Comcast Reports 2nd Quarter 2015 Results

Consolidated 2nd Quarter 2015 Highlights:

Consolidated Revenue Increased 11.3%, Operating Cash Flow Increased 8.0%, and Operating Income Increased 7.9%
Free Cash Flow Increased 30.0%
Earnings per Share Increased 10.5% to $0.84; Excluding Adjustments, EPS Increased 12.0%
Quarterly Dividends and Quarterly Share Repurchases Increased $878 Million, or 65.8%, to $2.2 Billion

Cable Communications 2nd Quarter 2015 Highlights:

Cable Communications Revenue Increased 6.3% and Operating Cash Flow Increased 5.1%
Customer Relationships Increased by 31,000, a 56,000 Improvement from the Second Quarter of 2014
Total Revenue per Customer Relationship Increased 4.5%
Video Customer Net Losses Declined to 69,000, a 52% Improvement from the Second Quarter of 2014, and The Best Second Quarter Result in Nine Years
X1 Deployments Continue to Accelerate; Nearly One-Third of Triple Play Customers Now Have X1
High-Speed Internet Customers Increased by 180,000 and Revenue Grew 10.0%
Business Services Revenue Increased 20.4%; Second Largest Contributor to Cable Revenue Growth for 17 of the Last 18 Quarters

NBCUniversal 2nd Quarter 2015 Highlights:

NBCUniversal Revenue Increased 20.2% and Operating Cash Flow Increased 19.4%
NBC Ended the Broadcast Season Ranked #1 Among Adults 18-49 for the Second Year in a Row
Universal Pictures is #1 in Domestic and International Box Office Receipts This Year
Filmed Entertainment Revenue Increased 92.7% and Operating Cash Flow More Than Doubled
Theme Parks Revenue Increased 25.7% and Operating Cash Flow Increased 44.9%

Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter ended June 30, 2015.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, “Our second quarter results, including 11.3% revenue growth and 8.0% operating cash flow growth, demonstrate the strength and momentum we are seeing across our businesses. In Cable, high-speed Internet and business services continued to perform extremely well, and, significantly, this was the best second quarter video customer results we’ve had in nine years. Our focus on accelerating the deployment of our transformative X1 platform, as well as efforts to improve customer service, are clearly making a difference, with lower churn across all product categories. NBCUniversal had an exceptional quarter, led by the record-breaking box office performances of Jurassic World and Furious 7 and continued strong momentum in our theme parks. In addition, NBC won the 2014-2015 broadcast season for adults 18-49. Our teams are executing incredibly well across our strong and diversified portfolio, and I am excited for what we can deliver in the rest of 2015 and beyond.”

Consolidated Financial Results

2nd Quarter Year to Date ($ in millions) 2014 2015 Growth 2014 2015 Growth Revenue $16,844 $18,743 11.3% $34,252 $36,596 6.8% Excluding Olympics and Super Bowl $33,149 $36,220 9.3%

Operating Cash Flow1

$5,804 $6,266 8.0% $11,342 $12,222 7.8% Excluding Transaction-Related Costs $5,848 $6,345 8.5% $11,403 $12,400 8.7% Operating Income $3,804 $4,105 7.9% $7,372 $7,995 8.4%

Earnings per Share2

$0.76 $0.84 10.5% $1.47 $1.65 12.2% Excluding Adjustments $0.75 $0.84 12.0% $1.43 $1.63 14.0%

Free Cash Flow3

$1,155 $1,501 30.0% $3,979 $4,684 17.7%

For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedules on Comcast’s Investor Relations website at www.cmcsa.com or www.cmcsk.com.

Consolidated Revenue for the second quarter of 2015 increased 11.3% to $18.7 billion. Consolidated Operating Cash Flow increased 8.0% to $6.3 billion. Excluding $79 million of Time Warner Cable and Charter transaction-related costs in the second quarter of 2015 and $44 million in the second quarter of 2014, consolidated operating cash flow increased 8.5% (See Table 5). Consolidated Operating Income increased 7.9% to $4.1 billion.

