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 Comcast Reports 4th Quarter and Year End 2016 Results
   Thursday, January 26, 2017 7:00:13 AM ET

--Consolidated Revenue Increased 7.9%, Operating Income Increased 5.4%, Operating Cash Flow Increased 7.0%

--Net Cash Provided by Operating Activities was $19.2 Billion; Free Cash Flow was $8.2 Billion

--Earnings per Share Increased 10.2% to $3.57; On an Adjusted Basis, EPS Increased 7.1% to $3.48

--Cable Communications Revenue Increased 6.6% and Operating Cash Flow Increased 5.6%

--Customer Relationships Increased by 858,000, a 29.0% Improvement Compared to 2015; Best Video Customer Results in 10 Years; Best High-Speed Internet Customer Results in 9 Years

--NBCUniversal Revenue Increased 11.0% and Operating Cash Flow Increased 13.8%

--4th Quarter 2016 Highlights:

--Consolidated Revenue Increased 9.2%, Operating Income Increased 6.6%, Operating Cash Flow Increased 7.8%



--Net Cash Provided by Operating Activities was $5.7 Billion; Free Cash Flow was $2.6 Billion

--Earnings per Share Increased 20.3% to $0.95; On an Adjusted Basis, EPS Increased 9.9% to $0.89

--Cable Communications Revenue Increased 7.1% and Operating Cash Flow Increased 6.4%

--Added 258,000 Customer Relationships; Video Customer Net Additions were 80,000; High-Speed Internet Customer Net Additions were 385,000

--NBCUniversal Revenue Increased 13.0% and Operating Cash Flow Increased 14.0%

--Dividends and Share Repurchases:

--Dividends and Share Repurchases Totaled $7.6 Billion in 2016

--Declared a Two-for-One Stock Split in the Form of a 100% Dividend Payable on February 17, 2017; 12th Stock Split in Company History

--Increased Dividend by 15% to $1.26 per Share on an Annualized, Pre-Split Basis; Increased Share Repurchase Authorization to $12.0 Billion, with $5.0 Billion Expected to be Repurchased in 2017

Comcast Corporation (CMCSA ) today reported results for the quarter and year ended December 31, 2016.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, "I look back on 2016 with pride and enthusiasm. This is a special company, with a team I am delighted to work with, executing at a high level. We’re pleased to report another year of strong financial and operational results, which reflect our focus on innovation, investing in the business and putting the customer first. Our performance at Comcast Cable was exceptionally strong. We grew operating cash flow 5.6%, added 161,000 video subscribers, the best video customer results in a decade, and delivered our best high-speed Internet customer results in nine years. NBCUniversal also had a terrific year, fueled by the tremendous success of the Olympics, the opening of new attractions at our theme parks, and strong theatrical performances, particularly in animation. The consistency and strength of our results enables us to announce that we are increasing our dividend by 15% per share, we will split our stock two-for-one, the twelfth split in our company’s history, and we expect to repurchase $5 billion of our stock this year. As we begin 2017, we are well positioned to continue driving growth and shareholder value as we embark on the opportunities ahead."

 
Consolidated Financial Results
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   4th Quarter                                                                             Full Year
($ in millions)                                                     2015                   2016                 Growth      2015      2016   Growth
------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------
Revenue                                                                             $19,245                $21,025                   9.2%                      $74,510   $80,403     7.9%
Excluding Olympics and Super Bowl (see Table 7)                 $74,134   $78,783     6.3%
------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------
Operating Income                                                  $4,002                 $4,264                   6.6%   $15,998   $16,859     5.4%
------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------
Operating Cash Flow(1)                                                               $6,272                                    $6,760                                      7.8%                      $24,678                      $26,417                        7.0%
Excluding Transaction-Related Costs (see Table 7)               $24,856   $26,417     6.3%
------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------
Earnings per Share(2)                                                                 $0.79                                     $0.95                                     20.3%                        $3.24                        $3.57                       10.2%
Excluding Adjustments (see Table 5)                                $0.81                  $0.89                   9.9%     $3.25     $3.48     7.1%
------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------
Net Cash Provided by Operating Activities                         $4,965                 $5,743                  15.7%   $18,778   $19,240     2.5%
------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- ------- -------------------- ------
Free Cash Flow(3)                                                                    $1,588                                    $2,607                                     64.2%                       $8,935                       $8,203                      (8.2%)
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.

Consolidated Revenue for the fourth quarter of 2016 increased 9.2% to $21.0 billion. Consolidated Operating Income increased 6.6% to $4.3 billion. Consolidated Operating Cash Flow increased 7.8% to $6.8 billion.

For the year ended December 31, 2016, consolidated revenue increased 7.9% to $80.4 billion compared to 2015. Excluding $1.6 billion of revenue generated by the broadcast of the 2016 Rio Olympics in the third quarter of 2016, as well as $376 million of revenue generated by the broadcast of the NFL’s Super Bowl in the first quarter of 2015, consolidated revenue increased 6.3% (see Table 7). Consolidated operating income increased 5.4% to $16.9 billion compared to 2015. Consolidated operating cash flow increased 7.0% to $26.4 billion compared to 2015. Excluding $178 million of transaction-related costs in 2015, consolidated operating cash flow increased 6.3% (see Table 7).

Earnings per Share (EPS) for the fourth quarter of 2016 was $0.95, a 20.3% increase compared to the fourth quarter of 2015. On an adjusted basis, EPS increased 9.9% to $0.89 (see Table 5).

For the year ended December 31, 2016, EPS was $3.57, a 10.2% increase compared to the prior year. On an adjusted basis, EPS increased 7.1% to $3.48 (see Table 5).

Capital Expenditures decreased 2.4% to $2.6 billion in the fourth quarter of 2016 compared to 2015. Cable Communications’ capital expenditures increased 1.5% to $2.1 billion in the fourth quarter of 2016, reflecting increased spending on line extensions, support capital and scalable infrastructure, as well as continued spending on customer premise equipment related to the deployment of the X1 platform and wireless gateways. Cable capital expenditures represented 16.3% of Cable revenue in the fourth quarter of 2016 compared to 17.2% in last year’s fourth quarter. NBCUniversal’s capital expenditures of $461 million decreased 17.2% compared to 2015, which included a land purchase adjacent to an existing theme park of $130 million.

For the year ended December 31, 2016, capital expenditures increased 7.5% to $9.1 billion compared to 2015. Cable Communications’ capital expenditures increased 7.9% to $7.6 billion, primarily reflecting increased investment in line extensions, a higher level of investment in scalable infrastructure to increase network capacity and continued spending on customer premise equipment related to the deployment of the X1 platform and wireless gateways. For the year, Cable capital expenditures represented 15.2% of Cable revenue compared to 15.0% in 2015. NBCUniversal’s capital expenditures increased 4.8% to $1.5 billion in 2016, primarily reflecting increased spending at our Theme Parks.

Net Cash Provided by Operating Activities increased 15.7% to $5.7 billion in the fourth quarter of 2016. Free Cash Flow increased 64.2% to $2.6 billion, reflecting growth in consolidated operating cash flow and improvements in working capital, partially offset by higher cash taxes (see Table 4).

For the year ended December 31, 2016, net cash provided by operating activities increased 2.5% to $19.2 billion. Free cash flow decreased 8.2% to $8.2 billion compared to 2015, reflecting growth in consolidated operating cash flow, offset by higher working capital, an increase in capital expenditures, an increase in capitalized software and intangibles, and higher cash taxes (see Table 4).

