9   % 3.2   %
Expected volatility 25.3   % 24.8   % 26.2   %
Risk-free interest rate 4.0   % 4.2   % 4.2   %
Expected option life (in years) 5.9 5.1 5.9

As of December 31, 2025, we had unrecognized pre-tax compensation expense of $ 2.1 billion related to unvested RSUs and unvested stock options that will be recognized over a weighted-average period of approximately 1.5 years.

Note 14: Supplemental Financial Information

Cash Payments for Interest

Year ended December 31 (in millions) 2025 2024 2023
Interest $ 3,871   $ 3,657   $ 3,711  

Noncash Activities
During 2025:
• we acquired $ 1.9 billion of property and equipment and intangible assets that were accrued but unpaid
• we recorded a liability of $ 1.2 billion for a quarterly cash dividend of $ 0.33 per common share to be paid in February 2026

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During 2024:
• we acquired $ 2.8 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 January 2025
During 2023:
• we acquired $ 2.1 billion of property and equipment and intangible assets that were accrued but unpaid
• we recorded a liability of $ 1.2 billion for a quarterly cash dividend of $ 0.29 per common share paid in January 2024
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the total of the amounts reported in our consolidated statements of cash flows.

December 31 (in millions) 2025 2024
Cash and cash equivalents
$ 9,481   $ 7,322  
Restricted cash included in other current assets and other noncurrent assets, net (a)
1,078   55  
Cash, cash equivalents and restricted cash, end of year $ 10,559   $ 7,377  

(a) Restricted cash in other current assets as of December 31, 2025 includes the net proceeds from Versant’s issuance of $ 1.0 billion aggregate principal amount of 7.25 % senior secured notes, plus accrued and unpaid interest, which were held in an escrow account due to a special mandatory redemption if the Separation of Versant from Comcast had not been consummated by March 2, 2026. These funds were transferred to Versant upon Separation on January 2, 2026 (see Notes 6 and 16).
Our cash equivalents consist primarily of money market funds and U.S. government obligations, as well as commercial paper and certificates of deposit with maturities of three months or less when purchased. The carrying amounts of our cash equivalents approximate their fair values, which are primarily based on Level 1 inputs.

Note 15: Commitments and Contingencies

Licensed Content
We have significant fixed-price purchase obligations related to long-term agreements for licensed content. Refer to Note 4 for additional information.
Leases
Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally use our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less.
For our operating leases recorded in the balance sheets, lease expense is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. In 2025, 2024 and 2023, operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our consolidated statements of income were each $ 1.2  billion.

Operating Lease Assets and Liabilities Recorded in our Consolidated Balance Sheets

December 31 (in millions) 2025 2024
Other noncurrent assets, net $ 5,287   $ 5,524  
Accrued expenses and other current liabilities $ 686   $ 751  
Other noncurrent liabilities $ 5,410   $ 5,569  

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Future Minimum Lease Commitments for Operating Leases

(in millions) December 31,
2025
2026 $ 889  
2027 840  
2028 703  
2029 494  
2030 382  
Thereafter 6,337  
Total future minimum lease payments 9,646  
Less: imputed interest ( 3,549 )
Total liability $ 6,097  

The weighted-average remaining lease terms for operating leases and the weighted-average discount rates used to calculate our operating lease liabilities as of December 31, 2025 were 18 years and 4.2 %, respectively, and as of December 31, 2024 were 17 years and 4.2 %, respectively.
In 2025, 2024 and 2023, cash payments for operating leases recorded in the consolidated balance sheets were $ 1.0 billion, $ 1.0 billion and $ 963  million, respectively. Lease assets and liabilities associated with operating leases entered into or modified were not material in any period presented.
Contractual Obligation
We are party to a contractual obligation that involves an interest held by a third party in the revenue of certain theme parks. The arrangement provides the counterparty with the right to periodic payments associated with current period revenue which are recorded as an operating expense, and beginning in June 2017, the option to require NBCUniversal to purchase the interest for cash in an amount based on a contractual formula. The contractual formula is based on an average of specified historical theme park revenue at the time of exercise, which amount could be significantly higher than our carrying value. As of December 31, 2025, our carrying value was $ 1.1 billion, and the estimated value of the contractual obligation was $ 1.9 billion based on inputs to the contractual formula as of that date.
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.