For the six months ended June 30, 2015, consolidated revenue increased 6.8% to $36.6 billion. Consolidated operating cash flow increased 7.8% to $12.2 billion. Excluding $178 million of transaction-related costs in the first six months of 2015 and $61 million in the first six months of 2014, consolidated operating cash flow increased 8.7% (See Table 5). Consolidated operating income increased 8.4% to $8.0 billion.

Earnings per Share (EPS) for the second quarter of 2015 was $0.84, a 10.5% increase from the $0.76 reported in the second quarter of 2014. Excluding a gain on the settlement of a contingent consideration liability with General Electric Company, a gain on the sale of an investment, a loss resulting from the early redemption of debt, transaction-related costs, and a loss on an investment in the second quarter of 2015, as well as a gain on the sale of an investment and transaction-related costs in the second quarter of 2014, EPS increased 12.0% to $0.84 (See Table 4).

EPS for the six months ended June 30, 2015 was $1.65, a 12.2% increase from the $1.47 reported in the prior year. Excluding a gain on the settlement of a contingent consideration liability with General Electric Company, gains on the sale of an investment and business, a loss resulting from the early redemption of debt, transaction-related costs, and a loss on an investment in the first six months of 2015, as well as gains on the sales of investments, a favorable resolution of a prior acquisition contingency and transaction-related costs in the first six months of 2014, EPS increased 14.0% to $1.63 (See Table 4).

Capital Expenditures increased 9.6% to $2.0 billion in the second quarter of 2015 compared to the second quarter of 2014. Cable Communications’ capital expenditures increased 12.3% to $1.7 billion in the second quarter of 2015, primarily reflecting increased spending on customer premise equipment related to the deployment of the X1 platform and wireless gateways, our ongoing investment in network infrastructure to increase network capacity, and increased investment in support capital as we expand our cloud based initiatives. Cable capital expenditures represented 14.3% of Cable revenue in the second quarter of 2015 compared to 13.5% in last year’s second quarter. NBCUniversal’s capital expenditures decreased 8.5% to $272 million in the second quarter of 2015, primarily reflecting decreased investments in facilities, partially offset by increased spending at our Theme Parks.

For the six months ended June 30, 2015, capital expenditures increased 13.9% to $3.7 billion compared to the prior year. Cable Communications capital expenditures increased $483 million, or 18.3%, to $3.1 billion and represented 13.5% of Cable revenue compared to 12.1% in 2014. NBCUniversal’s capital expenditures decreased $49 million, or 8.2%, to $540 million for the first six months of 2015.

Free Cash Flow increased 30.0% to $1.5 billion in the second quarter of 2015 compared to $1.2 billion in the second quarter of 2014, reflecting growth in consolidated operating cash flow and improvements in working capital, partially offset by higher capital expenditures and cash taxes. Free cash flow for the six months ended June 30, 2015 increased 17.7% to $4.7 billion compared to $4.0 billion in 2014.

2nd Quarter Year to Date ($ in millions) 2014 2015 Growth 2014 2015 Growth Operating Cash Flow $5,804 $6,266 8.0% $11,342 $12,222 7.8% Capital Expenditures (1,798) (1,971) 9.6% (3,246) (3,697) 13.9% Cash Paid for Capitalized Software and Other Intangible Assets (260) (327) 25.8% (477) (600) 25.8% Cash Interest Expense (541) (550) 1.7% (1,164) (1,241) 6.6% Cash Taxes on Operating Items (Including Economic Stimulus Packages) (1,891) (2,025) 7.1% (2,159) (2,289) 6.0% Changes in Operating Assets and Liabilities (638) (377) (40.9%) (905) (304) (66.4%) Noncash Share-Based Compensation 147 159 8.2% 266 294 10.5%

Distributions to Noncontrolling Interests and Dividends for Redeemable Subsidiary Preferred Stock

(51) (52) 2.0% (117) (114) (2.6%) Other 62 44 (29.0%) 118 79 (33.1%) Free Cash Flow (Including Economic Stimulus Packages) $834 $1,167 39.9% $3,658 $4,350 18.9% Economic Stimulus Packages 321 334 4.1% 321 334 4.1% Free Cash Flow3 $1,155 $1,501 30.0% $3,979 $4,684 17.7%

Dividends and Share Repurchases. During the second quarter of 2015, Comcast paid dividends totaling $628 million and repurchased 27.4 million of its common shares for $1.6 billion. In the first six months of 2015, Comcast has repurchased 62.5 million of its common shares for $3.6 billion. As of June 30, 2015, Comcast had $6.4 billion available under its share repurchase authorization.