Dividends, Share Repurchases and Stock Split. During the fourth quarter of 2016, Comcast paid dividends totaling $658 million and repurchased 19.3 million of its common shares for $1.2 billion. For the full year, Comcast made four cash dividend payments totaling $2.6 billion and repurchased 80.6 million of its common shares for $5.0 billion, resulting in a total return of capital to shareholders of $7.6 billion for 2016.

Today, Comcast announced that its Board of Directors has increased its stock repurchase program authorization to $12.0 billion. Comcast expects to repurchase $5.0 billion of its Class A common stock during 2017, subject to market conditions.

Comcast also announced that its Board of Directors declared a two-for-one stock split in the form of a 100% dividend payable on February 17, 2017 to shareholders of record as of the close of business on February 8, 2017. As the common stock is not yet trading on a post-split basis, all share and per-share amounts in this earnings release and the accompanying schedules are presented on a pre-split basis.

In addition, Comcast announced that it increased its dividend by 15% to $1.26 per share on an annualized, pre-split basis, or $0.63 per share on an annualized, post-split basis. In accordance with the increase, the Board of Directors declared a quarterly cash dividend of $0.1575 a share, on a post-split basis, on the company’s common stock, payable on April 26, 2017 to shareholders of record as of the close of business on April 5, 2017.

 
Cable Communications
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                           4th Quarter                                                                                                 Full Year
($ in millions)                                          2015(4)                   2016                 Growth                2015(4)                   2016                 Growth
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cable Communications Revenue                                     
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Video                                                     $5,416                 $5,647                   4.3%                $21,526                $22,357                   3.9%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
High-Speed Internet                                        3,197                  3,483                   9.0%                 12,471                 13,532                   8.5%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Voice                                                        899                    873                 (3.0%)                  3,608                  3,540                 (1.9%)
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Business Services                                          1,261                  1,444                  14.5%                  4,751                  5,514                  16.1%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Advertising                                                  634                    728                  14.9%                  2,298                  2,518                   9.6%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Other                                                        589                    668                  13.6%                  2,274                  2,587                  13.8%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cable Communications Revenue                                                $11,996                $12,843                   7.1%                                   $46,928                $50,048                   6.6%
                                              
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cable Communications Operating Cash Flow                  $4,876                 $5,186                   6.4%                $19,037                $20,109                   5.6%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Operating Cash Flow Margin                                                    40.6%                                     40.4%                                                                               40.6%                                     40.2%
                                              
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cable Communications Capital Expenditures                 $2,063                 $2,095                   1.5%                 $7,040                 $7,596                   7.9%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Percent of Cable Communications Revenue                    17.2%                  16.3%                      15.0%                  15.2%    
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                  

Revenue for Cable Communications increased 7.1% to $12.8 billion in the fourth quarter of 2016, driven primarily by increases in high-speed Internet, video and business services revenue. High-speed Internet revenue increased 9.0%, driven by an increase in the number of residential high-speed Internet customers and rate adjustments. Video revenue increased 4.3%, reflecting rate adjustments and an increase in the number of customers subscribing to additional services. Business services revenue increased 14.5%, primarily due to an increase in the number of small business customers, as well as continued growth in our medium-sized business services. Advertising revenue increased 14.9%, reflecting an increase in political advertising revenue. Other revenue increased 13.6%, primarily reflecting an increase in Xfinity Home revenue and higher franchise and regulatory fees.

For the year ended December 31, 2016, Cable revenue increased 6.6% to $50.0 billion compared to 2015, driven by growth in high-speed Internet, video and business services.

Customer Relationships increased by 258,000 to 28.6 million in the fourth quarter of 2016, primarily reflecting an increase in double product relationships. At the end of the fourth quarter, penetration of our double and triple product customers increased to 70.1% compared to 69.8% in the fourth quarter of 2015. Video customer net additions were 80,000, high-speed Internet customer net additions were 385,000 and voice customer net additions were 44,000.

For the year ended December 31, 2016, customer relationships increased by 858,000, a 29.0% increase compared to net additions of 666,000 in 2015. Video customer net additions of 161,000 were the best result in ten years. High-speed Internet customer net additions of 1.4 million marked the 11th consecutive year of more than one million net additions, and were the best result in nine years. Voice customer net additions were 211,000.

                                                           Customers                                                                                                                             Net Additions
(in thousands)                                  YE15                   YE16                           4Q15                   4Q16                       2015                   2016
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Video Customers                               22,347                 22,508                             89                     80                       (36)                    161
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
High-Speed Internet Customers                 23,329                 24,701                            460                    385                      1,367                  1,373
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Voice Customers                               11,475                 11,687                            139                     44                        282                    211
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                              
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Single Product Customers                       8,366                  8,541                            (1)                     53                       (43)                    175
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Double Product Customers                       9,221                  9,699                            156                    159                        472                    477
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Triple Product Customers                      10,114                 10,319                            126                     46                        238                    205
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Customer Relationships                                           27,701                 28,559                                                                                                                           281                    258                        666                    858
Customer metrics include residential and business customers.
 

Operating Cash Flow for Cable Communications increased 6.4% to $5.2 billion in the fourth quarter of 2016, reflecting higher revenue, partially offset by a 7.5% increase in operating expenses. The higher expenses were primarily due to a 12.2% increase in video programming costs, reflecting the timing of contract renewals, as well as higher retransmission consent fees and sports programming costs. Technical and product support expenses increased 6.6% related to the development, delivery and support of our X1 platform, cloud DVR technology and wireless gateways, and the continued growth in business services and home security and automation services. Advertising, marketing and promotion costs increased 3.5%, primarily due to increases in spending associated with attracting new residential and business services customers. Customer service expenses decreased 2.1%, reflecting reduced call volumes. This quarter’s operating cash flow margin was 40.4% compared to 40.6% in the fourth quarter of 2015.

For the year ended December 31, 2016, Cable operating cash flow increased 5.6% to $20.1 billion compared to 2015, driven by higher revenue, partially offset by a 7.3% increase in operating expenses, primarily related to a 10.1% increase in video programming costs, as well as higher technical and product support expenses, higher advertising, marketing and promotion costs, and higher customer service expenses. For the year, operating cash flow margin was 40.2% compared to 40.6% in 2015.

 
NBCUniversal
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                           4th Quarter                                                                                                                                           Full Year
($ in millions)                                        2015                   2016               Reported              Pro Forma                   2015                   2016               Reported              Pro Forma
                                                                                                                                                            Growth                                 Growth(5)                                                                                                                        Growth                                 Growth(5)
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
NBCUniversal Revenue                                                
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cable Networks                                                          $2,407                 $2,503                   4.0%                                                           $9,628                $10,464                   8.7%  
Excluding Olympics                                                   $9,628                $10,032                   4.2%    
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Broadcast Television                                                     2,498                                     2,848                                     14.0%                                                                               8,530                                    10,147                                     19.0%
Excluding Olympics and Super Bowl                                     8,154                  8,959                   9.9%    
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Filmed Entertainment                                  1,629                  1,834                  12.6%                      7,287                  6,360                (12.7%)    
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Theme Parks                                           1,019                  1,344                  32.1%                  13.2%                  3,339                  4,946                  48.2%                  12.7%
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Headquarters, Other and Eliminations                   (76)                   (78)                     NM                      (322)                  (324)                     NM    
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
NBCUniversal Revenue                                                    $7,477                                    $8,451                                     13.0%                                     10.5%                                   $28,462                                   $31,593                                     11.0%                                      7.0%
Excluding Olympics and Super Bowl                                                                                                                                                                                                              $28,086                                   $29,973                                      6.7%                                      2.9%
                                                 
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
NBCUniversal Operating Cash Flow                                    
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cable Networks                                         $894                   $916                   2.4%                     $3,499                 $3,709                   6.0%    
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Broadcast Television                                    217                    264                  21.1%                        780                  1,320                  69.1%    
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Filmed Entertainment                                    143                    121                (15.3%)                      1,234                    697                (43.5%)    
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Theme Parks                                             452                    640                  41.9%                  18.4%                  1,464                  2,190                  49.6%                  12.2%
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Headquarters, Other and Eliminations                  (154)                  (171)                     NM                      (625)                  (689)                     NM    
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
NBCUniversal Operating Cash Flow                                        $1,552                                    $1,770                                     14.0%                                      7.8%                                    $6,352                                    $7,227                                     13.8%                                      5.7%
NM=comparison not meaningful.
 

