#1COMCAST 2nd Quarter 2022 Results THURSDAY, JULY 28, 2022#2Important Information Caution Concerning Forward-looking Statements This presentation includes statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are generally identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "potential," "strategy," "future," "opportunity," "commit," "plan," "goal," "may," "should," "could," "will," "would," "will be," "will continue," "will likely result" and similar expressions. In evaluating these statements, you should consider various factors, including the risks and uncertainties we describe in the "Risk Factors" sections of our most recent Annual Report on Form 10-K, and our most recent Quarterly Report on Form 10-Q and in other reports we file with the Securities and Exchange Commission. Factors that could cause our actual results to differ materially from these forward-looking statements include: (1) impacts from the COVID-19 pandemic, (2) changes in the competitive environment, (3) changes in business and economic conditions, (4) changes in our programming costs, (5) changes in laws and regulations, (6) changes in technology, (7) loss of key vendors, (8) adverse decisions in litigation matters, (9) risks associated with acquisitions and strategic initiatives, including Peacock, (10) changes in assumptions underlying our critical accounting judgments and estimates, and (11) other risks described from time to time in reports and other documents we file with the Securities and Exchange Commission. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward- looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors. Non-GAAP Financial Measures This presentation also includes certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EPS and Free Cash Flow. Refer to the Notes following this presentation for a description of our non-GAAP measures and we also provide reconciliations to the most directly comparable GAAP financial measures in our Form 8-K (Quarterly Earnings Release) announcing our quarterly earnings and in our trending schedules, which can be found on the SEC's website at www.sec.gov and on our website at www.cmcsa.com. 2#32nd Quarter 2022 Highlights 3 COMCAST $30.0B in Revenue $9.8B in Adjusted EBITDA $1.01 in Adjusted EPS See Notes on Slide 11. CONNECTIVITY AGGREGATION $3.2B in Free Cash Flow $4.2B in Return of Capital COMCAST STREAMING xfinity Adjusted EBITDA +5.3%; Adjusted EBITDA margin increased to 44.9%, a record high ● ● ● ● Added 317K wireless customer lines, the best second quarter result since launch in 2017 NBCUniversal Revenue ($B) COMCAST BUSINESS ● ● $16.6 Adj. EBITDA ($B) $7.4 Total broadband customers of 32.2M were consistent with the prior quarter, +2.5% year-over-year $9.4 Adjusted EBITDA +19.5% driven by growth at Theme Parks Theme Parks Adjusted EBITDA increased $411M to $632M; highest on record for a second quarter $1.9 Media completed the highest-grossing upfront in our history; secured more than $7B in commitments, including $1B at Peacock sky Adjusted EBITDA +70.7% on a constant currency basis to $863M; our highest for a second quarter Studios revenue increased +33.3% to $3.0B, driven by the successful theatrical performance of Jurassic World: Dominion $4.5 $0.9 Continued growth in Adjusted EBITDA in the U.K. and year-over-year improvement in Germany and Italy#4Consolidated 2nd Quarter 2022 Financial Results ($ in billions, except per share data) 4 Revenue See Notes on Slide 11 $28.5 2Q21 +5.1% $30.0 2Q22 Adjusted EBITDA $8.9 2Q21 +10.1% $9.8 2Q22 Significant Free Cash Flow Generation: $3.2 Billion Adjusted EPS $0.84 2Q21 +20.2% $1.01 2Q22#5Cable Communications 2nd Quarter 2022 Overview Customer Relationships (M) Revenue Per CR* Adjusted EBITDA 5 33.8 2Q21 * $7.1 $70.07 +3.0% +1.7% 34.4 2Q22 +5.3% $7.4 $72.18 $16.0 2Q21 ($B) Net Cash Flow $5.0 +3.7% 2Q21 $16.6 2Q22 +4.4% $5.3 ($B) 2Q21 2Q22 Represents average monthly results per customer relationship. All percentages represent year/year growth rates, except Adjusted EBITDA margin and Capital Expenditures as a % of Revenue. See Notes on Slide 11 2Q22 ($B) Commentary Customer relationships: +1.7% to 34.4M Total customer relationship