The surge in **Cash and cash equivalents** during Q3 2024 was driven by several factors. Notably, there was a robust operating performance with **net cash provided by operating activities of $7,021 million** and a strong **free cash flow of $3,406 million**. Additionally, a decrease in **capital expenditures by 11.6% to $2.9 billion** helped preserve cash, while the company also managed to balance **shareholder returns and debt management** effectively. These elements combined to boost cash holdings from **$6,215 million** at the end of 2023 to **$8,814 million** in Q3 2024.  **[0001166691-24-000056_cmcsa-20240930.htm:14]** **[0001166691-24-000056_cmcsa-20240930.htm:6]** **[0001166691-24-000054_ex991-9302024.htm:0]** **[0001166691-24-000054_ex991-9302024.htm:1]** **[0001166691-24-000056_cmcsa-20240930.htm:35]** 

What drove the surge in Cash and cash equivalents in Q3 2024?

The documents indicate that the **current portion of debt** dropped from **$2,069 million as of December 31, 2023** to **$1,021 million as of June 30, 2024**. However, the documents do not provide specific reasons for this sharp decrease.  **[0001166691-24-000048_cmcsa-20240630.htm:6]** 

Why did the current portion of debt drop sharply in Q2 2024?

The significant decline is explained by a combination of **debt repayments**, **new debt issuances**, and **reclassifications** of debt obligations. Specifically, Comcast made **$3.6 billion** in debt repayments during 2024, issued new debt, and reclassified a portion of debt to the **current portion** (which increased from **$2,069 million** in 2023 to **$4,907 million** in 2024), contributing to a decrease of **$835 million** in the noncurrent portion of debt.  **[0001166691-25-000011_cmcsa-20241231.htm:78]** **[0001166691-25-000011_cmcsa-20241231.htm:97]** **[0001166691-24-000056_cmcsa-20240930.htm:6]** 

What explains the significant decline in noncurrent portion of debt in Q4 2024?

In Q3 **2024**, the increase in **total assets** was primarily driven by a significant **increase in cash and cash equivalents** (from **$6,215 million** to **$8,814 million**), a rise in **receivables, net** (from **$13,813 million** to **$14,036 million**), and an expansion in **other current assets**. Additionally, investments resulting in higher **property and equipment, net** (increasing from **$59,686 million** to **$61,775 million**) and a modest growth in **goodwill** also contributed to the overall asset increase, despite partially offsetting declines in **investments** and **other intangible assets** during the period.  **[0001166691-24-000056_cmcsa-20240930.htm:6]** 

What factors contributed to the increase in Total assets in Q3 2024?

6ac2e7ec729b74715c4fb815aa2320678b59b1f1a3c1f173fe1925ffc90c7aba

Operating Cash Flow was low in Q2 2024 primarily because of **higher income tax payments**—mainly driven by increased payments related to the sale of Comcast's investment in Hulu and other tax-related factors—and adverse effects from **changes in operating assets and liabilities**, such as decreases in receivables and inventory.  **[0001166691-24-000048_cmcsa-20240630.htm:33]** **[0001166691-24-000046_ex991-6302024.htm:0]** 

Why was Operating Cash Flow so low in Q2 2024?

In Q4 2024, the **jump in capital expenditures** was largely due to **increased spending in two major segments**. The **Connectivity & Platforms segment** saw a **25.5% increase to $2.6 billion**, driven by higher spending on **scalable infrastructure, line extensions, and customer premise equipment**. Additionally, the **Content & Experiences segment** experienced a **6.3% increase to $1.3 billion** due to significant investment in constructing the **Epic Universe theme park in Orlando** (scheduled to open in May 2025).  **[0001166691-25-000006_ex991-12312024.htm:2]** 

What factors contributed to the jump in capital expenditures in Q4 2024?

In Q3 2024, the significant swing was primarily driven by several factors. The **net cash provided by operating activities** decreased from **$8,154 million** to **$7,021 million** due to lower net income and changes in working capital. At the same time, the **net cash used in investing activities** improved with a reduction in outflows—from **$11,718 million** down to **$10,559 million**—thanks to smaller capital expenditures and other investing activities. Furthermore, the **net cash used in financing activities** dropped notably from **$9,136 million** to **$6,459 million** because of reduced share repurchases and debt repayments. Lastly, the **impact of foreign currency** shifted positively, contributing an additional **$21 million** compared to a negative impact of **$18 million** previously.  **[0001166691-24-000054_ex991-9302024.htm:9]** **[0001166691-24-000054_ex991-9302024.htm:0]** 