Revenue for NBCUniversal increased 13.0% to $8.5 billion in the fourth quarter of 2016 and Operating Cash Flow increased 14.0% to $1.8 billion. Pro Forma(5) Revenue for NBCUniversal increased 10.5%. Pro Forma(5) Operating Cash Flow increased 7.8%, reflecting increases at Theme Parks, Broadcast Television and Cable Networks, partially offset by a decline at Filmed Entertainment.

For the year ended December 31, 2016, NBCUniversal revenue increased 11.0% to $31.6 billion compared to 2015 and operating cash flow increased 13.8% to $7.2 billion. Pro forma(5) revenue for NBCUniversal increased 7.0%. Pro forma(5) operating cash flow increased 5.7%, reflecting increases at Broadcast Television, Theme Parks and Cable Networks, partially offset by a decline at Filmed Entertainment.

Cable Networks

Cable Networks revenue increased 4.0% to $2.5 billion in the fourth quarter of 2016, reflecting higher distribution, content licensing and other, and advertising revenue. Distribution revenue increased 4.7%, driven by contractual rate increases and contract renewals, partially offset by a decline in subscribers at our cable networks. Content licensing and other revenue increased 14.6%, due to the timing of content provided under licensing agreements. Advertising revenue increased 0.6%, due to higher rates, mostly offset by audience ratings declines. Operating cash flow increased 2.4% to $916 million in the fourth quarter of 2016, reflecting higher revenue, partially offset by an increase in programming and production costs.

For the year ended December 31, 2016, revenue from the Cable Networks segment increased 8.7% to $10.5 billion compared to 2015, reflecting higher distribution, advertising, and content licensing and other revenue. Excluding $432 million of revenue generated by the broadcast of the 2016 Rio Olympics in the third quarter of 2016, revenue increased 4.2% (see Table 7). Operating cash flow increased 6.0% to $3.7 billion compared to 2015, reflecting higher revenue, partially offset by an increase in programming and production costs.

Broadcast Television

Broadcast Television revenue increased 14.0% to $2.8 billion in the fourth quarter of 2016, reflecting higher advertising, content licensing, and distribution and other revenue. Advertising revenue increased 12.4%, driven by the premiere of Thursday Night Football, higher rates, and higher political advertising. Content licensing revenue increased 20.2%, primarily due to the timing of content provided under licensing agreements. Distribution and other revenue increased 14.1%, due to higher retransmission consent fees. Operating cash flow increased 21.1% to $264 million in the fourth quarter of 2016, reflecting higher revenue, partially offset by an increase in programming and production costs, driven by the premiere of Thursday Night Football.

For the year ended December 31, 2016, revenue from the Broadcast Television segment increased 19.0% to $10.1 billion compared to 2015. Excluding $1.2 billion of revenue generated by the broadcast of the 2016 Rio Olympics in the third quarter of 2016, as well as $376 million of revenue generated by the broadcast of the NFL’s Super Bowl in the first quarter of 2015, revenue increased 9.9% (see Table 7). Operating cash flow increased 69.1% to $1.3 billion compared to 2015, reflecting higher revenue, partially offset by an increase in programming and production costs primarily associated with the broadcast of the 2016 Rio Olympics.

Filmed Entertainment

Filmed Entertainment revenue increased 12.6% to $1.8 billion in the fourth quarter of 2016, which included a full quarter of revenue attributable to DreamWorks, which was acquired on August 22nd. Content licensing revenue increased 37.5%, due to the inclusion of DreamWorks, as well as the timing of when content was made available under licensing agreements. Theatrical revenue increased 96.7%, primarily due to the strong performance of Sing in this year’s fourth quarter. Other revenue increased 55.5%, primarily driven by the inclusion of DreamWorks. Home entertainment revenue declined 36.0%, reflecting the success of several releases in the prior year period, including Jurassic World, Minions and Trainwreck. Operating cash flow decreased 15.3% to $121 million in the fourth quarter of 2016, reflecting higher revenue, offset by increased expenses driven by DreamWorks, which included integration and restructuring costs.

For the year ended December 31, 2016, revenue from the Filmed Entertainment segment decreased 12.7% to $6.4 billion compared to 2015, reflecting lower theatrical and home entertainment revenue, partially offset by higher content licensing and other revenue. Operating cash flow decreased 43.5% to $697 million compared to 2015, reflecting lower revenue, partially offset by lower programming and production costs.

Theme Parks

Theme Parks revenue increased 32.1% to $1.3 billion in the fourth quarter of 2016. Pro forma(5) revenue increased 13.2%, reflecting higher attendance and higher per capita spending, driven by the success of Hollywood’s The Wizarding World of Harry Potter(TM) attraction, as well as the positive impact of a stronger Japanese yen. Operating cash flow increased 41.9% to $640 million in the fourth quarter of 2016. Pro forma(5) operating cash flow increased 18.4%, reflecting higher revenue, partially offset by an increase in operating expenses, including costs to support new attractions.

For the year ended December 31, 2016, revenue from the Theme Parks segment increased 48.2% to $4.9 billion compared to 2015. Pro forma(5) revenue increased 12.7%, reflecting higher attendance and per capita spending, as well as the positive impact of a stronger Japanese yen. Operating cash flow increased 49.6% to $2.2 billion compared to 2015. Pro forma(5) operating cash flow increased 12.2%, reflecting higher revenue, partially offset by an increase in operating expenses, including costs to support new attractions.

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations among the NBCUniversal businesses. For the quarter ended December 31, 2016, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $171 million compared to a loss of $154 million in the fourth quarter of 2015.

For the year ended December 31, 2016, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $689 million compared to a loss of $625 million in 2015.

Corporate, Other and Eliminations

Corporate, Other and Eliminations primarily include corporate operations, Comcast Spectacor and eliminations among Comcast’s businesses. For the quarter ended December 31, 2016, Corporate, Other and Eliminations revenue was ($269) million compared to ($228) million in 2015. The operating cash flow loss was $196 million compared to a loss of $156 million in the fourth quarter of 2015.

For the year ended December 31, 2016, Corporate, Other and Eliminations revenue was ($1.2) billion compared to ($880) million in 2015. The operating cash flow loss was $919 million compared to a loss of $711 million in 2015.

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. See Table 4 for reconciliation of non-GAAP financial measures.

-- Earnings per share amounts are presented on a pre-split, 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. See Table 4 for reconciliation of non-GAAP financial measures.

-- Beginning in the first quarter of 2016, certain operations and businesses including several strategic business initiatives that were previously presented in Corporate, Other and Eliminations are now presented in our Cable Communications segment to reflect a change in our management reporting presentation. For segment reporting purposes, we have adjusted all periods presented to reflect this change.