Cable Communications

2nd Quarter Year to Date ($ in millions) 2014 2015 Growth 2014 2015 Growth Cable Communications Revenue Video $5,239 $5,431 3.7% $10,417 $10,762 3.3% High-Speed Internet 2,819 3,101 10.0% 5,569 6,145 10.3% Voice 922 903 (2.1%) 1,842 1,809 (1.8%) Business Services 965 1,161 20.4% 1,882 2,275 20.9% Advertising 587 582 (0.9%) 1,094 1,086 (0.8%) Other 497 551 10.9% 982 1,082 10.2% Cable Communications Revenue $11,029 $11,729 6.3% $21,786 $23,159 6.3% Cable Communications Operating Cash Flow $4,564 $4,798 5.1% $8,964 $9,472 5.7% Operating Cash Flow Margin 41.4% 40.9% 41.1% 40.9% Cable Communications Capital Expenditures $1,493 $1,676 12.3% $2,638 $3,121 18.3% Percent of Cable Communications Revenue 13.5% 14.3% 12.1% 13.5%

Revenue for Cable Communications increased 6.3% to $11.7 billion in the second quarter of 2015 compared to $11.0 billion in the second quarter of 2014, driven by increases of 10.0% in high-speed Internet, 20.4% in business services and 3.7% in video. The increase in Cable revenue reflects increased customer relationships (See below), customers receiving higher levels of service and customers taking additional services, as well as rate adjustments.

For the six months ended June 30, 2015, Cable revenue increased 6.3% to $23.2 billion compared to $21.8 billion in 2014.

Customer Relationships increased by 31,000 to 27.3 million in the second quarter of 2015, a 56,000 improvement compared to the second quarter of 2014 and driven by increases in double and triple product relationships. At the end of the second quarter, our double and triple product customers increased to 69% of our total customer relationships compared to 68% in the second quarter of 2014. Video net losses improved 52% year-over-year to 69,000 and were the best result for a second quarter in nine years, while High-Speed Internet customers grew by 180,000 and Voice net additions were 49,000.

Customers Net Additions (in thousands) 2Q14 2Q15 2Q14 2Q15 Video Customers 22,457 22,306 (144) (69) High-Speed Internet Customers 21,271 22,548 203 180 Voice Customers 11,003 11,319 137 49 Single Product Customers 8,510 8,343 (95) (56) Double Product Customers 8,574 8,936 (82) 46 Triple Product Customers 9,691 9,987 152 42 Customer Relationships 26,775 27,265 (25) 31

Operating Cash Flow for Cable Communications increased 5.1% to $4.8 billion in the second quarter of 2015 compared to $4.6 billion in the second quarter of 2014, reflecting higher revenue, partially offset by a 7.2% increase in operating expenses primarily related to higher video programming costs, as well as an increase in technical and product support expenses driven by an acceleration in the deployment of X1 and investments to improve the customer experience. As a result, this quarter’s operating cash flow margin was 40.9% compared to 41.4% in the prior year period.

For the six months ended June 30, 2015, Cable operating cash flow increased 5.7% to $9.5 billion compared to $9.0 billion in 2014. Year-to-date operating cash flow margin was 40.9% compared to 41.1% in 2014.

NBCUniversal

2nd Quarter

Year to Date

($ in millions) 2014 2015 Growth 2014 2015 Growth

ExcludingOlympics& SuperBowl

NBCUniversal Revenue Cable Networks $2,476 $2,450 (1.0%) $4,981 $4,809 (3.5%) 1.8% Broadcast Television 1,816 1,813 (0.2%) 4,437 4,061 (8.5%) 2.6% Filmed Entertainment 1,176 2,266 92.7% 2,527 3,712 46.9% Theme Parks 615 773 25.7% 1,102 1,424 29.2% Headquarters, Other and Eliminations (67) (72) NM (155) (172) NM NBCUniversal Revenue $6,016 $7,230 20.2% $12,892 $13,834 7.3% 14.2% NBCUniversal Operating Cash Flow Cable Networks $914 $872 (4.6%) $1,809 $1,770 (2.2%) Broadcast Television 240 231 (3.7%) 362 413 14.0% Filmed Entertainment 195 422 116.6% 483 715 48.1% Theme Parks 244 354 44.9% 414 617 48.9% Headquarters, Other and Eliminations (159) (167) NM (323) (309) NM NBCUniversal Operating Cash Flow $1,434 $1,712 19.4% $2,745 $3,206 16.8% NM=comparison not meaningful.

