Consolidated Revenue Increased 6%, Operating Cash Flow Increased 4% and Operating Income Increased 5%

Earnings per Share Increased 35% to $0.50

Generated $1.6 Billion of Free Cash Flow

Dividends and Share Repurchases Totaled $1.2 Billion

PHILADELPHIA--(BUSINESS WIRE)-- Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter ended June 30, 2012.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, "Our solid operating and financial results for the second quarter underscore the strength of our cable company and our focus on driving operational excellence and technology innovations. We are improving the customer experience and delivering exceptional products, which are the foundation for cable's continued momentum in High-Speed Internet and Business Services and stronger Video and Voice customer results.

NBCUniversal's second quarter performance came in as anticipated, and we continue to be very positive about our opportunities to build value across all the NBCUniversal businesses. Comcast Cable and NBCUniversal are also working well together to launch innovative products and experiences - and these efforts are being showcased now as we utilize all of our content and technology platforms to deliver the most comprehensive Olympics coverage ever."

Consolidated Financial Results
($ in millions)			2nd Quarter									Year to Date
Consolidated Results			2011			2012*			Growth			2011**			2012*			Growth
Revenue			$14,333			$15,211			6.1%			$26,461			$30,089			13.7%
Operating Cash Flow (OCF)1			$4,801			$5,004			4.2%			$8,867			$9,692			9.3%
Operating Income			$2,938			$3,079			4.8%			$5,162			$5,837			13.1%
Earnings per Share2			$0.37			$0.50			35.1%			$0.70			$0.94			34.3%
Free Cash Flow3			$1,520			$1,554			2.2%			$3,741			$4,593			22.8%
*2012 includes 100% of Universal Orlando results.
**Year to date 2011 includes 5 months of NBCUniversal results.

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 or www.cmcsk.com.

Consolidated financial results include NBCUniversal from January 28, 2011 and 100% of Universal Orlando from July 1, 2011.

Revenue increased 6.1% in the second quarter of 2012 to $15.2 billion, while Operating Cash Flow increased 4.2% to $5.0 billion and Operating Income increased 4.8% to $3.1 billion.

For the six months ended June 30, 2012, revenue increased 13.7% to $30.1 billion, while operating cash flow increased 9.3% to $9.7 billion and operating income increased 13.1% to $5.8 billion.

Earnings per Share (EPS) for the second quarter of 2012 was $0.50, a 35.1% increase from the $0.37 reported in the second quarter of 2011. Excluding a $137 million non-cash, non-recurring income tax charge in the second quarter of 2011, EPS increased 19.0% in the second quarter of 2012 (see Table 4).

EPS for the six months ended June 30, 2012 was $0.94, a 34.3% increase from the $0.70 reported in the prior year. Excluding NBCUniversal transaction and related costs incurred in the first six months of 2011 and the non-cash, non-recurring income tax charge noted above, EPS increased 22.1% (see Table 4).

Free Cash Flow (excluding any impact from the Economic Stimulus packages) for the second quarter of 2012 increased 2.2% to $1.6 billion compared to the second quarter of 2011, reflecting growth in consolidated operating cash flow and improvements in working capital, partially offset by higher taxes and capitalized software and intangible asset expenditures. Free cash flow for the six months ended June 30, 2012 increased 22.8% to $4.6 billion compared to $3.7 billion in 2011.

($ in millions)			2nd Quarter									Year to Date
Free Cash Flow			2011			2012*			Growth			2011**			2012*			Growth
Operating Cash Flow			$4,801			$5,004			4.2%			$8,867			$9,692			9.3%
Capital Expenditures			(1,271)			(1,287)			1.3%			(2,377)			(2,461)			3.5%
Cash Paid for Capitalized Software and Other Intangible Assets			(173)			(230)			32.9%			(296)			(414)			39.9%
Cash Interest Expense			(540)			(544)			0.7%			(1,197)			(1,158)			(3.3%)
Cash Taxes			(496)			(904)			82.3%			(570)			(1,022)			79.3%
Changes in Operating Assets and Liabilities			(428)			(305)			(28.7%)			(421)			41			NM
Noncash Share-Based Compensation			90			100			11.1%			174			189			8.6%
Proceeds from Investments and Other			75			77			2.7%			143			152			6.3%
Distributions to Noncontrolling Interests			(129)			(175)			35.7%			(175)			(233)			33.1%
Excess Tax Benefits Under Share-Based Compensation			(14)			(6)			(57.1%)			(40)			(79)			97.5%
Nonoperating Items			(9)			(9)			—			19			53			NM
Free Cash Flow (Incl. Economic Stimulus Packages)			$1,906			$1,721			(9.7%)			$4,127			$4,760			15.3%
Economic Stimulus Packages			(386)			(167)			(56.7%)			(386)			(167)			(56.7%)
Free Cash Flow			$1,520			$1,554			2.2%			$3,741			$4,593			22.8%
*2012 includes 100% of Universal Orlando results.
**Year to date 2011 includes 5 months of NBCUniversal results.