Note 16: Subsequent Events

On January 2, 2026, we completed the previously announced separation of Versant into an independent, publicly traded company with its Class A common stock listed on The Nasdaq Stock Market LLC under the ticker symbol “VSNT.” The Versant business is comprised of certain of our former cable television networks, including MS NOW (formerly MSNBC), CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen, and complementary digital platforms, including GolfNow, Fandango, Rotten Tomatoes and SportsEngine.
The Separation was structured to qualify as a tax-free spin-off for U.S. federal income tax purposes and achieved through the transfer of assets and liabilities comprising the Versant business to Versant and its subsidiaries, followed by the distribution on January 2, 2026 of 100% of the shares of Versant common stock to Comcast shareholders in which each Comcast shareholder received 1 share of Versant common stock for every 25 shares of Comcast common stock owned as of the close of business on the record date of December 16, 2025. Because the Versant business was not historically operated as a distinct business unit or division of Comcast, we undertook a series of corporate reorganization transactions in anticipation of the Separation.
As part of the Separation, we entered into a Separation and Distribution Agreement, a Tax Matters Agreement, a Transition Services Agreement, an Employee Matters Agreement and several other agreements with Versant to effect the Separation and provide a framework for our relationship with Versant after the Separation.
Following the Separation, Comcast does not beneficially own any equity interest in Versant and will no longer consolidate the results of the Versant business into our consolidated financial results. The results of operations and cash flows for the Versant business are included in our consolidated statements of income and statements of cash flows through the Separation date.

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On the Separation date, Versant distributed to us $ 2.25 billion of cash, which was funded by the net proceeds from the issuance of the Notes and a portion of the proceeds of Versant’s borrowings under the Term A Loan Facility and Term B Loan Facility (see Note 6). The proceeds from the distribution, together with cash on hand, were used for the redemption on January 15, 2026 of all outstanding amounts of our 3.15 % Notes due March 2026, including accrued and unpaid interest, totaling approximately $ 2.1 billion and all outstanding amounts of our 5.35 % Notes due November 2027, including accrued and unpaid interest, totaling approximately $ 650  million.

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Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.

Item 9A: 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.
Management’s annual report on internal control over financial reporting
Refer to Management’s Report on Internal Control Over Financial Reporting on page 59.
Attestation report of the registered public accounting firm
Refer to Report of Independent Registered Public Accounting Firm on page 60.
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.

Item 9B: Other Information
Appointment of Gordon Smith
On January 28, 2026, Gordon Smith was appointed as a director of the Company effective February 4, 2026. The Company’s Board of Directors has determined that Mr. Smith is independent in accordance with applicable Nasdaq rules and the Company’s corporate governance guidelines.
Mr. Smith served as Co-President and Chief Operating Officer of JPMorgan Chase & Co. from 2018 to 2022. Mr. Smith joined Chase in 2007, serving first as CEO of Chase Card Services until 2011, then as CEO of Auto Finance and Student Lending until 2012, before becoming CEO of Consumer and Community Banking from 2012 to 2021. Prior to that, he served in various leadership roles at American Express, including in the U.S. Domestic Consumer Card and Global Commercial Card businesses. He has served as a director of Choice Hotels International, Inc. since 2022 and Humana, Inc. since 2024. He also currently serves as an operating advisor at Clayton, Dubilier & Rice, LLC.
Mr. Smith’s daughter is an employee of NBCUniversal. In 2025, she received approximately $272,000 in compensation and also participated in employee benefit plans on the same basis as other similarly situated employees. Mr. Smith will receive compensation in accordance with the Company’s Non-Employee Director Compensation Plan, filed as Exhibit 10.1 to this Annual Report on Form 10-K, is not yet appointed to any committees, and has entered into the Company’s standard form of director indemnification agreement.
Elimination of Class A Equivalent Preferred Stock
As previously announced, we amended our Amended and Restated Articles of Incorporation (the “Articles”) on December 15, 2025 in connection with our spin-off of Versant by filing with the Department of State of the Commonwealth of Pennsylvania Articles of Amendment (the “Designation Amendment,” filed as Exhibit 3.1.1 to this Annual Report on Form 10-K) to designate a new Class A Equivalent Preferred Stock (the “Preferred Stock”). Because all of the shares of Preferred Stock were automatically redeemed on January 9, 2026 in exchange for shares of our Class A Common Stock at the redemption rate set forth in the Designation Amendment, no Preferred Stock is currently outstanding. As a result, on January 30, 2026, we amended the Articles by filing with the Department of State of the Commonwealth of Pennsylvania Articles of Amendment (the “Elimination Amendment”) to eliminate the provisions that had designated the Preferred Stock. A copy of the Elimination Amendment, which was previously adopted by resolution of the Board of Directors, is filed as Exhibit 3.1.2 to this Annual Report on Form 10-K.