Revenue for NBCUniversal increased 20.2% to $7.2 billion in the second quarter of 2015 compared to $6.0 billion in the second quarter of 2014. Operating Cash Flow increased 19.4% to $1.7 billion compared to $1.4 billion in the second quarter of 2014, driven by strong results at Filmed Entertainment and Theme Parks.

For the six months ended June 30, 2015, NBCUniversal revenue increased 7.3% to $13.8 billion compared to $12.9 billion in 2014. Excluding $376 million of revenue generated by the broadcast of the NFL’s Super Bowl in the first quarter of 2015 and $1.1 billion of revenue generated by the Sochi Olympics in the first quarter of 2014, revenue increased 14.2% (See Table 5). Operating cash flow increased 16.8% to $3.2 billion compared to $2.7 billion in the first six months of 2014.

Cable Networks

For the second quarter of 2015, revenue from the Cable Networks segment decreased 1.0% to $2.5 billion, reflecting a 26.3% decrease in content licensing and other revenue due to the timing of content provided under our licensing agreements and a 3.0% decline in advertising revenue, partially offset by a 5.6% increase in distribution revenue. Operating cash flow decreased 4.6% to $872 million compared to $914 million in the second quarter of 2014, reflecting lower revenue and modest increases in other operating and administrative expenses.

For the six months ended June 30, 2015, revenue from the Cable Networks segment decreased 3.5% to $4.8 billion compared to $5.0 billion in 2014. Excluding $257 million of revenue generated by the Sochi Olympics in the first quarter of 2014, revenue increased 1.8% (See Table 5). Operating cash flow decreased 2.2% to $1.8 billion in the first six months of 2015.

Broadcast Television

For the second quarter of 2015, revenue from the Broadcast Television segment remained flat at $1.8 billion, reflecting a slight increase in advertising revenue and higher retransmission consent fees, which were offset by lower content licensing revenue. Operating cash flow decreased 3.7% to $231 million compared to the second quarter of 2014, primarily reflecting increases in other operating and administrative expenses, which were largely offset by a decrease in programming and production costs associated with the timing of the airing of certain shows in our primetime schedule.

For the six months ended June 30, 2015, revenue from the Broadcast Television segment decreased 8.5% to $4.1 billion compared to $4.4 billion in 2014. Excluding $376 million of revenue generated by the NFL’s Super Bowl in the first quarter of 2015, as well as $846 million of revenue generated by the Sochi Olympics in the first quarter of 2014, revenue increased 2.6% (See Table 5). Operating cash flow increased 14.0% to $413 million compared to $362 million in the first six months of 2014.

Filmed Entertainment

For the second quarter of 2015, revenue from the Filmed Entertainment segment increased 92.7% to $2.3 billion, driven by higher theatrical revenue from the record performances of Furious 7 and Jurassic World. Operating cash flow increased $227 million to $422 million, reflecting higher revenue, partially offset by an increase in the amortization of film costs and higher advertising, marketing and promotion expense due to a larger film slate.

For the six months ended June 30, 2015, revenue from the Filmed Entertainment segment increased 46.9% to $3.7 billion compared to $2.5 billion in 2014. Operating cash flow increased 48.1% to $715 million compared to $483 million in the first six months of 2014.

Theme Parks

For the second quarter of 2015, revenue from the Theme Parks segment increased 25.7% to $773 million compared to $615 million in the second quarter of 2014, reflecting higher guest attendance and per capita spending, driven by the continued success of Orlando’s The Wizarding World of Harry Potter™ – Diagon Alley™. Second quarter operating cash flow increased 44.9% to $354 million compared to $244 million in the same period last year, reflecting higher revenue, partially offset by an increase in operating costs to support the new attractions.