-- Pro forma information is presented for the acquisition of the 51% interest of Universal Studios Japan. See Table 6 for more detailed information. 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, January 26, 2017 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. Those parties interested in participating via telephone should dial (800) 263-8495 with the conference ID number 40819623. A replay of the call will be available starting at 12:00 p.m. ET on January 26, 2017, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Thursday, February 2, 2017 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 40819623.

From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com and on our corporate blog, http://corporate.comcast.com/comcast-voices . To automatically receive Comcast financial news by email, please visit www.cmcsa.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 (CMCSA ) is a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. Comcast Cable is one of the nation’s largest video, high-speed Internet and phone providers 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                                                                                                                                                                    Twelve Months Ended
                            (in millions, except per share data)                                                                                                                                                          December 31,                                                                                                                                                                          December 31,
                                                                                                                                                                        2015                            2016                                                                      2015                            2016   
                                                                                                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                            Revenue                                                                                                                                                     $ 19,245                                                              $ 21,025                                                                                                        $ 74,510                                                              $ 80,403
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                 Programming and production                                                                                                                                5,836                                                                 6,537                                                                                                          22,550                                                                24,463
                                 Other operating and administrative                                                                                                                        5,581                                                                 6,129                                                                                                          21,319                                                                23,409
                                 Advertising, marketing and promotion                                                                                                   1,556                           1,599                                                                     5,963                           6,114  
                                                                                                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                       12,973                          14,265                                                                    49,832                          53,986  
                                                                                                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                            Operating cash flow                                                                                                                                            6,272                                                                 6,760                                                                                                          24,678                                                                26,417
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                 Depreciation expense                                                                                                                                      1,776                                                                 1,946                                                                                                           6,781                                                                 7,464
                                 Amortization expense                                                                                                                     494                             550                                                                     1,899                           2,094  
                                                                                                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                        2,270                           2,496                                                                     8,680                           9,558  
                                                                                                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                            Operating income                                                                                                                                               4,002                                                                 4,264                                                                                                          15,998                                                                16,859
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                            Other income (expense)
                                 Interest expense                                                                                                                                           (674 )                                                                (756 )                                                                                                        (2,702 )                                                              (2,942 )
                                 Investment income (loss), net                                                                                                                                57                                                                    45                                                                                                              81                                                                   213
                                 Equity in net income (losses) of investees, net                                                                                                            (123 )                                                                 (40 )                                                                                                          (325 )                                                                (104 )
                                 Other income (expense), net                                                                                                              (44 )                                              223                                                                       320                             327  
                                                                                                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                         (784 )                                             (528 )                                                                                     (2,626 )                                           (2,506 )
                                                                                                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                            Income before income taxes                                                                                                                                     3,218                                                                 3,736                                                                                                          13,372                                                                14,353
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                            Income tax expense                                                                                                                         (1,162 )                                           (1,319 )                                                                                     (4,959 )                                           (5,308 )
                                                                                                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------                                                                -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                            Net income                                                                                                                                                     2,056                                                                 2,417                                                                                                           8,413                                                                 9,045
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                  Net (income) loss attributable to noncontrolling interests and                                                                                             (85 )                                                                (121 )                                                                                                          (250 )                                                                (350 )
                                  redeemable subsidiary preferred stock
                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                     -------------------------------------------------                     -------------------------------------------------                                                               -------------------------------------------------                     -------------------------------------------------
                            Net income attributable to Comcast Corporation                                                                                                              $  1,971                                           $  2,296                                                                                     $  8,163                                           $  8,695  
                                                                                                                                                                     ==================== ====== ====================                      ==================== ====== ====================                                                                ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                            Diluted earnings per common share attributable to Comcast                                                                                                   $   0.79                                           $   0.95                                                                                     $   3.24                                           $   3.57  
                            Corporation shareholders
                                                                                                                                                                     ==================== ====== ====================                      ==================== ====== ====================                                                                ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                            Dividends declared per common share                                                                                                                         $   0.25                                           $  0.275                                                                                     $   1.00                                           $   1.10  
                                                                                                                                                                     ==================== ====== ====================                      ==================== ====== ====================                                                                ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                            Diluted weighted-average number of common shares                                                                                            2,481                           2,410                                                                     2,518                           2,438  
                                                                                                                                                                     ==================== ====== ====================                      ==================== ====== ====================                                                                ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                              
TABLE 2
Condensed Consolidated Balance Sheet (Unaudited)                                             
------------------------------------------------------------------------------------------- -------------------- ---------------------------------------------------- -------------------- --------------------------------
                                                                                                                                                                                            
                                                                                                                                                                                            
                                                                                                                                                                                            
                                                                                                                                                                                            
                                                                                                                                                                                            
                     (in millions)                                                                                         December 31,                                                              December 31,
                                                                                                                               2015                                                                      2016
                                                                                                                 --------------------------------                                          --------------------------------
                     ASSETS
                                                                                                                                                                                            
                     Current Assets
                       Cash and cash equivalents                                                                                    $      2,295                                                              $      3,301
                       Receivables, net                                                                                                    6,896                                                                     7,955
                       Programming rights                                                                                                  1,213                                                                     1,250
                       Deposits                                                                                                               21                                                                     1,772
                       Other current assets                                                                             1,878                                                  2,083
                                                                                                                 -------------------- ----------                                           -------------------- ----------
                         Total current assets                                                                          12,303                                                 16,361
                                                                                                                 -------------------- ----------                                           -------------------- ----------
                                                                                                                                                                                            
                     Film and television costs                                                                                             5,855                                                                     7,252
                                                                                                                                                                                            
                     Investments                                                                                                           3,224                                                                     5,247
                                                                                                                                                                                            
                     Property and equipment, net                                                                                          33,665                                                                    36,253
                                                                                                                                                                                            
                     Franchise rights                                                                                                     59,364                                                                    59,364
                                                                                                                                                                                            
                     Goodwill                                                                                                             32,945                                                                    35,980
                                                                                                                                                                                            
                     Other intangible assets, net                                                                                         16,946                                                                    17,274
                                                                                                                                                                                            
                     Other noncurrent assets, net                                                                       2,272                                                  2,769
                                                                                                                 -------------------- ----------                                           -------------------- ----------
                                                                                                                                                                                            
                                                                                                                                    $    166,574                                                              $    180,500
                                                                                                                 ==================== ==========                                           ==================== ==========
                                                                                                                                                                                            
                     LIABILITIES AND EQUITY
                                                                                                                                                                                            
                     Current Liabilities
                       Accounts payable and accrued expenses related to trade creditors                                             $      6,215                                                              $      6,915
                       Accrued participations and residuals                                                                                1,572                                                                     1,726
                       Deferred revenue                                                                                                    1,302                                                                     1,132
                       Accrued expenses and other current liabilities                                                                      5,462                                                                     6,282
                       Current portion of long-term debt                                                                3,627                                                  5,480
                                                                                                                 -------------------- ----------                                           -------------------- ----------
                         Total current liabilities                                                                     18,178                                                 21,535
                                                                                                                 -------------------- ----------                                           -------------------- ----------
                                                                                                                                                                                            
                     Long-term debt, less current portion                                                                                 48,994                                                                    55,566
                                                                                                                                                                                            
                     Deferred income taxes                                                                                                33,566                                                                    34,854
                                                                                                                                                                                            
                     Other noncurrent liabilities                                                                                         10,637                                                                    10,925
                                                                                                                                                                                            