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Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.

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Part III

Item 10: Directors, Executive Officers and Corporate Governance
Except for the information regarding executive officers required by Item 401 of Regulation S-K, we incorporate the information required by this item by reference to our definitive proxy statement for our annual meeting of shareholders. We refer to this proxy statement as the 2026 Proxy Statement.
The term of office of each of our executive officers continues until his successor is selected and qualified or until his earlier death, resignation or removal. The following table sets forth information concerning our executive officers, including their ages, positions and tenure, as of the date hereof.

Name Age Officer Since Position with Comcast
Brian L. Roberts 66 1986 Chairman and Co-Chief Executive Officer
Michael J. Cavanagh 60 2015 Co-Chief Executive Officer
Jason S. Armstrong 49 2023 Chief Financial Officer

Jennifer Khoury 52 2023 Chief Communications Officer
Thomas J. Reid 61 2019 Chief Legal Officer and Secretary

Brian L. Roberts has served as a director and as Chairman of the Board and a Chief Executive Officer for more than five years. Mr. Roberts previously served as President until October 2022. As of December 31, 2025, Mr. Roberts had sole voting power over approximately 33 1 / 3 % of the combined voting power of our two classes of common stock. He is a son of our late founder, Mr. Ralph J. Roberts.
Michael J. Cavanagh has served as Co-Chief Executive Officer since January 2026. Mr. Cavanagh has served as President since October 2022 and previously served as Chief Financial Officer between July 2015 and January 2023. Prior to joining our company, Mr. Cavanagh had been Co-President and Co-Chief Operating Officer for The Carlyle Group, a global investment firm, since 2014. Prior to that, Mr. Cavanagh was the Co-Chief Executive Officer of the Corporate & Investment Bank of JPMorgan Chase & Co. from 2012 until 2014, the Chief Executive Officer of JPMorgan Chase & Co.’s Treasury & Securities Services business from 2010 to 2012, and the Chief Financial Officer of JPMorgan Chase & Co. from 2004 to 2010. Mr. Cavanagh has served on our Board of Directors since January 2026.
Jason S. Armstrong has served as Chief Financial Officer since January 2023. He previously served as Treasurer between July 2020 and October 2023 and as Deputy Chief Financial Officer between January 2022 and January 2023, and held various other senior positions since joining our company in 2014, including as Chief Financial Officer of Sky Limited and as Senior Vice President of Investor Relations. Prior to that, Mr. Armstrong spent 14 years at Goldman Sachs & Co. LLC where he most recently served as Managing Director, Deputy Business Unit Leader of the firm’s Technology, Media and Telecommunications Research Group.
Jennifer Khoury has served as Chief Communications Officer since February 2020. She had held various other senior positions since joining our company in 1999, including Senior Vice President of Corporate and Digital Communications, leading communications for Comcast Cable and the corporation’s digital and social media. Previously, Ms. Khoury led communications, public affairs and social responsibility programs and campaigns for AT&T Broadband and MediaOne and served as a strategic consultant for ML Strategies, LLC.
Thomas J. Reid has served as Chief Legal Officer and Secretary since April 2019. Prior to joining our company, Mr. Reid had served as the Chairman and Managing Partner of Davis Polk & Wardwell LLP, a global law firm, since 2011. Prior to that, Mr. Reid was a partner at Davis Polk & Wardwell LLP from 2003 to 2011 and a Managing Director in the Investment Banking Division of Morgan Stanley from 2000 to 2003.