For the six months ended June 30, 2015, revenue from the Theme Parks segment increased 29.2% to $1.4 billion compared to $1.1 billion in 2014. Operating cash flow increased 48.9% to $617 million compared to $414 million in the first six months of 2014.

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations among the NBCUniversal businesses. For the quarter ended June 30, 2015, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $167 million compared to a loss of $159 million in the second quarter of 2014.

For the six months ended June 30, 2015, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $309 million compared to a loss of $323 million in 2014.

Corporate, Other and Eliminations

Corporate, Other and Eliminations primarily include corporate operations, Comcast-Spectacor and eliminations among Comcast's businesses. For the quarter ended June 30, 2015, Corporate, Other and Eliminations revenue was ($216) million compared to ($201) million in 2014. The operating cash flow loss was $244 million, including $79 million of transaction-related costs, compared to a loss of $194 million in the second quarter of 2014, which included $44 million of transaction-related costs. For the six months ended June 30, 2015, Corporate, Other and Eliminations revenue was ($397) million compared to ($426) million in 2014. The operating cash flow loss was $456 million, including $178 million of transaction-related costs, compared to a loss of $367 million in the first six months of 2014, which included $61 million of transaction-related costs.

Notes:

We define Operating Cash Flow as operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of assets, if any.

Earnings per share amounts are presented on a diluted basis.

We define Free Cash Flow as Net Cash Provided by Operating Activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures, cash paid for intangible assets, principal payments on capital leases and cash distributions to noncontrolling interests; and adjusted for any payments and receipts related to certain nonoperating items, net of estimated tax benefits. The definition of Free Cash Flow excludes any impact from Economic Stimulus packages. These amounts have been excluded from Free Cash Flow to provide an appropriate comparison.

All percentages are calculated on whole numbers. Minor differences may exist due to rounding.

Conference Call and Other Information

Comcast Corporation will host a conference call with the financial community today, July 23, 2015 at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on its Investor Relations website at www.cmcsa.com or www.cmcsk.com. Those parties interested in participating via telephone should dial (800) 263-8495 with the conference ID number 60425188. A replay of the call will be available starting at 12:30 p.m. ET on July 23, 2015, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Friday, July 31, 2015 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 60425188.

From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com or www.cmcsk.com and on our corporate blog, www.corporate.comcast.com/comcast-voices. To automatically receive Comcast financial news by email, please visit www.cmcsa.com or www.cmcsk.com and subscribe to email alerts.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements. Readers are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. Readers are directed to Comcast’s periodic and other reports filed with the Securities and Exchange Commission (SEC) for a description of such risks and uncertainties. We undertake no obligation to update any forward-looking statements.

Non-GAAP Financial Measures

In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered “non-GAAP financial measures” under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast’s Form 8-K (Quarterly Earnings Release) furnished to the SEC.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA, CMCSK) is a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. Comcast Cable is the nation's largest video, high-speed Internet and phone provider to residential customers under the XFINITY brand and also provides these services to businesses. NBCUniversal operates news, entertainment and sports cable networks, the NBC and Telemundo broadcast networks, television production operations, television station groups, Universal Pictures and Universal Parks and Resorts. Visit www.comcastcorporation.com for more information.