Note: The definition of Free Cash Flow excludes any impact from the 2008-2012 Economic Stimulus packages. These amounts have been excluded from Free Cash Flow to provide an appropriate comparison. NM=comparison not meaningful.

Dividends and Share Repurchases. During the second quarter of 2012, Comcast paid dividends totaling $438 million and repurchased 25.8 million of its common shares for $750 million. Year-to-date, Comcast has repurchased 51.7 million of its common shares for $1.5 billion. As of June 30, 2012, Comcast had approximately $5.0 billion available under its share repurchase authorization.

Pro Forma Financial Results

Pro forma results are presented as if the NBCUniversal transaction, which closed on January 28, 2011, and the Universal Orlando transaction, which closed on July 1, 2011, were effective on January 1, 2010. These results are based on historical results of operations, adjusted for the effects of acquisition accounting and eliminating the costs and expenses directly related to the transaction, and are not necessarily indicative of what the results would have been had Comcast operated NBCUniversal and Universal Orlando since January 1, 2010 (see Table 5 for reconciliations of pro forma financial information).

($ in millions)			2nd Quarter									Year to Date
Consolidated Pro Forma Results			2011			2012			Growth			2011			2012			Growth
Revenue			$14,700			$15,211			3.5%			$28,280			$30,089			6.4%
Operating Cash Flow (OCF)			$4,960			$5,004			0.9%			$9,236			$9,692			4.9%

Consolidated Pro Forma Revenue increased 3.5% in the second quarter of 2012 to $15.2 billion compared to $14.7 billion in the second quarter of 2011. Consolidated Pro Forma Operating Cash Flow increased 0.9% to $5.0 billion compared to last year's second quarter.

For the six months ended June 30, 2012, consolidated pro forma revenue increased 6.4% to $30.1 billion compared to $28.3 billion in 2011. Consolidated pro forma operating cash flow increased 4.9% to $9.7 billion compared to $9.2 billion in the first six months of 2011.

Cable Communications

($ in millions)			2nd Quarter									Year to Date
			2011			2012			Growth			2011			2012			Growth
Cable Communications Revenue
Video			$4,941			$5,079			2.8%			$9,832			$10,048			2.2%
High-Speed Internet			2,186			2,380			8.9%			4,292			4,703			9.6%
Voice			878			889			1.2%			1,738			1,767			1.6%
Business Services			435			582			34.2%			829			1,123			35.6%
Advertising			512			552			7.6%			967			1,028			6.3%
Other			389			415			6.7%			767			827			7.8%
Cable Communications Revenue			$9,341			$9,897			6.0%			$18,425			$19,496			5.8%
Cable Communications OCF			$3,886			$4,101			5.5%			$7,635			$8,056			5.5%
OCF Margin			41.6%			41.4%						41.4%			41.3%
Cable Communications Capital Expenditures			$1,181			$1,124			(4.9%)			$2,234			$2,180			(2.4%)
Percent of Cable Communications Revenue			12.6%			11.4%						12.1%			11.2%

Revenue. For the second quarter of 2012, Cable revenue increased 6.0% to $9.9 billion compared to $9.3 billion in the second quarter of 2011. This increase was driven by an 8.9% increase in High-Speed Internet revenue, a 34.2% increase in Business Services revenue and a 2.8% increase in Video revenue. Monthly average total revenue per Video customer increased 8.0% to $148.57, reflecting a growing number of residential customers taking multiple products, rate adjustments and a higher contribution from Business Services.

For the six months ended June 30, 2012, Cable revenue increased 5.8% to $19.5 billion compared to $18.4 billion in 2011.

Operating Cash Flow. For the second quarter of 2012, Cable operating cash flow increased 5.5% to $4.1 billion compared to $3.9 billion in the second quarter of 2011, reflecting higher revenue offset primarily by increases in video programming as well as sales and marketing to support growth and enhance our competitive position in both residential and business services. This quarter's operating cash flow margin was 41.4% compared to 41.6% in the second quarter of 2011.

