Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) ☑ Filed by the Registrant ☐ Filed by a Party other than the Registrant CHECK THE APPROPRIATE BOX: ☐ Preliminary Proxy Statement ☐ Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☑ Definitive Proxy Statement ☐ Definitive Additional Materials ☐ Soliciting Material Under Rule 14a-12 Comcast Corporation (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) PAYMENT OF FILING FEE (CHECK THE APPROPRIATE BOX): ☑ No fee required. ☐ Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. 1) Title of each class of securities to which transaction applies: 2) Aggregate number of securities to which transaction applies: 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): 4) Proposed maximum aggregate value of transaction: 5) Total fee paid: ☐ Fee paid previously with preliminary materials: ☐ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. 1) Amount previously paid: 2) Form, Schedule or Registration Statement No.: 3) Filing Party: 4) Date Filed: Table of Contents Notice of 2021 Annual Meeting of Shareholders and Proxy Statement Table of Contents 2020 Company Highlights Strong Execution on Key Strategic Priorities Broadband Aggregation Streaming $15 billion Further deployed X1, Flex & Sky Q Launched Peacock with 33 million sign-ups investment in Comcast Cable’s broadband network since with 47 million devices deployed, provide more of in the U.S. after 6 months the beginning of 2017 enabled us to stay ahead of our customers with our best aggregation platforms NBCUniversal strategically entered the streaming demand market with a differentiated, free, ad-supported service 90+ new apps 2 million that leveraged technologies and capabilities across our added in 2020 on Xfinity X1, Flex and Sky Q, adding businesses to launch more quickly and effectively broadband customer net additions in the U.S. in 2020 more great content and value #1 provider in U.S. / #2 in U.K. NOW gained new users in terms of internet customers Sky’s streaming offering, NOW, added new users streaming the latest TV, movies and live sports through Sky Cinema and Sky Sports Supporting through COVID-19 Working Toward Equity Employee Response Diverse Board $500 million+ 50% Director Diversity in support for our employees where operations were closed or impacted by COVID- by gender, race or ethnicity, with 30% gender and 30% racial and ethnic diversity 19 in 2020 Building a More Inclusive World Customer Support $100 million 1.5 million incremental commitment to fight injustice and inequality against any race, ethnicity, public WiFi hotspots in our network were opened for free gender identity, sexual orientation or ability Community Impact Addressing Digital Inequities 1,000 WiFi-Connected Lift Zones 5 million in community centers across the U.S. for low-income students planned by the end of low-income students connected to the internet through Internet Essentials, which we 2021, with 375+ launched to date believe is the largest and most comprehensive broadband adoption program for Americans, since 2011 NOTE ABOUT FORWARD-LOOKING STATEMENTS AND WEBSITE REFERENCES This Proxy Statement includes estimates, projections and statements relating to our business plans, objectives and expected operating results and statements regarding environmental, social and governance-related plans and goals that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may appear throughout this report. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. In evaluating these statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and other reports we file with the Securities and Exchange Commission (“SEC”). Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. Website references throughout this document are provided for convenience only, and the content on the referenced websites is not incorporated by reference into this document. 2 Table of Contents Message from Our Chairman, President and CEO and Our Lead Independent Director Dear Shareholders, The past year and the COVID-19 pandemic brought with it unprecedented societal and business challenges – the most difficult we have faced in our nearly 60-year history. We are immensely proud of Comcast’s performance under the Board of Directors’ stewardship and grateful for a leadership team that adapted and innovated to keep our people, customers and communities safe and supported. Our focus, expertise and passion led to a strong year for our organization and we believe positions us for continued long-term success. The products and services we provide were more important than ever, as millions relied on our broadband to work and learn from home and turned to our entertainment, news and sports platforms for information and enjoyment. Comcast Cable’s results this year were strong, highlighted by record total customer and broadband additions, and impressive growth in adjusted EBITDA. NBCUniversal responded quickly to the pandemic, accelerating the reorganization of its television businesses, releasing new films direct to consumers by creating a premium video on demand window and reopening the parks safely, while successfully launching the new Peacock streaming service, which surpassed 33 million sign-ups in just over its first six months. Sky also reacted swiftly and effectively, and as a result, revenue and customer relationships at the end of the year returned to pre-COVID levels. The core values of our organization – entrepreneurial spirit, doing the right thing and acting with integrity, respect for each other and giving back to the community – guided us as we worked diligently to accelerate key initiatives that would help those that were hardest hit by the pandemic. With the full support of our Board, we moved the vast majority of our employees to work from home to keep them and their families safe and provided more than $500 million to support employees where operations were closed. We expanded Internet Essentials, which we believe is America’s largest and most successful broadband adoption program, to reach even more low-income families, and launched WiFi-enabled Lift Zones in hundreds of community centers to help those without a home connection get online. In response to the urgently needed national dialogue around race and inequity, our company mobilized, building on a long-standing commitment to diversity, equity and inclusion, with an additional $100 million commitment to fight inequality and racism against any race, ethnicity, gender identity, sexual orientation or ability. These efforts, which are outlined in greater detail in the pages that follow, will remain key focus areas of our Board and our business as we continue to work hard to make a difference. As we look ahead to 2021, we do so with renewed confidence and optimism. We have entered the year with a strong balance sheet and a continued strategic focus on broadband, aggregation and streaming. We will continue to oversee and operate our organization for the long term, with support for our employees, customers and communities, and drive overall value for our company and shareholders. Thank you for your investment in Comcast and for your commitment. We are excited about the promise of the year ahead and the opportunity to serve you and our company as directors. Sincerely, Brian L. Roberts Edward D. Breen Chairman, President and Chief Executive Officer Lead Independent Director 2021 Proxy Statement 3 Table of Contents Notice of 2021 Annual Meeting of Shareholders of Comcast Corporation Voting Items Board Voting Recommendation PROPOSAL 1 DATE Elect directors FOR each director nominee June 2, 2021 PROPOSAL 2 TIME Advisory vote to approve Online check-in opens: 8:45 a.m. executive compensation FOR Eastern Time Meeting begins: 9:00 a.m. Eastern Time PROPOSAL 3 Ratify appointment of PLACE independent auditors FOR Meeting live via the internet: PROPOSAL 4 comcast.onlineshareholdermeeting.com Vote on one shareholder proposal AGAINST WHO CAN VOTE Shareholders of record on April 5, 2021 Only shareholders of record on April 5, 2021 may vote and participate during the meeting. If the meeting is adjourned because a quorum is not present, then shareholders who attend the reconvened meeting will constitute a quorum for the purpose of acting upon the matters presented at that meeting pursuant to the rules described in “Voting Securities and Principal Holders — Outstanding Shares and Voting Rights” in the attached proxy statement. The Notice of Internet Availability of Proxy Materials is being mailed, and the attached proxy statement is being made available, to our shareholders beginning on or about April 23, 2021.