Item 11: Executive Compensation
We incorporate the information required by this item by reference to our 2026 Proxy Statement.

Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
We incorporate the information required by this item by reference to our 2026 Proxy Statement.

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Item 13: Certain Relationships and Related Transactions, and Director Independence
We incorporate the information required by this item by reference to our 2026 Proxy Statement.

Item 14: Principal Accountant Fees and Services
We incorporate the information required by this item relating to our principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34 ), by reference to our 2026 Proxy Statement.

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Part IV

Item 15: Exhibits and Financial Statement Schedules
(a) Our consolidated financial statements are filed as a part of this report on Form 10-K in Item 8, Financial Statements and Supplementary Data, and a list of Comcast’s consolidated financial statements are found on page 58 of this report. Financial statement schedules are omitted because the required information is not applicable, or because the information required is included in the consolidated financial statements and notes thereto.
(b) Exhibits required to be filed by Item 601 of Regulation S-K (all of which are under Commission File No. 001-32871, except as otherwise noted):

3.1
Amended and Restated Articles of Incorporation of Comcast Corporation (incorporated by reference to Exhibit 3.1 to Comcast’s Current Report on Form 8-K filed on December 15, 2025).

3.1.1
Amendment to Amended and Restated Articles of Incorporation designating Class A Equivalent Preferred Stock (incorporated by reference to Exhibit 3.2 to Comcast’s Current Report on Form 8-K dated December 15, 2025).

3 .1.2
Amendment to Amended and Restated Articles of Incorporation eliminating Class A Equivalent Preferred Stock.

3.2
Amended and Restated By-Laws of Comcast Corporation (incorporated by reference to Exhibit 3.2 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).

4.1
Specimen Class A Common Stock Certificate (incorporated by reference to Exhibit 4.1 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2002).

4.2
Indenture, dated January 7, 2003, between Comcast Corporation, the subsidiary guarantor party thereto, and The Bank of New York Mellon (f/k/a The Bank of New York), as trustee (incorporated by reference to Exhibit 4.4 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2008).

4.3
First Supplemental Indenture, dated March 25, 2003, to the Indenture between Comcast Corporation, the subsidiary guarantors party thereto, and The Bank of New York Mellon (f/k/a The Bank of New York), as trustee, dated January 7, 2003 (incorporated by reference to Exhibit 4.5 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2008).

4.4
Second Supplemental Indenture, dated August 31, 2009, to the Indenture between Comcast Corporation, the subsidiary guarantors party thereto, and The Bank of New York Mellon, as Trustee, dated January 7, 2003, as supplemented by a First Supplemental Indenture dated March 25, 2003 (incorporated by reference to Exhibit 4.1 to Comcast’s Current Report on Form 8-K filed on September 2, 2009).

4.5
Third Supplemental Indenture, dated March 27, 2013, to the Indenture between Comcast Corporation, the subsidiary guarantors party thereto, and The Bank of New York Mellon (f/k/a The Bank of New York), as trustee, dated January 7, 2003, as supplemented by a First Supplemental Indenture dated March 25, 2003 and a second Supplemental Indenture dated August 31, 2009 (incorporated by reference to Exhibit 4.4 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013).

4.6
Fourth Supplemental Indenture, dated October 1, 2015, to the Indenture dated January 7, 2003 between Comcast Corporation, the subsidiary guarantors party thereto, and The Bank of New York Mellon (f/k/a The Bank of New York), as trustee, as supplemented by a First Supplemental Indenture dated March 25, 2003, a second Supplemental Indenture dated August 31, 2009 and a Third Supplemental Indenture dated March 27, 2013 (incorporated by reference to Exhibit 4.1 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015).

4.7
Senior Indenture dated September 18, 2013, among Comcast Corporation, the guarantors party thereto and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.3 to Comcast’s Registration Statement on Form S-3 filed September 18, 2013).

4.8
First Supplemental Indenture dated as of November 17, 2015, to the Senior Indenture dated September 18, 2013, among Comcast Corporation, the guarantors party thereto, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.4 to Post Effective Amendment No. 2 to Comcast’s Registration Statement on Form S-3 filed November 23, 2015).