TABLE 1 Condensed Consolidated Statement of Income (Unaudited) Three Months Ended Six Months Ended (in millions, except per share data) June 30, June 30, 2014 2015 2014 2015 Revenue $ 16,844 $ 18,743 $ 34,252 $ 36,596 Programming and production 4,874 5,669 10,782 11,132 Other operating and administrative 4,922 5,280 9,671 10,359 Advertising, marketing and promotion 1,244 1,528 2,457 2,883 11,040 12,477 22,910 24,374 Operating cash flow 5,804 6,266 11,342 12,222 Depreciation expense 1,599 1,674 3,168 3,308 Amortization expense 401 487 802 919 2,000 2,161 3,970 4,227 Operating income 3,804 4,105 7,372 7,995 Other income (expense) Interest expense (648 ) (713 ) (1,290 ) (1,369 ) Investment income (loss), net 120 17 233 50 Equity in net income (losses) of investees, net 22 (236 ) 54 (203 ) Other income (expense), net (39 ) 315 (54 ) 417 (545 ) (617 ) (1,057 ) (1,105 ) Income before income taxes 3,259 3,488 6,315 6,890 Income tax expense (1,234 ) (1,313 ) (2,352 ) (2,574 ) Net income 2,025 2,175 3,963 4,316 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock (33 ) (38 ) (100 ) (120 ) Net income attributable to Comcast Corporation $ 1,992 $ 2,137 $ 3,863 $ 4,196 Diluted earnings per common share attributable to Comcast Corporation shareholders $ 0.76 $ 0.84 $ 1.47 $ 1.65 Dividends declared per common share attributable to Comcast Corporation shareholders $ 0.225 $ 0.25 $ 0.45 $ 0.50 Diluted weighted-average number of common shares 2,628 2,531 2,636 2,544 TABLE 2 Condensed Consolidated Balance Sheet (Unaudited) (in millions) December 31, June 30, 2014 2015 ASSETS Current Assets Cash and cash equivalents $ 3,910 $ 3,486 Investments 602 144 Receivables, net 6,321 7,016 Programming rights 839 847 Other current assets 1,859 1,826 Total current assets 13,531 13,319 Film and television costs 5,727 5,751 Investments 3,135 2,999 Property and equipment, net 30,953 31,572 Franchise rights 59,364 59,364 Goodwill 27,316 27,422 Other intangible assets, net 16,980 16,802 Other noncurrent assets, net 2,333 2,445 $ 159,339 $ 159,674 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses related to trade creditors $ 5,638 $ 5,880 Accrued participations and residuals 1,347 1,583 Deferred revenue 915 1,122 Accrued expenses and other current liabilities 5,293 5,093 Current portion of long-term debt 4,217 3,887 Total current liabilities 17,410 17,565 Long-term debt, less current portion 44,017 44,636 Deferred income taxes 32,959 33,198 Other noncurrent liabilities 10,819 10,438 Redeemable noncontrolling interests and redeemable subsidiary preferred stock 1,066 1,108 Equity Comcast Corporation shareholders' equity 52,711 52,400 Noncontrolling interests 357 329 Total equity 53,068 52,729 $ 159,339 $ 159,674 TABLE 3 Consolidated Statement of Cash Flows (Unaudited) (in millions) Six Months Ended June 30, 2014 2015 OPERATING ACTIVITIES Net income $ 3,963 $ 4,316 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,970 4,227 Share-based compensation 266 294 Noncash interest expense (income), net 87 95 Equity in net (income) losses of investees, net (54 ) 203 Cash received from investees 50 52 Net (gain) loss on investment activity and other (113 ) (437 ) Deferred income taxes (22 ) 111 Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Current and noncurrent receivables, net 60 (707 ) Film and television costs, net (28 ) 176 Accounts payable and accrued expenses related to trade creditors (168 ) 109 Other operating assets and liabilities (464 ) 395 Net cash provided by operating activities 7,547 8,834 INVESTING ACTIVITIES Capital expenditures (3,246 ) (3,697 ) Cash paid for intangible assets (477 ) (600 ) Acquisitions and construction of real estate properties (10 ) (65 ) Acquisitions, net of cash acquired (406 ) (179 ) Proceeds from sales of businesses and investments 481 395 Purchases of investments (77 ) (272 ) Other (153 ) 182 Net cash provided by (used in) investing activities (3,888 ) (4,236 ) FINANCING ACTIVITIES Proceeds from (repayments of) short-term borrowings, net (343 ) (137 ) Proceeds from borrowings 2,187 3,996 Repurchases and repayments of debt (3,163 ) (3,666 ) Repurchases and retirements of common stock (1,500 ) (3,585 ) Dividends paid (1,092 ) (1,200 ) Issuances of common stock 29 32 Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock (117 ) (114 ) Other 151 (348 ) Net cash provided by (used in) financing activities (3,848 ) (5,022 ) Increase (decrease) in cash and cash equivalents (189 ) (424 ) Cash and cash equivalents, beginning of period 1,718 3,910 Cash and cash equivalents, end of period $ 1,529 $ 3,486 TABLE 4 Supplemental Information Alternate Presentation of Net Cash Provided by Operating Activities and Free Cash Flow (Unaudited) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2014 2015 2014 2015 Operating income $3,804 $4,105 $7,372 $7,995 Depreciation and amortization 2,000 2,161 3,970 4,227 Operating income before depreciation and amortization 5,804 6,266 11,342 12,222 Noncash share-based compensation expense 147 159 266 294 Changes in operating assets and liabilities (638 ) (377 ) (905 ) (304 ) Cash basis operating income 5,313 6,048 10,703 12,212 Payments of interest (541 ) (550 ) (1,164 ) (1,241 ) Payments of income taxes (1,718 ) (1,881 ) (1,904 ) (1,999 ) Excess tax benefits under share-based compensation (55

