COMCAST CORPORATION (Exact Name of Registrant As Specified in Its Charter)

Use these links to rapidly review the document TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended: MARCH 31, 2005 OR o Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Transition Period from to . Commission File Number 000-50093 COMCAST CORPORATION (Exact name of registrant as specified in its charter) PENNSYLVANIA 27-0000798 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1500 Market Street, Philadelphia, PA 19102-2148 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (215) 665-1700 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days. Yes ☒ No o Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12-b2 of the Exchange Act). Yes ☒ No o As of March 31, 2005, there were 1,361,166,466 shares of our Class A Common Stock, 834,858,073 shares of our Class A Special Common Stock and 9,444,375 shares of our Class B Common Stock outstanding. COMCAST CORPORATION AND SUBSIDIARIES FORM 10-Q QUARTER ENDED MARCH 31, 2005 TABLE OF CONTENTS Page Number PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements Condensed Consolidated Balance Sheet as of March 31, 2005 and December 31, 2004 (Unaudited) 2 Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2005 and 3 2004 (Unaudited) Condensed Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2005 and 4 2004 (Unaudited) Notes to Condensed Consolidated Financial Statements (Unaudited) 5 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25 ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 33 ITEM 4. Controls and Procedures 33 PART II. OTHER INFORMATION ITEM 1. Legal Proceedings 33 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 ITEM 6. Exhibits 34 SIGNATURES 35 This Quarterly Report on Form 10-Q is for the three months ended March 31, 2005. This Quarterly Report modifies and supersedes documents filed prior to this Quarterly Report. The SEC allows us to "incorporate by reference" information that we file with them, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report. Throughout this Quarterly Report, we refer to Comcast Corporation as "Comcast"; Comcast and its consolidated subsidiaries as "we," "us" and "our"; and Comcast Holdings Corporation as "Comcast Holdings." You should carefully review the information contained in this Quarterly Report and particularly consider any risk factors that we set forth in this Quarterly Report and in other reports or documents that we file from time to time with the SEC. In this Quarterly Report, we state our beliefs of future events and of our future financial performance. In some cases, you can identify these so-called "forward-looking statements" by words such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of those words, and other comparable words. You should be aware that those statements are only our predictions. In evaluating those statements, you should specifically consider various factors, including the risks outlined below. Actual events or our actual results may differ materially from any of our forward-looking statements. Our businesses may be affected by, among other things, the following: • All of the services offered by our cable systems face a wide range of competition that could adversely affect our future results of operations • Programming costs are increasing, which could adversely affect our future results of operations • We are subject to regulation by federal, state and local governments, which may impose costs and restrictions • We may face increased competition because of technological advances and new regulatory requirements, which could adversely affect our future results of operations • We face risks arising from the outcome of various litigation matters, including litigation associated with our acquisition of AT&T's Broadband operations • Our Chairman and CEO has considerable influence over our operations For a more detailed explanation of the factors affecting our businesses, please refer to the Risk Factors section in Item 1 of our 2004 Form 10-K. 1 COMCAST CORPORATION AND SUBSIDIARIES FORM 10-Q QUARTER ENDED MARCH 31, 2005 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (Dollars in millions, except share data) March 31, December 31, 2005 2004 ASSETS CURRENT ASSETS Cash and cash equivalents $ 636 $ 452 Investments 950 1,555 Accounts receivable, less allowance for doubtful accounts of $131 and $132 883 959 Other