4.9
Second Supplemental Indenture dated as of July 29, 2022, to the Senior Indenture dated September 18, 2013, among Comcast Corporation, the guarantors party thereto, and The Bank of New York Mellon, as trustee, as supplemented by a First Supplemental Indenture dated November 17, 2015 (incorporated by reference to Exhibit 4.4 to Comcast’s Registration Statement on Form S-3 filed July 29, 2022).

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4.10
Indenture, dated as of April 30, 2010, between NBC Universal, Inc. (n/k/a NBCUniversal Media, LLC) and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4 to the Registration Statement on Form S-4 of NBCUniversal Media, LLC (Commission File No. 333-174175) filed on May 13, 2011).

4.11
First Supplemental Indenture, dated March 27, 2013, to the Indenture between NBCUniversal Media, LLC (f/k/a NBC Universal, Inc.) and The Bank of New York Mellon, as trustee, dated April 30, 2010 (incorporated by reference to Exhibit 4.3 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013).

4.12
Second Supplemental Indenture, dated October 1, 2015, to the Indenture dated April 30, 2010 between NBC Universal, Inc. (n/k/a NBCUniversal Media, LLC) and The Bank of New York Mellon, as trustee, as supplemented by a First Supplemental Indenture dated March 27, 2013 (incorporated by reference to Exhibit 4.2 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015).

4.13
Trust Deed dated September 5, 2014 among BSKYB Finance UK plc, British Sky Broadcasting Group plc, the initial guarantors party thereto and BNY Mellon Corporate Trustee Services Limited, as trustee (incorporated by reference to Exhibit 4.13 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2018).

4.14
Supplemental Trust Deed dated March 18, 2015 among Sky Group Finance plc (f/k/a BSKYB Finance UK plc), Sky plc (f/k/a British Sky Broadcasting Group plc), the initial guarantors party thereto and BNY Mellon Corporate Trustee Services Limited, as trustee (incorporated by reference to Exhibit 4.14 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2018).

4.15
Description of Comcast Corporation’s securities registered pursuant to Section 12 of the Securities Exchange Act.

Certain instruments defining the rights of holders of long-term obligation of the registrant and certain of its subsidiaries (the total amount of securities authorized under each of which does not exceed ten percent of the total assets of the registrant and its subsidiaries on a consolidated basis), are omitted pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K. We agree to furnish copies of any such instruments to the SEC upon request.

4 .16
Registration Rights Agreement, dated as of October 2, 2025 (incorporated by reference to Exhibit 4.2 to Comcast’s Current Report on Form 8-K filed on October 2, 2025).

4 .17
Registration Rights Agreement, dated as of October 9, 2025 (incorporated by reference to Exhibit 4.2 to Comcast’s Current Report on Form 8-K filed on October 9, 2025).

10.1
Credit Agreement dated as of May 17, 2024, among Comcast Corporation, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, and Bank of America, N.A., Barclays Bank PLC, Mizuho Bank, Ltd., Morgan Stanley MUFG Partners, LLC and Wells Fargo Bank, National Association, as co-documentation agents (incorporated by reference to Exhibit 10.1 to Comcast’s Current Report on Form 8-K filed on May 17, 2024).

10.2*
Comcast Select Deferred Compensation Plan, as amended and restated effective December 31, 2025.

10.3*
Comcast Corporation 2003 Stock Option Plan, as amended and restated effective October 21, 2025.

10.4*
Comcast Corporation 2002 Deferred Compensation Plan, as amended and restated effective March 1, 2021 (incorporated by reference to Exhibit 10.2 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021).

10.5*
Comcast Corporation 2005 Deferred Compensation Plan, as amended and restated effective December 31, 2025.

10.6*
Comcast Corporation 2002 Restricted Stock Plan, as amended and restated effective May 14, 2024 (incorporated by reference to Exhibit 10.6 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).

10.7*
Comcast Corporation 2006 Cash Bonus Plan, as amended and restated effective February 18, 2015 (incorporated by reference to Exhibit 10.11 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2015).

10.8*
Comcast Corporation Non-Employee Director Compensation Plan, as amended and restated effective July 23, 2025 (incorporated by reference to Exhibit 10.1 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025).