What drove the significant swing in cash change in Q3 2024?

e10a49e28e57c7c3c0ad467d205de4ec22cd3b4493cb8ef90071d3325900e5ad

The revenue spike in Q3 2024 was primarily driven by the highly successful airing of the **Paris Olympics**, which significantly boosted Comcast’s advertising and media revenues. Additionally, the **Media segment** experienced strong growth—supported by higher domestic advertising and domestic distribution revenue with extra Peacock sales—while improvements in Comcast’s **Connectivity businesses** and **Studios segment** also contributed positively, despite a modest decline in the **Theme Parks segment**.  **[CMCSA_3405042_3]** **[0001166691-24-000054_ex991-9302024.htm:4]** **[0001166691-24-000054_ex991-9302024.htm:0]** **[0001166691-24-000056_cmcsa-20240930.htm:28]** 

What drove the revenue spike in Q3 2024?

The change in the tax expense is largely related to actions taken in 2024. In Q4 2024, Comcast completed an internal corporate reorganization that resulted in a substantial tax benefit, and there was also a decline in its domestic income before income taxes. These factors together led to a lower effective income tax rate, which shifted the reported tax expense from a tax benefit (a negative figure in Q4 2023) to a positive number in Q4 2024.  **[0001166691-25-000011_cmcsa-20241231.htm:113]** **[0001166691-25-000011_cmcsa-20241231.htm:59]** 

Why did income tax expense turn positive in Q4 2024?

The net income surge in Q4 2024 was driven by multiple factors, including a **2.1% increase in revenue** (rising from **$31,253 million** to **$31,915 million**), a **9.9% growth in adjusted EBITDA** (from **$8,012 million** to **$8,807 million**), and a **54.1% increase in EPS** (from **$0.81** to **$1.24**). Additionally, a **$1.9 billion income tax benefit** resulting from an internal corporate reorganization significantly boosted the net income.  **[0001166691-25-000006_ex991-12312024.htm:0]** **[0001166691-25-000006_ex991-12312024.htm:10]** **[0001166691-25-000006_ex991-12312024.htm:15]** 

What contributed to the net income surge in Q4 2024?

Amortization expense increased significantly in Q3 2024, by **28.6%** to **$1,659 million** from **$1,290 million** in Q3 2023. This rise was driven mainly by a substantial increase in the amortization of acquisition-related intangible assets, which grew from **$571 million** to **$817 million**. The change reflects the timing and size of acquisitions, as well as adjustments in the recognition and valuation of intangible assets following business combinations.  **[0001166691-24-000056_cmcsa-20240930.htm:16]** **[0001166691-24-000054_ex991-9302024.htm:11]** 

Why did amortization expense increase significantly in Q3 2024?

0856e728814406c22d5ae7eb81877bd63cd59cd2a34f0c9104bc76ccd016c53f

Revenue (USD, millions)

Programming and production (USD, millions)

Marketing and promotion (USD, millions)

Other operating and administrative (USD, millions)

Depreciation (USD, millions)

Amortization (USD, millions)

Total costs and expenses (USD, millions)

Operating income (USD, millions)

Interest expense (USD, millions)

Investment and other income (loss), net (USD, millions)

Income before income taxes (USD, millions)

Income tax expense (USD, millions)

Net income (USD, millions)

Less: Net income (loss) attributable to noncontrolling interests (USD, millions)

Net income attributable to Comcast Corporation (USD, millions)

578fa77d250f559693ccf55b037105c9f7dd4df5c4572a383d5c6203f3e6734a

Net Income (USD, millions)

Depreciation and Amortization (USD, millions)

Share-Based Compensation (USD, millions)

Noncash Interest Expense (Income), Net (USD, millions)

Net (Gain) Loss on Investment Activity and Other (USD, millions)

Deferred Income Taxes (USD, millions)

Film and Television Costs, Net (USD, millions)

Net Cash Provided by Operating Activities (USD, millions)

Capital Expenditures (USD, millions)

Cash Paid for Intangible Assets (USD, millions)

Construction of Universal Beijing Resort (USD, millions)

Proceeds from Sales of Businesses and Investments (USD, millions)

Purchases of Investments (USD, millions)

Other Investing Activities, Net (USD, millions)

Net Cash Used in Investing Activities (USD, millions)

Proceeds from Borrowings (USD, millions)

Repurchases and Repayments of Debt (USD, millions)