net losses of (28K); net adds of 591K over the last twelve months - Broadband customers: 32.2M, flat with the prior quarter; net adds of 775K over the last twelve months Added 317K wireless lines, the best second quarter result since launch in 2017; 1.2M over the last twelve months Revenue: +3.7% to $16.6B - Broadband: +6.8% to $6.1B Business Services: +10.1% to $2.4B Wireless: +29.8% to $722M Advertising: +10.2% to $748M Video: (2.4%) to $5.4B Adjusted EBITDA: +5.3% to $7.4B; +3.0% per customer relationship Programming expenses: (1.6%) Non-programming expenses: +5.2% Adj. EBITDA margin improved +70bps y/y to 44.9% in 2Q22, the highest on record Net Cash Flow: +4.4% to $5.3B; +6.4% in 1H22 Capital expenditures: +4.8% to $1.8B, representing 10.7% of Cable revenue#6NBCUniversal 2nd Quarter 2022 Overview Revenue y/y% Adj. EBITDA y/y% Revenue $7,955 6 2Q21 $1,553 +18.7% 2Q21 $9,445 Adjusted EBITDA ($M) 2Q22 +19.5% $1,856 ($M) 2Q22 All percentages represent year/year growth rates. See Notes on Slide 11 ($M) Media Studios Theme Parks $5,332 +3.6% $2,966 +33.3% $1,804 +64.8% $1,337 (2.9%) $1 (99.5%) $632 +186.5 Commentary ● ● Distribution revenue +8.4% to $2.7B Advertising revenue (1.3%) to $2.2B; increased low single-digits excluding the пра of sports timing and NHL Peacock revenue of $444M and Adjusted EBITDA loss of ($467M) Adjusted EBITDA decreased 2.9%; excluding Peacock, Media Adjusted EBITDA increased 3.7% driven by lower sports costs Theatrical revenue increased by $352M to $550M, driven by an increase in the number of releases and reflecting the success of Jurassic World: Dominion Content licensing revenue +19.0% to $2.1B Adjusted EBITDA decreased $155M to break-even, driven by higher programming and production costs and an increase in marketing costs ahead of film releases in late June and in July, including Minions: The Rise of Gru, Black Phone, and Nope Theme Parks revenue increased 64.8% to $1.8B Strong demand at our U.S. parks; rebound at Universal Japan; Universal Beijing was closed for most of the quarter due to COVID-related restrictions Adjusted EBITDA increased $411M to $632M Universal Orlando generated its highest Adjusted EBITDA on record for any quarter; Universal Hollywood generated its highest Adjusted EBITDA on record for a second quarter#7Sky 2nd Quarter 2022 Overview 7 Customer Relationships 23.2 +1% 2Q21 Revenue $5,220 2Q21 23.0 +0% 3Q21 (3.5%) $4,501 2Q22 23.0 -1% 4Q21 22.9 ($M) Adjusted EBITDA -2% 1Q22 All percentages represent year/year constant currency growth rates. See Notes on Slide 11 $560 2Q21 22.7 -2% 2Q22 +70.7% $863 2Q22 (M) ($M) Commentary Total customer relationship net losses of (255K) Reflects normal churn associated with the end of the football season, as well as an increasingly challenging macroeconomic environment in Europe Ended the quarter with 22.7M total customer relationships; (2.3%) y/y Revenue: (3.5%) to $4.5B Direct-to-Consumer: (2.4%) to $3.7B; increased low single-digits in the U.K. Content: (16.4%) to $265M Advertising: (3.1%) to $556M Adjusted EBITDA: +70.7% to $863M Reflects strong growth in the U.K. and improved results in Germany and Italy Mainly driven by lower sports programming and production costs due to resets in our sports rights#8Free Cash Flow and Capital Allocation 8 Capital Allocation Priorities ● Investing organically for profitable growth Maintaining a strong balance sheet Returning capital to shareholders Balance Sheet Statistics Consolidated Net Leverage Consolidated Net Debt ($B) 2.6x $83.1 2Q21 2.3x $83.2 2Q22 Consolidated Capital* Consolidated capital: +12.1% to $3.2B in 2Q22 Return of Capital Total Return of Capital of $4.2B in 2Q22, compared to $1.7B in 2Q21 $3.0B in share repurchases in 2Q22; resumed share repurchases late in 2Q21 $1.2B in dividends in 2Q22 ● ● In January 2022, raised dividend by $0.08 to $1.08 per share on an annualized basis 14th consecutive annual increase Dividends per share (split-adjusted): $0.125 $0.135 08 09 $0.189 $0.23 10 11 $0.33 12 *Capital reflects Capital expenditures plus Cash paid for capitalized software and other intangible assets as presented in our Trending Schedules. See Notes on Slide 11 $0.39 13 $0.45 