                     Redeemable noncontrolling interests and redeemable subsidiary                                                         1,221                                                                     1,446
                     preferred stock
                                                                                                                                                                                            
                     Equity
                       Comcast Corporation shareholders’ equity                                                                           52,269                                                                    53,943
                       Noncontrolling interests                                                                         1,709                                                  2,231
                                                                                                                 -------------------- ----------                                           -------------------- ----------
                         Total equity                                                                                  53,978                                                 56,174
                                                                                                                 -------------------- ----------                                           -------------------- ----------
                                                                                                                                                                                            
                                                                                                                                    $    166,574                                                              $    180,500
                                                                                                                 ==================== ==========                                           ==================== ==========
                                                                                                                                                                                            
                                                                                                                                          
TABLE 3
Consolidated Statement of Cash Flows (Unaudited)                                                                         
--------------------------------------------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------------------------- -------------------- --------------------------------------------------
                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                           
                     (in millions)                                                                                                                                                                          Twelve Months Ended
                                                                                                                                                                                                               December 31,
                                                                                                                                                  2015                                                  2016   
                                                                                                                                              -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                           
                     OPERATING ACTIVITIES
                     Net income                                                                                                                                  $   8,413                                                                                   $   9,045
                     Adjustments to reconcile net income to net cash provided by
                     operating activities:
                       Depreciation and amortization                                                                                                                 8,680                                                                                       9,558
                       Share-based compensation                                                                                                                        567                                                                                         640
                       Noncash interest expense (income), net                                                                                                          205                                                                                         230
                       Equity in net (income) losses of investees, net                                                                                                 325                                                                                         104
                       Cash received from investees                                                                                                                    168                                                                                          85
                       Net (gain) loss on investment activity and other                                                                                               (318 )                                                                                      (169 )
                       Deferred income taxes                                                                                                                           958                                                                                       1,444
                     Changes in operating assets and liabilities, net of effects of
                     acquisitions and divestitures:
                       Current and noncurrent receivables, net                                                                                                        (708 )                                                                                      (782 )
                       Film and television costs, net                                                                                                                 (299 )                                                                                      (495 )
                       Accounts payable and accrued expenses related to trade creditors                                                                                384                                                                                         374
                       Other operating assets and liabilities                                                                                       403                                                  (794 )
                                                                                                                                              -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                           
                           Net cash provided by operating activities                                                                             18,778                                                19,240  
                                                                                                                                              -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                           
                     INVESTING ACTIVITIES
                     Capital expenditures                                                                                                                           (8,499 )                                                                                    (9,135 )
                     Cash paid for intangible assets                                                                                                                (1,370 )                                                                                    (1,686 )
                     Acquisitions and construction of real estate properties                                                                                          (178 )                                                                                      (428 )
                     Acquisitions, net of cash acquired                                                                                                             (1,786 )                                                                                    (3,929 )
                     Proceeds from sales of businesses and investments                                                                                                 433                                                                                         218
                     Purchases of investments                                                                                                                         (784 )                                                                                    (1,697 )
                     Deposits                                                                                                                                          (18 )                                                                                    (1,749 )
                     Other                                                                                                                          238                                                    21  
                                                                                                                                              -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                           
                           Net cash provided by (used in) investing activities                                                                  (11,964 )                                                                (18,385 )
                                                                                                                                              -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                           
                     FINANCING ACTIVITIES
                     Proceeds from (repayments of) short-term borrowings, net                                                                                          135                                                                                       1,790
                     Proceeds from borrowings                                                                                                                        5,486                                                                                       9,231
                     Repurchases and repayments of debt                                                                                                             (4,378 )                                                                                    (3,052 )
                     Repurchases and retirements of common stock                                                                                                    (6,750 )                                                                                    (5,000 )
                     Dividends paid                                                                                                                                 (2,437 )                                                                                    (2,601 )
                     Issuances of common stock                                                                                                                          36                                                                                          23
                     Distributions to noncontrolling interests and dividends for                                                                                      (232 )                                                                                      (253 )
                     redeemable subsidiary preferred stock
                     Other                                                                                                                         (289 )                                                                     13  
                                                                                                                                              -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                           
                           Net cash provided by (used in) financing activities                                                                   (8,429 )                                                                    151  
                                                                                                                                              -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                           
                     Increase (decrease) in cash and cash equivalents                                                                                               (1,615 )                                                                                     1,006
                                                                                                                                                                                                                                           
                     Cash and cash equivalents, beginning of period                                                                               3,910                                                 2,295  
                                                                                                                                              -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                           
                     Cash and cash equivalents, end of period                                                                                                    $   2,295                                                                $   3,301  
                                                                                                                                              ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                           
                                                                                              
TABLE 4
Reconciliations to Operating Cash Flow and Free Cash Flow and
Alternate Presentation of Net Cash Provided by Operating
Activities (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                   
                                                                                                                                                                      Three Months Ended                                                                                                                                                                                         Twelve Months Ended
                                                                                                                                                                         December 31,                                                                                                                                                                                               December 31,
                     (in millions)                                                                                   2015             2016                                                 2015             2016   
                                                                                                                  -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------
                     Operating income                                                                                                $  4,002                                                                                                        $  4,264                                                                                   $ 15,998                                                                                                        $ 16,859
                     Depreciation and amortization                                                                   2,270                                                                     2,496                                                8,680                                                                     9,558  
                                                                                                                  -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------
                     Operating income before depreciation and amortization (Operating                                                   6,272                                                                                                           6,760                                                                                     24,678                                                                                                          26,417
                     Cash Flow)
                     Noncash share-based compensation expense                                                                             137                                                                                                             145                                                                                        567                                                                                                             640
                     Changes in operating assets and liabilities                                                      (375 )                                                                                         92                                                 (267 )                                                                                     (1,782 )
                                                                                                                  -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------
                     Cash basis operating income                                                                                        6,034                                                                                                           6,997                                                                                     24,978                                                                                                          25,275
                     Payments of interest                                                                                                (529 )                                                                                                          (522 )                                                                                   (2,443 )                                                                                                        (2,565 )
                     Payments of income taxes                                                                                            (581 )                                                                                                          (977 )                                                                                   (3,726 )                                                                                                        (3,693 )
                     Excess tax benefits under share-based compensation                                                                   (27 )                                                                                                           (40 )                                                                                     (282 )                                                                                                          (233 )
                     Other                                                                                              68                                                                       285                                                  251                                                                       456  
                                                                                                                  -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------
                     Net Cash Provided by Operating Activities                                                                       $  4,965                                                                                     $  5,743                                                                $ 18,778                                                                                     $ 19,240  
                                                                                                                  -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------
                     Capital expenditures                                                                                              (2,637 )                                                                                                        (2,573 )                                                                                   (8,499 )                                                                                                        (9,135 )
                     Cash paid for capitalized software and other intangible assets                                                      (454 )                                                                                                          (523 )                                                                                   (1,370 )                                                                                                        (1,686 )
                     Principal payments on capital leases                                                                                 (11 )                                                                                                            (8 )                                                                                      (17 )                                                                                                           (31 )
                     Distributions to noncontrolling interests and dividends for                                                          (54 )                                                                                                           (59 )                                                                                     (232 )                                                                                                          (253 )
                     redeemable subsidiary preferred stock
                     Nonoperating items(1)                                                                             282                                                                        50                                                  277                                                                       242  
                                                                                                                  -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------
                     Free Cash Flow (including Economic Stimulus Packages)                                                              2,091                                                                                                           2,630                                                                                      8,937                                                                                                           8,377
                     Economic Stimulus Packages(1)                                                                    (503 )                                                                                        (23 )                                                                    (2 )                                                                                       (174 )
                                                                                                                  -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------
                     Total Free Cash Flow                                                                                            $  1,588                                                                                     $  2,607                                                                $  8,935                                                                                     $  8,203  
                                                                                                                  ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                              
Alternate Presentation of Free Cash Flow (Unaudited)                                                                                                                                   
-------------------------------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- -------------------- -------------------- --------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- -------------------- -------------------- -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                      Three Months Ended                                                                                                                                                                                         Twelve Months Ended
                                                                                                                                                                         December 31,                                                                                                                                                                                               December 31,
                                                                                                                     2015                                                                      2016                                                 2015                                                                      2016   
                                                                                                                  -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------
                     (in millions)
                     Operating Cash Flow                                                                                             $  6,272                                                                                                        $  6,760                                                                                   $ 24,678                                                                                                        $ 26,417
                     Capital expenditures                                                                                              (2,637 )                                                                                                        (2,573 )                                                                                   (8,499 )                                                                                                        (9,135 )
                     Cash paid for capitalized software and other intangible assets                                                      (454 )                                                                                                          (523 )                                                                                   (1,370 )                                                                                                        (1,686 )
                     Cash interest expense                                                                                               (529 )                                                                                                          (522 )                                                                                   (2,443 )                                                                                                        (2,565 )
                     Cash taxes on operating items (including Economic Stimulus Packages)(2)                                             (326 )                                                                                                          (967 )                                                                                   (3,731 )                                                                                                        (3,830 )
                     Changes in operating assets and liabilities(3)                                                                      (375 )                                                                                                            92                                                                                       (267 )                                                                                                        (1,636 )
                     Noncash share-based compensation                                                                                     137                                                                                                             145                                                                                        567                                                                                                             640
                     Distributions to noncontrolling interests and dividends for                                                          (54 )                                                                                                           (59 )                                                                                     (232 )                                                                                                          (253 )
                     redeemable subsidiary preferred stock
                     Other                                                                                              57                                                                       277                                                  234                                                                       425  
                                                                                                                  -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------
                     Free Cash Flow (including Economic Stimulus Packages)                                                              2,091                                                                                                           2,630                                                                                      8,937                                                                                                           8,377
                     Economic Stimulus Packages(2)                                                                    (503 )                                                                                        (23 )                                                                    (2 )                                                                                       (174 )
                                                                                                                  -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------
                     Total Free Cash Flow                                                                                            $  1,588                                                                                     $  2,607                                                                $  8,935                                                                                     $  8,203  
                                                                                                                  ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ====== ====================                                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
     