Repurchases of Common Stock under Repurchase Program and Employee Plans (USD, millions)

Dividends Paid (USD, millions)

Other Financing Activities, Net (USD, millions)

Net Cash Used in Financing Activities (USD, millions)

Impact of Foreign Currency on Cash, Cash Equivalents and Restricted Cash (USD, millions)

Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (USD, millions)

Current and Noncurrent Receivables, Net (USD, millions)

Accounts Payable and Accrued Expenses Related to Trade Creditors (USD, millions)

Other Operating Assets and Liabilities (USD, millions)

Cash, Cash Equivalents and Restricted Cash, Beginning of Year (USD, millions)

Cash, Cash Equivalents and Restricted Cash, End of Year (USD, millions)

14c5433997be8c41b86c79bec4c3579e966f0300cdd365a09f7eb769bd3fa91d

Cash and cash equivalents (USD, millions)

Receivables, net (USD, millions)

Other current assets (USD, millions)

Total current assets (USD, millions)

Film and television costs (USD, millions)

Investments (USD, millions)

Property and equipment, net (USD, millions)

Goodwill (USD, millions)

Franchise rights (USD, millions)

Other intangible assets, net (USD, millions)

Other noncurrent assets, net (USD, millions)

Total assets (USD, millions)

Accounts payable and accrued expenses related to trade creditors (USD, millions)

Deferred revenue (USD, millions)

Accrued expenses and other current liabilities (USD, millions)

Current portion of debt (USD, millions)

Advance on sale of investment (USD, millions)

Total current liabilities (USD, millions)

Noncurrent portion of debt (USD, millions)

Deferred income taxes (USD, millions)

Other noncurrent liabilities (USD, millions)

Redeemable noncontrolling interests (USD, millions)

Total Comcast Corporation shareholders’ equity (USD, millions)

Noncontrolling interests (USD, millions)

Total equity (USD, millions)

Total liabilities and equity (USD, millions)

9678bdfdc331f2e14d1c231f3a20bdc2dbe0aa7a1c30b6c2dd25b3fe6bef162a

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD]

Earnings Per Share (EPS) - Diluted [USD]

bd00720e492a1f3a902cecd289a5171a9900b0eeac181293f636de8d1eb968bd

Adjustments for Non-Cash Items [USD, M]

Stock-Based Compensation [USD, M]

Changes in Working Capital [USD, M]

Capital Expenditures (CapEx) [USD, M]

Proceeds from / Repayments of Debt [USD, M]

Share Repurchases [USD, M]

Dividend Payments [USD, M]

Net Change in Cash [USD, M]

d93b39cef4e6fcde8ed00d0c03286ca9ec05c14ca1a6232f9920517aa8405e00

aecf378bd5a0587365aa30c76180458e0341521f1c1534aa533a974b203753ff

Number of Domestic Residential Connectivity & Platforms customer relationships (thousands)

Net additions for Domestic Residential Connectivity & Platforms customer relationships (thousands)

Number of International Residential Connectivity & Platforms customer relationships (thousands)

Net additions for International Residential Connectivity & Platforms customer relationships (thousands)

Number of Business Services Connectivity customer relationships (thousands)

Net additions for Business Services Connectivity customer relationships (thousands)

Number of Total Connectivity & Platforms customer relationships (thousands)

Net additions for Total Connectivity & Platforms customer relationships (thousands)

Number of domestic residential broadband customers (thousands)

Net additions for domestic residential broadband customers (thousands)

Number of domestic business broadband customers (thousands)

Net additions for domestic business broadband customers (thousands)

Number of total domestic broadband customers (thousands)

Net additions for total domestic broadband customers (thousands)

Number of total domestic wireless lines (thousands)

Net additions for total domestic wireless lines (thousands)

Number of total domestic video customers (thousands)

Net additions for total domestic video customers (thousands)

Number of domestic homes and businesses passed (thousands)

Domestic broadband penetration of homes and businesses passed (percentage)

Average monthly total Connectivity & Platforms revenue per customer relationship (USD)

56b2f6f83a2ec0c58d0b6f48cf9e84cd56f6bba613f5e26b7a4ea20383990317

United States

United Kingdom

Europe

Other

- International Connectivity Revenue

- International Networks Revenue

Total Revenue

4fd6f33ba3fa25e6b823ae90fddd5cf5bcb76130a829738a2d0b5d858d3ae5ea

ec24f99337ea1153d8d8ba452747fec9675d87b07e30ad9536ab47d2613f79f3

COMCAST (CMCSA)

Financials