14 $0.55 $0.50 15 Significant Free Cash Flow Generation: $3.2 Billion $0.63 16 17 $0.76 18 $0.84 19 $0.92 20 $1.00 21 $1.08 22#9Appendix#10Free Cash Flow Generation Adjusted EBITDA to Free Cash Flow Walk 10 Adjusted EBITDA Capital expenditures $9.8 ($2.4) See Notes on Slide 11; Differences may exist due to rounding Software & intangibles ($0.7) Cash interest expense ($0.9) Cash taxes ($2.8) Changes in operating assets and liabilities ($0.2) Noncash share-based compensation and Other $0.4 2Q22 ($B) Free Cash Flow $3.2#11Notes Numerical information is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding. We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Refer to our Form 8-K (Quarterly Earnings Release) for a reconciliation and further details. We define Adjusted EPS as our diluted earnings per common share attributable to Comcast Corporation shareholders adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. Refer to our Form 8-K (Quarterly Earnings Release) for a reconciliation and further details. 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 and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments related to certain capital or intangible assets, such as the construction of Universal Beijing Resort, are presented separately in our Statement of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. Refer to our Form 8-K (Quarterly Earnings Release) for a reconciliation and further details. From time to time, we may present adjusted information (e.g., Adjusted Revenues) to exclude the impact of certain events, gains, losses or other charges affecting period-to-period comparability of our operating performance. Refer to our Form 8-K (Quarterly Earnings Release) and Form 10-Q for a reconciliation and further details. We define Cable Communications Net Cash Flow as Cable Communications Adjusted EBITDA reduced by capital expenditures and cash paid for capitalized software and other intangible assets. Refer to our trending schedules for a reconciliation and further details. Sky constant currency growth rates are calculated by comparing the current period results to the comparative prior year period results adjusted to reflect the average exchange rates from the current year period rather than the actual exchange rates in effect during the respective prior year periods. Refer to our Form 8-K (Quarterly Earnings Release) for a reconciliation and further details. As of June 30, 2022 - Consolidated net debt of $83.2 billion represents long-term debt, including current portion (as stated in our Consolidated Balance Sheet), less cash and cash equivalents (as stated in our Consolidated Balance Sheet) and adjusted to exclude $3.5 billion of debt and $35 million of cash at Universal Beijing Resort. Amounts owed under a collateralized obligation are presented separately in our Consolidated Balance Sheet and are therefore excluded from consolidated net debt. Consolidated net leverage is calculated as net debt/trailing twelve month Adjusted EBITDA, adjusted to exclude Universal Beijing Resort. The denominator of $36.7 billion represents Adjusted EBITDA for the twelve months ended June 30, 2022 of $36.3 billion, as presented in our trending schedules, adjusted to exclude $0.4 billion of Universal Beijing Resort Adjusted EBITDA losses. As of June 30, 2021 - Consolidated net debt of $83.1 billion represents long-term debt, including current portion (as stated in our Consolidated Balance Sheet), less cash and cash equivalents (as stated in our Consolidated Balance Sheet) and adjusted to exclude $3.3 billion of debt and $0.2 billion of cash at Universal Beijing Resort. Amounts owed under a collateralized obligation are presented separately in our Consolidated Balance Sheet and are therefore excluded from consolidated net debt. Consolidated net leverage is calculated as net debt/trailing twelve month Adjusted EBITDA, adjusted to exclude Universal Beijing Resort. The denominator of $32.4 billion represents Adjusted EBITDA for the twelve months ended June 30, 2021 of $32.1 billion, as presented in our trending schedules, adjusted to exclude $0.3 billion of Universal Beijing Resort Adjusted EBITDA losses. 11#12COMCAST