                          
(1)                      Nonoperating items include adjustments for cash taxes paid related
                         to certain investing and financing transactions and to reflect cash
                         taxes paid in the year of the related taxable income. Our definition
                         of Free Cash Flow specifically excludes any impact from the Economic
                         Stimulus Packages and these amounts are presented separately. Net
                         Cash Provided by Operating Activities for year to date 2016 includes
                         a $146 million payment for the settlement of a tax receivable
                         agreement immediately after the DreamWorks acquisition. For Free
                         Cash Flow purposes, we consider this payment to be nonrecurring in
                         nature and therefore, we excluded this amount from Free Cash Flow as
                         a nonoperating item.
                          
(2)                      Cash taxes on operating items (including Economic Stimulus Packages)
                         has been adjusted to include the impact of excess tax benefits under
                         share-based compensation arrangements and to exclude the impact of
                         nonoperating items. Nonoperating items include adjustments for cash
                         taxes paid related to certain investing and financing transactions
                         and to reflect cash taxes paid in the year of the related taxable
                         income. Our definition of Free Cash Flow specifically excludes any
                         impact from the Economic Stimulus Packages and these amounts are
                         presented separately.
                                                                                                                                                
                                                                                                                                                       Three Months Ended                                                                                                       Twelve Months Ended
                                                                                                                                       December 31,                                                                                                             December 31,
                                                                                                                                      2015                         2016                                                                  2015                             2016
                                                                                                                           ---------------------------                     ---------------------------                                          -----------------------------                     --------------------------------
                                 Payments of income taxes                                                                  ($581 )                                         ($977 )                                                              ($3,726 )                                            ($3,693 )
                                     Excess tax benefits under share-based compensation                                      (27 )                                           (40 )                                                                 (282 )                                               (233 )
                                     Nonoperating items                                                                      282                           50                                                 277                                96  
                                                                                                                           ----- --------------------                      ----- --------------------                                           ------- --------------------                      ---------- --------------------
                                 Cash taxes on operating items (including Economic Stimulus Packages)                      ($326 )                                         ($967 )                                                              ($3,731 )                                            ($3,830 )
                                                                                                                           ===== ====================                      ===== ====================                                           ======= ====================                      ========== ====================
                                                                                                                                                                                                                                                                                                   
(3)                          Net Cash Provided by Operating Activities in our Consolidated
                             Statement of Cash Flows for year to date 2016 includes a $146
                             million decrease resulting from a payment for the settlement of a
                             tax receivable agreement immediately after the DreamWorks
                             acquisition. For Free Cash Flow purposes, we consider this payment
                             to be nonrecurring in nature and therefore, we excluded the amount
                             from Free Cash Flow. Because the amount has no impact on Free Cash
                             Flow, it is not included in the changes in operating assets and
                             liabilities for this presentation.
                                                                                                                                                                                                                                                                                                   
Note: Minor differences may exist due
to rounding.
-------------------------------------------------------------------------------------------------
                                                                                                                            
                                                                                                                                                                                                                                                                      
                     TABLE 5
                     Reconciliation of EPS Excluding Adjustments (Unaudited)
                     ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                      
                                                                                                                                                                                                                       Three Months Ended                                                                                                                                                                                                                     Twelve Months Ended
                                                                                                                                                                                                                          December 31,                                                                                                                                                                                                                           December 31,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                          2015                                                                                                     2016                                                                                                                          2015                                                                                                     2016
                                                                                                                                  ------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------
                                          (in millions, except per share data)
                                                                                                                                            $                     EPS (1)                                      $                     EPS (1)                                                           $                     EPS (1)                                      $                     EPS (1)
                                                                                                                                  -------------------- -------------------- -------------------- --------------------                      -------------------- -------------------- -------------------- --------------------                                           -------------------- -------------------- -------------------- --------------------                      -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                          Net income attributable to Comcast Corporation                                                        $1,971                                                          $0.79                                    $2,296                                                          $0.95                                                         $8,163                                                          $3.24                                    $8,695                                                          $3.57
                                          Growth %                                                                                                                                                                                                        16.5%                                                          20.3%                                                                                                                                                                    6.5%                                                          10.2%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                              Income from agency agreement(2)                                                                        -                                                              -                                     (143)                                                         (0.06)                                                              -                                                              -                                     (143)                                                         (0.06)
                                              Gains on sales of businesses and investments(3)                                                        -                                                              -                                         -                                                              -                                                          (202)                                                         (0.08)                                      (67)                                                         (0.03)
                                              Gain on settlement of contingent consideration liability(4)                                            -                                                              -                                         -                                                              -                                                          (150)                                                         (0.06)                                         -                                                              -
                                              Loss on early redemption of debt(5)                                                                    -                                                              -                                         -                                                              -                                                             29                                                           0.01                                         -                                                              -
                                              Costs related to Time Warner Cable and Charter transactions(6)                                         -                                                              -                                         -                                                              -                                                            123                                                           0.05                                         -                                                              -
                                              Losses on investment(7)                                                                               50                                                           0.02                                         -                                                              -                                                            208                                                           0.09                                         -                                                              -
                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                  -------------------- --------------------                      --------------------                      --------------------                      -------------------- --------------------                                           -------------------- --------------------                      --------------------                      -------------------- --------------------                      --------------------
                                          Net income attributable to Comcast Corporation (excluding                                             $2,021                                       $0.81                                    $2,153                                       $0.89                                                         $8,171                                       $3.25                                    $8,485                                       $3.48
                                          adjustments)
                                                                                                                                  ==================== ====================                      ====================                      ====================                      ==================== ====================                                           ==================== ====================                      ====================                      ==================== ====================                      ====================
                                          Growth %                                                                                                                                                                                                         6.5%                                                           9.9%                                                                                                                                                                    3.9%                                                           7.1%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
(1)            Based on pre-split diluted weighted-average number of common shares
                                  for the respective periods as presented in Table 1.
                                   