)

(74 ) (206 ) (220 ) Other 62 46 118 82 Net Cash Provided by Operating Activities $3,061 $3,589 $7,547 $8,834 Capital expenditures (1,798 ) (1,971 ) (3,246 ) (3,697 ) Cash paid for capitalized software and other intangible assets

(260

)

(327 ) (477 ) (600 ) Principal payments on capital leases - (2 ) - (3 )

Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock

(51

)

(52

)

(117

)

(114

)

Nonoperating items(1) 203 264 272 264 Total Free Cash Flow $1,155 $1,501 $3,979 $4,684

Reconciliation of EPS Excluding Gains on Sales, Acquisition-Related Items and Losses on Early Debt Redemption and Investment (Unaudited)

Three Months Ended Six Months Ended June 30, June 30, 2014 2015 2014 2015 (in millions, except per share data) $

EPS (2)

$ EPS (2) $ EPS (2) $ EPS (2) Net income attributable to Comcast Corporation $1,992 $0.76 $2,137 $0.84 $3,863 $1.47 $4,196 $1.65 Growth %

7.3%

10.5%

8.6%

12.2%

Gains on sales of businesses and investments(3) (47 ) (0.02 ) (107 ) (0.04 ) (97 ) (0.04 ) (202 ) (0.08 ) Gain on settlement of contingent consideration liability(4) - - (150 ) (0.06 ) - - (150 ) (0.06 ) Loss on early redemption of debt(5) - - 29 0.01 - - 29 0.01 Costs related to Time Warner Cable and Charter transactions(6) 27 0.01 62 0.03 38 0.01 123 0.05 Loss on investment(7) - - 158 0.06 - - 158 0.06 Favorable resolution of a contingency of an acquired company(8) - - - - (27 ) (0.01 ) - - Net income attributable to Comcast Corporation (excluding gains on sales, acquisition-related items and losses on early debt redemption and investment) $1,972 $0.75 $2,129 $0.84 $3,777 $1.43 $4,154 $1.63 Growth %

7.9%

12.0%

10.0%

14.0%

(1) Nonoperating items include adjustments for cash taxes paid related to certain investing and financing transactions, to reflect cash taxes paid in the year of the related taxable income and to exclude the impacts of Economic Stimulus packages. (2) Based on diluted weighted-average number of common shares for the respective periods as presented in Table 1. (3) 2nd quarter 2015 net income attributable to Comcast Corporation includes $171 million of other income, $107 million net of tax, resulting from the sale of an investment. 2nd quarter 2014 net income attributable to Comcast Corporation includes $74 million of investment income, $47 million net of tax, resulting from the sale of an investment. 2015 year to date net income attributable to Comcast Corporation includes $335 million of other income, $202 million net of tax and noncontrolling interests, resulting from sales of an investment and a business. 2014 year to date net income attributable to Comcast Corporation includes $154 million of investment income, $97 million net of tax, resulting from sales of investments. (4) 2nd quarter 2015 net income attributable to Comcast Corporation includes $240 million of other income, $150 million net of tax, resulting from the settlement of a contingent consideration liability with General Electric Company related to the acquisition of NBCUniversal. (5) 2nd quarter 2015 net income attributable to Comcast Corporation includes $47 million of interest expense, $29 million net of tax, resulting from the early redemption of debt. (6) 2nd quarter 2015 net income attributable to Comcast Corporation includes $99 million of expense ($79 million of operating costs and expenses and $20 million of depreciation and amortization expense), $62 million net of tax, related to the Time Warner Cable and Charter transactions. 2nd quarter 2014 net income attributable to Comcast Corporation includes $44 million of operating costs and expenses, $27 million net of tax, related to the Time Warner Cable and Charter transactions. 2015 year to date net income attributable to Comcast Corporation includes $198 million of expense ($178 million of operating costs and expenses and $20 million of depreciation and amortization expense), $123 million net of tax, related to the Time Warner Cable and Charter transactions. 2014 year to date net income attributable to Comcast Corporation includes $61 million of operating costs and expenses, $38 million net of tax, related to the Time Warner Cable and Charter transactions. (7) 2nd quarter 2015 net income attributable to Comcast Corporation includes $252 million of equity in net losses of investees, $158 million net of tax, resulting from our proportionate share of an impairment loss recorded at The Weather Channel. (8) 2014 year to date net income attributable to Comcast Corporation includes $27 million of other income, resulting from the favorable resolution of a contingency related to the AT&T Broadband transaction.