For the six months ended June 30, 2012, Cable operating cash flow increased 5.5% to $8.1 billion compared to $7.6 billion in 2011. Year-to-date operating cash flow margin was 41.3% compared to 41.4% in 2011.

Capital Expenditures. For the second quarter of 2012, Cable capital expenditures decreased 4.9% to $1.1 billion compared to $1.2 billion in the prior year, primarily reflecting lower spending on customer premise equipment. Cable capital expenditures represented 11.4% of Cable revenue in the second quarter of 2012 compared to 12.6% in last year's second quarter.

For the six months ended June 30, 2012, Cable capital expenditures decreased 2.4% to $2.2 billion, representing 11.2% of Cable revenue.

Customers. In the second quarter, combined Video, High-Speed Internet and Voice customers increased by 138,000, a 40.1% increase compared to second quarter 2011 net additions. As of June 30, 2012, Video, High-Speed Internet and Voice customers totaled 50.5 million, an increase of 1.4 million or 2.8% over last year's second quarter.

(in thousands)			Customers						Net Adds
			2Q11			2Q12			2Q11			2Q12
Video Customers			22,513			22,118			(238)			(176)
High-Speed Internet Customers			17,547			18,738			144			156
Voice Customers			9,063			9,664			193			158
Combined Video, HSI and Voice Customers			49,123			50,521			99			138

NBCUniversal

Pro forma NBCUniversal results are presented as if the NBCUniversal transaction, which closed on January 28, 2011, and the Universal Orlando transaction, which closed on July 1, 2011, were effective on January 1, 2010.

Revenue for NBCUniversal decreased 0.8% to $5.5 billion in the second quarter of 2012 compared to last year's second quarter reflecting the impact on our Cable Networks and Broadcast Television segments from a content licensing agreement signed in the second quarter of 2011 and underperformance in our Filmed Entertainment segment. Operating Cash Flow decreased 15.4% to $982 million compared to $1.2 billion in the second quarter of 2011 reflecting the decrease in revenue as well as higher programming investments.

For the six months ended June 30, 2012, NBCUniversal revenue increased 7.8% to $11.0 billion. Excluding $259 million of revenue related to the Super Bowl in the first quarter of 2012, revenue increased 5.2%. Operating cash flow increased 1.6% to $1.8 billion compared to the first six months of 2011 (see Table 6).

($ in millions) (pro forma)			2nd Quarter									Year to Date
			2011			2012			Growth			2011			2012			Growth
NBCUniversal Revenue
Cable Networks			$2,173			$2,252			3.6%			$4,193			$4,390			4.7%
Broadcast Television			1,695			1,540			(9.1%)			3,047			3,391			11.3%
Filmed Entertainment			1,254			1,231			(1.8%)			2,229			2,423			8.7%
Theme Parks			521			539			3.4%			911			951			4.4%
Headquarters, Other and Eliminations			(96)			(58)			39.2%			(194)			(179)			7.7%
NBCUniversal Revenue			$5,547			$5,504			(0.8%)			$10,186			$10,976			7.8%
NBCUniversal OCF
Cable Networks			$846			$788			(6.8%)			$1,663			$1,593			(4.2%)
Broadcast Television			190			196			2.7%			210			186			(11.5%)
Filmed Entertainment			27			(83)			NM			(119)			(77)			35.8%
Theme Parks			225			235			4.2%			359			392			9.0%
Headquarters, Other and Eliminations			(127)			(154)			(20.3%)			(347)			(299)			13.7%
NBCUniversal OCF			$1,161			$982			(15.4%)			$1,766			$1,795			1.6%

Cable Networks

For the second quarter of 2012, revenue from the Cable Networks segment increased 3.6% to $2.3 billion compared to $2.2 billion in the second quarter of 2011, driven by a 6.8% increase in distribution revenue and a 4.1% increase in advertising revenue, partially offset by lower revenue from a content licensing agreement signed in the second quarter of 2011. Operating cash flow decreased 6.8% to $788 million compared to $846 million in the second quarter of 2011, reflecting higher programming and production costs, primarily due to increased investment in original programming and higher NHL and NBA programming costs.

For the six months ended June 30, 2012, revenue from the Cable Networks segment increased 4.7% to $4.4 billion compared to $4.2 billion in 2011. Operating cash flow decreased 4.2% to $1.6 billion compared to $1.7 billion in the first six months of 2011.