(2)                               4th quarter 2016 net income attributable to Comcast Corporation
                                  includes $225 million of other income, $143 million net of tax,
                                  recognized in connection with the settlement of amounts owed to us
                                  under an agency agreement that provided for, among other things, the
                                  sale of our cable services by a third party.
                                   
(3)                               2016 year to date net income attributable to Comcast Corporation
                                  includes $108 million of other income, $67 million net of tax,
                                  resulting from a gain on the sale of our investment in The Weather
                                  Channel’s product and technology business. 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.
                                   
(4)                               2015 year to date 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)                               2015 year to date 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)                               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.
                                   
(7)                               4th quarter 2015 net income attributable to Comcast Corporation
                                  includes $81 million of equity in net losses of investees, $50
                                  million net of tax, resulting from our proportionate share of an
                                  impairment loss recorded at The Weather Channel. 2015 year to date
                                  net income attributable to Comcast Corporation includes $333 million
                                  of equity in net losses of investees, $208 million net of tax,
                                  resulting from our proportionate share of impairment losses recorded
                                  at The Weather Channel.
                                   
                                   
Note: Minor differences may exist due
to rounding.
----------------------------------------------------------------------------------------------------
 
                                                                                                                                                                                                                                                                                
TABLE 6
Reconciliation of As Reported to Pro Forma(1)
Financial Information (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                 Theme Parks                                                                                                                                                                                                                                                                         NBCUniversal
                                                           ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                                           ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
(in millions)
                                                                              As Reported                                                                         Pro Forma                                                                         Pro Forma                                                                                                      As Reported                                                                         Pro Forma                                                                         Pro Forma
                                                                                                                                                               Adjustments(1)                                                                      Theme Parks                                                                                                                                                                                      Adjustments(1)                                                                     NBCUniversal
                                                           ----------------------------------------------                                             ------------------------------                                            ----------------------------------------------                                                                  ----------------------------------------------                                             ------------------------------                                            ----------------------------------------------
Three Months Ended December 31, 2015
-------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Revenue                                                                       $  1,019                                                                                   $        170                                                              $  1,189                                                                                                        $  7,477                                                                                   $        170                                                              $  7,647
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Operating costs and expenses                                    567                                                       81                                                648                                                                     5,925                                                       81                                              6,006  
                                                           -------------------- ------ --------------------                                           -------------------- ----------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ----------                                           -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Operating cash flow                                                           $    452                                                                $         89                                                              $    541                                                                                     $  1,552                                                                $         89                                                              $  1,641  
                                                           ==================== ====== ====================                                           ==================== ==========                                           ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ==========                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Three Months Ended December 31, 2016
-------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Revenue                                                                       $  1,344                                                                                              -                                                              $  1,344                                                                                                        $  8,451                                                                                              -                                                              $  8,451
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Operating costs and expenses                                    704                                                        -                                                704                                                                     6,681                                                        -                                              6,681  
                                                           -------------------- ------ --------------------                                           -------------------- ----------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ----------                                           -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Operating cash flow                                                           $    640                                                        -                                                              $    640                                                                                     $  1,770                                                        -                                                              $  1,770  
                                                           ==================== ====== ====================                                           ==================== ==========                                           ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ==========                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Growth Rates
-------------------------------------
Revenue                                                                           32.1 %                                                                                                                                                               13.2 %                                                                                                          13.0 %                                                                                                                                                               10.5 %
Operating cash flow                                                               41.9 %                                                                                                                                                               18.4 %                                                                                                          14.0 %                                                                                                                                                                7.8 %
                                                                                                                                                                
------------------------------------- -------------------- --------------------------------------------------------------------- -------------------- ---------------------------------------------------- -------------------- --------------------------------------------------------------------- -------------------- -------------------- --------------------------------------------------------------------- -------------------- ---------------------------------------------------- -------------------- -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Twelve Months Ended December 31, 2015
-------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Revenue                                                                       $  3,339                                                                                   $      1,052                                                              $  4,391                                                                                                        $ 28,462                                                                                   $      1,052                                                              $ 29,514
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Operating costs and expenses                                  1,875                                                      564                                              2,439                                                                    22,110                                                      564                                             22,674  
                                                           -------------------- ------ --------------------                                           -------------------- ----------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ----------                                           -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Operating cash flow                                                           $  1,464                                                                $        488                                                              $  1,952                                                                                     $  6,352                                                                $        488                                                              $  6,840  
                                                           ==================== ====== ====================                                           ==================== ==========                                           ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ==========                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Twelve Months Ended December 31, 2016
-------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Revenue                                                                       $  4,946                                                                                              -                                                              $  4,946                                                                                                        $ 31,593                                                                                              -                                                              $ 31,593
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Operating costs and expenses                                  2,756                                                        -                                              2,756                                                                    24,366                                                        -                                             24,366  
                                                           -------------------- ------ --------------------                                           -------------------- ----------                                           -------------------- ------ --------------------                                                                -------------------- ------ --------------------                                           -------------------- ----------                                           -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Operating cash flow                                                           $  2,190                                                        -                                                              $  2,190                                                                                     $  7,227                                                        -                                                              $  7,227  
                                                           ==================== ====== ====================                                           ==================== ==========                                           ==================== ====== ====================                                                                ==================== ====== ====================                                           ==================== ==========                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Growth Rates
-------------------------------------
Revenue                                                                           48.2 %                                                                                                                                                               12.7 %                                                                                                          11.0 %                                                                                                                                                                7.0 %
Operating cash flow                                                               49.6 %                                                                                                                                                               12.2 %                                                                                                          13.8 %                                                                                                                                                                5.7 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
(1) Pro Forma information is presented as if the acquisition of the
51% interest of Universal Studios Japan occurred on January 1, 2014.
Pro forma data does not include adjustments for transaction-related
costs, costs related to integration activities, or cost savings or
synergies that have been or may be achieved by the combined
businesses. The pro forma amounts are primarily based on historical
results of operations, adjusted for the allocation of purchase price
and are not necessarily indicative of what our results would have
been had we operated Universal Studios Japan since January 1, 2014,
nor of our future results.
 