Note: Minor differences may exist due to rounding.

TABLE 5

Reconciliation of Consolidated Revenue Excluding 2015 Super Bowl and 2014 Olympics and Operating Cash Flow Excluding Costs Related to Time Warner Cable and Charter Transactions (Unaudited)

Three Months Ended Six Months Ended June 30, June 30, (in millions) 2014 2015 Growth % 2014 2015 Growth % Revenue $ 16,844 $ 18,743 11.3 % $ 34,252 $ 36,596 6.8 % 2015 Super Bowl - - - (376 ) 2014 Olympics - - (1,103 ) - Revenue excluding 2015 Super Bowl and 2014 Olympics $ 16,844 $ 18,743 11.3 % $ 33,149 $ 36,220 9.3 % 2014 2015 Growth % 2014 2015 Growth % Operating Cash Flow $ 5,804 $ 6,266 8.0 % $ 11,342 $ 12,222 7.8 % Costs related to Time Warner Cable and Charter transactions 44 79 61 178 Operating Cash Flow excluding costs related to Time Warner Cable and Charter transactions $ 5,848 $ 6,345 8.5 % $ 11,403 $ 12,400 8.7 % Reconciliation of Consolidated NBCUniversal Revenue Excluding 2015 Super Bowl and 2014 Olympics (Unaudited) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2014 2015 Growth % 2014 2015 Growth % Revenue $ 6,016 $ 7,230 20.2 % $ 12,892 $ 13,834 7.3 % 2015 Super Bowl - - - (376 ) 2014 Olympics - - (1,103 ) - Revenue excluding 2015 Super Bowl and 2014 Olympics $ 6,016 $ 7,230 20.2 % $ 11,789 $ 13,458 14.2 % Reconciliation of Cable Networks Revenue Excluding 2014 Olympics (Unaudited) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2014 2015 Growth % 2014 2015 Growth % Revenue $ 2,476 $ 2,450 (1.0 %) $ 4,981 $ 4,809 (3.5 %) 2014 Olympics - - (257 ) - Revenue excluding 2014 Olympics $ 2,476 $ 2,450 (1.0 %) $ 4,724 $ 4,809 1.8 %

Reconciliation of Broadcast Television Revenue Excluding 2015 Super Bowl and 2014 Olympics (Unaudited)

Three Months Ended Six Months Ended June 30, June 30, (in millions) 2014 2015 Growth % 2014 2015 Growth % Revenue $ 1,816 $ 1,813 (0.2 %) $ 4,437 $ 4,061 (8.5 %) 2015 Super Bowl - - - (376 ) 2014 Olympics - - (846 ) - Revenue excluding 2015 Super Bowl and 2014 Olympics $ 1,816 $ 1,813 (0.2 %) $ 3,591 $ 3,685 2.6 %

Note: Minor differences may exist due to rounding.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150723005581/en/

Comcast CorporationInvestor Contacts:Jason Armstrong, 215-286-7972Jane Kearns, 215-286-4794orPress Contacts:D’Arcy Rudnay, 215-286-8582John Demming, 215-286-8011

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