current assets 461 569 Total current assets 2,930 3,535 INVESTMENTS 12,945 12,812 PROPERTY AND EQUIPMENT, net of accumulated depreciation of $10,196 and $9,416 18,738 18,711 FRANCHISE RIGHTS 51,088 51,071 GOODWILL 14,014 14,020 OTHER INTANGIBLE ASSETS, net of accumulated amortization of $3,758 and $3,452 3,824 3,851 OTHER NONCURRENT ASSETS, net 699 694 $ 104,238 $ 104,694 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses related to trade creditors $ 1,998 $ 2,041 Accrued expenses and other current liabilities 2,777 2,735 Deferred income taxes 166 360 Current portion of long-term debt 3,855 3,499 Total current liabilities 8,796 8,635 LONG-TERM DEBT, less current portion 19,317 20,093 DEFERRED INCOME TAXES 26,930 26,815 OTHER NONCURRENT LIABILITIES 7,237 7,261 MINORITY INTEREST 602 468 COMMITMENTS AND CONTINGENCIES (NOTE 10) STOCKHOLDERS' EQUITY Preferred stock—authorized 20,000,000 shares; issued, zero — — Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 1,604,806,966 and 1,603,320,864; outstanding, 1,361,166,466 and 1,359,680,364 16 16 Class A Special common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued 882,147,916 and 890,234,413; outstanding, 834,858,073 and 842,944,570 9 9 Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375 — — Additional capital 44,055 44,142 Retained earnings 4,899 4,891 Treasury stock, 243,640,500 Class A common shares and 47,289,843 Class A Special common shares (7,517) (7,517) Accumulated other comprehensive loss (106) (119) Total stockholders' equity 41,356 41,422 $ 104,238 $ 104,694 See notes to condensed consolidated financial statements. 2 COMCAST CORPORATION AND SUBSIDIARIES FORM 10-Q QUARTER ENDED MARCH 31, 2005 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) (Dollars in millions, except per share data) Three Months Ended March 31, 2005 2004 REVENUES $ 5,363 $ 4,908 COSTS AND EXPENSES Operating (excluding depreciation) 1,957 1,869 Selling, general and administrative 1,376 1,306 Depreciation 874 798 Amortization 290 276 4,497 4,249 OPERATING INCOME 866 659 OTHER INCOME (EXPENSE) Interest expense (444) (500) Investment loss, net (36) (9) Equity in net income (losses) of affiliates 12 (17) Other income (expense) (108) 7 (576) (519) INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 290 140 INCOME TAX EXPENSE (140) (76) INCOME BEFORE MINORITY INTEREST 150 64 MINORITY INTEREST (7) 1 NET INCOME $ 143 $ 65 BASIC EARNINGS FOR COMMON STOCKHOLDERS PER COMMON SHARE $ 0.06 $ 0.03 DILUTED EARNINGS FOR COMMON STOCKHOLDERS PER COMMON SHARE $ 0.06 $ 0.03 See notes to condensed consolidated financial statements. 3 COMCAST CORPORATION AND SUBSIDIARIES FORM 10-Q QUARTER ENDED MARCH 31, 2005 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (Dollars in millions) Three Months Ended March 31, 2005 2004 OPERATING ACTIVITIES Net income $ 143 $ 65 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 874 798 Amortization 290 276 Non-cash interest expense, net 9 22 Equity in net (income) losses of affiliates (12) 17 Losses on investments and non-cash other (income) expense, net 203 8 Non-cash contribution expense 2 23 Minority interest 7 (1) Deferred income taxes (96) 5 Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Change in accounts receivable, net 76 131 Change in accounts payable and accrued expenses related to trade creditors (43) (248) Change in other operating assets and liabilities (121) (322) Net cash provided by operating activities 1,332 774 FINANCING ACTIVITIES Proceeds from borrowings 225 4 Retirements and repayments of debt (112) (273) Issuances of common stock 40 22 Repurchases of common stock (326) (12) Other 38 8 Net cash used in financing activities (135) (251) INVESTING ACTIVITIES Capital expenditures (892) (828) Proceeds from sales and restructuring of investments 100 4 Purchases of investments (40) (60) Acquisitions, net of cash acquired — (41) Additions to intangible and other noncurrent assets (180) (305) (Purchases of) proceeds from sales of short-term investments, net (1) 6 Proceeds from settlement of contract of acquired company — 26 Net cash used in investing activities (1,013) (1,198) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 184 (675) CASH AND CASH EQUIVALENTS, beginning of period 452 1,550 CASH AND CASH EQUIVALENTS, end of period $ 636 $ 875 See notes to condensed consolidated financial statements.

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