                                                                                                                                                                                                      
TABLE 7
Reconciliation of Consolidated Revenue Excluding 2016 Olympics
and 2015 Super Bowl and Operating Cash Flow Excluding Costs Related
to
Time Warner Cable and Charter Transactions (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
                                                                                                                                                    Three Months Ended                                                                                                                                                Twelve Months Ended
                                                                                                                                                       December 31,                                                                                                                                                      December 31,
                                                                                                                                                                                                                                                                                                                                                                
                     (in millions)                                                                                     2015                                      2016                              Growth %                                                                        2015                                      2016                                    Growth %
                                                                                                               --------------------                      --------------------                      --------                                                                --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                                
                     Revenue                                                                                                $19,245                                   $21,025                          9.2%                                                                             $74,510                                   $80,403                                      7.9%
                                                                                                                                                                                                                                                                                                                                                                
                     2016 Olympics                                                                                                -                                         -                                                                                                                 -                                   (1,620)
                     2015 Super Bowl                                                                                              -                                         -                                                                                                             (376)                                         -
                                                                                                               --------------------                      --------------------                                                                                              --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                                
                     Revenue excluding 2016 Olympics and 2015 Super Bowl                                                    $19,245                                   $21,025                          9.2%                                                                             $74,134                                   $78,783                                      6.3%
                                                                                                               ====================                      ====================                                                                                              ====================                      ====================
                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                       2015                                      2016                              Growth %                                                                        2015                                      2016                                    Growth %
                                                                                                               --------------------                      --------------------                      --------                                                                --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                                
                     Operating Income                                                                                        $4,002                                    $4,264                                                                                                           $15,998                                   $16,859
                                                                                                                                                                                                                                                                                                                                                                
                     Depreciation and Amortization                                                                            2,270                                     2,496                                                                                                             8,680                                     9,558
                                                                                                                                                                                                                                                             
                                                                                                               --------------------                      --------------------                                                                                              --------------------                      --------------------
                     Operating Cash Flow                                                                                     $6,272                                    $6,760                          7.8%                                                                             $24,678                                   $26,417                                      7.0%
                                                                                                                                                                                                                                                                                                                                                                
                     Costs related to Time Warner Cable and Charter transactions                                                  -                                         -                                                                                                               178                                         -
                                                                                                               --------------------                      --------------------                                                                                              --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                                
                     Operating Cash Flow excluding costs related to Time Warner Cable and                                    $6,272                                    $6,760                          7.8%                                                                             $24,856                                   $26,417                                      6.3%
                     Charter transactions
                                                                                                               ====================                      ====================                                                                                              ====================                      ====================
                                                                                                                                                                                                                                                                                                                                                                
Reconciliation of Consolidated NBCUniversal Revenue Excluding
2016 Olympics and 2015 Super Bowl (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                    Three Months Ended                                                                                                                                                Twelve Months Ended
                                                                                                                                                       December 31,                                                                                                                                                      December 31,
                                                                                                                                                                                                                                                                                                                                                                
                     (in millions)                                                                                     2015                                      2016                              Growth %                                                                        2015                                      2016                                    Growth %
                                                                                                               --------------------                      --------------------                      --------                                                                --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                                
                     Revenue                                                                                                 $7,477                                    $8,451                         13.0%                                                                             $28,462                                   $31,593                                     11.0%
                                                                                                                                                                                                                                                                                                                                                                
                     2016 Olympics                                                                                                -                                         -                                                                                                                 -                                   (1,620)
                     2015 Super Bowl                                                                                              -                                         -                                                                                                             (376)                                         -
                                                                                                               --------------------                      --------------------                                                                                              --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                                
                     Revenue excluding 2016 Olympics and 2015 Super Bowl                                                     $7,477                                    $8,451                         13.0%                                                                             $28,086                                   $29,973                                      6.7%
                                                                                                               ====================                      ====================                                                                                              ====================                      ====================
                                                                                                                                                                                                                                                                                                                                                                
Reconciliation of Consolidated NBCUniversal Pro Forma Revenue
Excluding 2016 Olympics and 2015 Super Bowl (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                    Three Months Ended                                                                                                                                                Twelve Months Ended
                                                                                                                                                       December 31,                                                                                                                                                      December 31,
                                                                                                                                                                                                                                                                                                                                                                
                     (in millions)                                                                                     2015                                      2016                              Growth %                                                                        2015                                      2016                                    Growth %
                                                                                                               --------------------                      --------------------                      --------                                                                --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                                
                     Pro Forma Revenue                                                                                       $7,647                                    $8,451                         10.5%                                                                             $29,514                                   $31,593                                      7.0%
                                                                                                                                                                                                                                                                                                                                                                
                     2016 Olympics                                                                                                -                                         -                                                                                                                 -                                   (1,620)
                     2015 Super Bowl                                                                                              -                                         -                                                                                                             (376)                                         -
                                                                                                               --------------------                      --------------------                                                                                              --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                                
                     Pro Forma Revenue excluding 2016 Olympics and 2015 Super Bowl                                           $7,647                                    $8,451                         10.5%                                                                             $29,138                                   $29,973                                      2.9%
                                                                                                               ====================                      ====================                                                                                              ====================                      ====================
                                                                                                                                                                                                                                                                                                                                                                
Reconciliation of Cable Networks Revenue Excluding 2016 Olympics
(Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                    Three Months Ended                                                                                                                                                Twelve Months Ended
                                                                                                                                                       December 31,                                                                                                                                                      December 31,
                                                                                                                                                                                                                                                                                                                                                                
                     (in millions)                                                                                     2015                                      2016                              Growth %                                                                        2015                                      2016                                    Growth %
                                                                                                               --------------------                      --------------------                      --------                                                                --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                                
                     Revenue                                                                                                 $2,407                                    $2,503                          4.0%                                                                              $9,628                                   $10,464                                      8.7%
                                                                                                                                                                                                                                                                                                                                                                
                     2016 Olympics                                                                                                -                                         -                                                                                                                 -                                     (432)
                                                                                                               --------------------                      --------------------                                                                                              --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                                
                     Revenue excluding 2016 Olympics                                                                         $2,407                                    $2,503                          4.0%                                                                              $9,628                                   $10,032                                      4.2%
                                                                                                               ====================                      ====================                                                                                              ====================                      ====================
                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                
Reconciliation of Broadcast Television Revenue Excluding 2016
Olympics and 2015 Super Bowl (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                    Three Months Ended                                                                                                                                                Twelve Months Ended
                                                                                                                                                       December 31,                                                                                                                                                      December 31,
                                                                                                                                                                                                                                                                                                                                                                
                     (in millions)                                                                                     2015                                      2016                              Growth %                                                                        2015                                      2016                                    Growth %
                                                                                                               --------------------                      --------------------                      --------                                                                --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                                
                     Revenue                                                                                                 $2,498                                    $2,848                         14.0%                                                                              $8,530                                   $10,147                                     19.0%
                                                                                                                                                                                                                                                                                                                                                                
                     2016 Olympics                                                                                                -                                         -                                                                                                                 -                                   (1,188)
                     2015 Super Bowl                                                                                              -                                         -                                                                                                             (376)                                         -
                                                                                                               --------------------                      --------------------                                                                                              --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                                
                     Revenue excluding 2016 Olympics and 2015 Super Bowl                                                     $2,498                                    $2,848                         14.0%                                                                              $8,154                                    $8,959                                      9.9%
                                                                                                               ====================                      ====================                                                                                              ====================                      ====================
                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                
Note: Minor differences may exist due
to rounding.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170126005496r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170126005496/en/

SOURCE: Comcast Corporation

Comcast Corporation 
Investor Contacts: 
Jason Armstrong, 215-286-7972 
Jane Kearns, 215-286-4794 
or 
Press Contacts: 
D’Arcy Rudnay, 215-286-8582 
John Demming, 215-286-8011


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