10.9*
Comcast Corporation 2002 Employee Stock Purchase Plan, as amended and restated effective May 14, 2024 (incorporated by reference to Exhibit 10.9 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).

10.10*
Comcast-NBCUniversal 2011 Employee Stock Purchase Plan, as amended and restated effective June 18, 2025 (incorporated by reference to Exhibit 10.1 to Comcast’s Current Report on Form 8-K filed June 20, 2025).

10.11*
Comcast Corporation 2023 Omnibus Equity Incentive Plan, as amended and restated effective October 21, 2025.

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10.12*
Employment Agreement with Brian L. Roberts, dated as of July 26, 2017 (incorporated by reference to Exhibit 10.2 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017).

10.13*
Amendment No. 1 to Employment Agreement with Brian L. Roberts, dated as of December 16, 2019 (incorporated by reference to Exhibit 10.20 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2019).

10.14*
Employment Agreement dated as of December 19, 2025 between Comcast Corporation and Michael J. Cavanagh.

10.15*
Employment Agreement dated as of January 6, 2023 between Comcast Corporation and Jason S. Armstrong (incorporated by reference to Exhibit 10.16 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2022).

10.16*
Employment Agreement between Comcast Corporation and Jennifer Khoury, dated as of December 31, 2022 (incorporated by reference to Exhibit 10.2 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024).

10.17*
Employment Agreement between Comcast Corporation and Thomas J. Reid, dated as of April 17, 2024 (incorporated by reference to Exhibit 10.3 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024).

10.18*
Form of Non-Qualified Stock Option and Long-Term Incentive Awards Summary Schedule under the Comcast Corporation 2003 Stock Option Plan (incorporated by reference to Exhibit 10.18 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).

10.19*
Form of Non-Qualified Stock Option and Long-Term Incentive Awards Summary Schedule under the Comcast Corporation 2023 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.19 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).

10.20*
Form of Performance-Based Restricted Stock Unit Award and Long-Term Incentive Awards Summary Schedule under the Comcast Corporation 2002 Restricted Stock Plan (incorporated by reference to Exhibit 10.37 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2020).

10.21*
Form of Performance-Based Stock Option Award (incorporated by reference to Exhibit 10.24 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2022).

10.22*
Form of Performance-Based Restricted Stock Unit Award and Long-Term Incentive Awards Summary Schedule (incorporated by reference to Exhibit 10.22 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).

10.23*
Form of Time-Based Restricted Stock Unit Award (incorporated by reference to Exhibit 10.23 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).

10.24*
Form of Airplane Time Sharing Agreement (incorporated by reference to Exhibit 10.60 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2014).

10.25*
Form of Director Indemnification Agreement (incorporated by reference to Exhibit 10.3 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009).

10.26
Fourth Amended and Restated Shareholders Agreement, dated as of April 15, 2022, among Atairos Group, Inc., Comcast AG Holdings, LLC, Atairos Partners, L.P., Atairos Management, L.P. and Comcast Corporation (incorporated by reference to Exhibit 10.27 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2022).

10.27
First Amendment dated June 2, 2023 to Fourth Amended and Restated Shareholders Agreement, dated as of April 15, 2022, among Atairos Group, Inc., Comcast AG Holdings, LLC, Atairos Partners, L.P. and Atairos Management, L.P. (incorporated by reference to Exhibit 10.28 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2023).

10.28
Second Amendment dated February 26, 2024 to Fourth Amended and Restated Shareholders Agreement, dated as of April 15, 2022, among Atairos Group, Inc., Comcast AG Holdings, LLC, Atairos Partners, L.P. and Atairos Management, L.P. (incorporated by reference to Exhibit 10.28 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).

10.29
Consultant Agreement, dated as of January 20, 1987, between Steven Spielberg and Universal City Florida Partners (incorporated by reference to Exhibit 10.49 to the Registration Statement on Form S-4 of Universal City Development Partners, Ltd. and UCDP Finance, Inc. filed on January 20, 2010 (File No. 333-164431)).

10.30
Amendment dated February 5, 2001 to the Consultant Agreement dated as of January 20, 1987, between the Consultant and Universal City Florida Partners (incorporated by reference to Exhibit 10.50 to the Registration Statement on Form S-4 of Universal City Development Partners, Ltd. and UCDP Finance, Inc. filed on January 20, 2010 (File No. 333-164431)).

Comcast 2025 Annual Report on Form 10-K 100

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10.31
Amendment to the Consultant Agreement, dated as of October 18, 2009, between Steven Spielberg, Diamond Lane Productions, Inc. and Universal City Development Partners, Ltd. (incorporated by reference to Exhibit 10.52 to the Registration Statement on Form S-4 of Universal City Development Partners, Ltd. and UCDP Finance, Inc. filed on January 20, 2010 (File No. 333-164431)).

10.32
Letter Agreement dated July 15, 2003, among Diamond Lane Productions, Vivendi Universal Entertainment LLLP and Universal City Development Partners, Ltd. (incorporated by reference to Exhibit 10.51 to the Registration Statement on Form S-4 of Universal City Development Partners, Ltd. and UCDP Finance, Inc. filed on January 20, 2010 (File No. 333-164431)).

19
Comcast Corporation Insider Trading Policies (incorporated by reference to Exhibit 19 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).

21
List of subsidiaries.

22
Subsidiary guarantors and issuers of guaranteed securities and affiliates whose securities collateralize securities of the registrant (incorporated by reference to Exhibit 22 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2024).

23
Consent of Deloitte & Touche LLP.

31
Certification of Co-Chief Executive Officers and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32
Certification of Co-Chief Executive Officers and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

97
Comcast Corporation Recoupment Policy (incorporated by reference to Exhibit 97 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2023).

101 The following financial statements from Comcast Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 3, 2026, formatted in Inline Extensible Business Reporting Language (iXBRL): (1) the Consolidated Statements of Income; (2) the Consolidated Statements of Comprehensive Income; (3) the Consolidated Statements of Cash Flows; (4) the Consolidated Balance Sheets; (5) the Consolidated Statements of Changes in Equity; and (6) the Notes to Consolidated Financial Statements.

104 Cover Page Interactive Data File (embedded within the iXBRL document)
* Constitutes a management contract or compensatory plan or arrangement.

Item 16: Form 10-K Summary
None.

101
Comcast 2025 Annual Report on Form 10-K

Table of Contents

Signatures
Pursuant to the requirements of Section 13 or 15(d) 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 in Philadelphia, Pennsylvania on February 3, 2026.

By: /s/ BRIAN L. ROBERTS
Brian L. Roberts
Chairman and Co-Chief Executive Officer

By: /s/ MICHAEL J. CAVANAGH

Michael J. Cavanagh

Co-Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.  

Signature Title Date

/s/ BRIAN L. ROBERTS Chairman and Co-Chief Executive Officer; Director
(Principal Executive Officer)
February 3, 2026
Brian L. Roberts

/s/ MICHAEL J. CAVANAGH
Co-Chief Executive Officer; Director
(Principal Executive Officer)
February 3, 2026
Michael J. Cavanagh

/s/ JASON S. ARMSTRONG Chief Financial Officer
(Principal Financial Officer)
February 3, 2026
Jason S. Armstrong

/s/ DANIEL C. MURDOCK Executive Vice President, Chief Accounting
Officer and Controller
(Principal Accounting Officer)
February 3, 2026
Daniel C. Murdock

/s/ KENNETH J. BACON Director February 3, 2026
Kenneth J. Bacon

/s/ THOMAS J. BALTIMORE, JR. Director February 3, 2026
Thomas J. Baltimore, Jr.

/s/ LOUISE F. BRADY
Director February 3, 2026
Louise F. Brady

/s/ MADELINE S. BELL Director February 3, 2026
Madeline S. Bell

/s/ EDWARD D. BREEN Director February 3, 2026
Edward D. Breen

/s/ JEFFREY A. HONICKMAN Director February 3, 2026
Jeffrey A. Honickman

/s/ WONYA Y. LUCAS
Director February 3, 2026
Wonya Y. Lucas

/s/ ASUKA NAKAHARA Director February 3, 2026
Asuka Nakahara

 

Comcast 2025 Annual Report on Form 10-K 102