Broadcast Television

For the second quarter of 2012, revenue from the Broadcast Television segment decreased 9.1% to $1.5 billion compared to $1.7 billion in the second quarter of 2011, reflecting lower revenue from a content licensing agreement signed in the second quarter of 2011. Operating cash flow increased 2.7% to $196 million compared to $190 million in the second quarter of 2011, reflecting improved performance at the owned local stations, partially offset by increased investment in programming.

For the six months ended June 30, 2012, revenue from the Broadcast Television segment increased 11.3% to $3.4 billion compared to $3.0 billion in 2011. Excluding the impact of the Super Bowl in the first quarter of 2012, revenue increased 2.8%. Operating cash flow decreased 11.5% to $186 million compared to $210 million in the first six months of 2011 (see Table 6).

Filmed Entertainment

For the second quarter of 2012, revenue from the Filmed Entertainment segment decreased 1.8% to $1.2 billion compared to $1.3 billion in the second quarter of 2011, primarily reflecting lower theatrical and stage plays revenue, partially offset by higher content licensing revenue. In the second quarter of 2012, the Filmed Entertainment segment generated an operating cash flow loss of $83 million compared to operating cash flow of $27 million in the second quarter of 2011, primarily driven by the underperformance of Battleship.

For the six months ended June 30, 2012, revenue from the Filmed Entertainment segment increased 8.7% to $2.4 billion compared to $2.2 billion in 2011. Operating cash flow was a loss of $77 million compared to a loss of $119 million in the first six months of 2011.

Theme Parks

Theme Parks results are presented as if the Universal Orlando transaction, which closed on July 1, 2011, was effective on January 1, 2010. As a result, Theme Parks segment revenue and operating cash flow includes the results of Universal Orlando, Universal Hollywood and international licensing fees.

For the second quarter of 2012, revenue from the Theme Parks segment increased 3.4% to $539 million compared to $521 million in the second quarter of 2011, driven by solid performance at the Orlando and Hollywood parks. Second quarter operating cash flow increased 4.2% to $235 million compared to $225 million in the same period last year.

For the six months ended June 30, 2012, revenue from the Theme Parks segment increased 4.4% to $951 million compared to $911 million in 2011. Operating cash flow increased 9.0% to $392 million compared to $359 million in the first six months of 2011.

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations between the NBCUniversal businesses. For the quarter ended June 30, 2012, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $154 million compared to a loss of $127 million in the second quarter of 2011 which includes non-recurring transaction-related costs that totaled $6 million.

For the six months ended June 30, 2012, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $299 million compared to a loss of $347 million in 2011 which includes non-recurring transaction-related costs that totaled $98 million.

Corporate, Other and Eliminations

Pro forma Corporate, Other and Eliminations include corporate operations, Comcast-Spectacor and eliminations between Comcast's businesses. For the quarter ended June 30, 2012, Corporate, Other and Eliminations revenue was ($190) million compared to ($188) million in 2011. The operating cash flow loss was $79 million compared to a loss of $87 million in the second quarter of 2011.

For the six months ended June 30, 2012, Corporate and Other revenue and eliminations were ($383) million compared to ($331) million in 2011. The operating cash flow loss was $159 million compared to a loss of $165 million in the first six months of 2011.

Notes:

1			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.
2			Earnings per share amounts are presented on a diluted basis.
3			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 and cash distributions to noncontrolling interests; and adjusted for any payments and receipts related to certain nonoperating items, net of estimated tax benefits. We do not present Free Cash Flow on a pro forma basis.
			All percentages are calculated on whole numbers. Differences may exist due to rounding.

Conference Call Information

Comcast Corporation will host a conference call with the financial community today, August 1, 2012 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 or www.cmcsk.com. Those parties interested in participating via telephone should dial (800) 263-8495 with the conference ID number 93213388. A replay of the call will be available starting at 12:30 p.m. ET on August 1, 2012, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Wednesday, August 8, 2012 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 93213388. To automatically receive Comcast financial news by email, please visit www.cmcsa.com or www.cmcsk.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 (Nasdaq: CMCSA, CMCSK) (www.comcast.com) is one of the world's leading media, entertainment and communications companies. Comcast is principally involved in the operation of cable systems through Comcast Cable Communications and in the development, production and distribution of entertainment, news, sports and other content for global audiences through NBCUniversal. Comcast Cable Communications is one of the nation's largest video, high-speed Internet and phone providers to residential and business customers. Comcast is the majority owner and manager of NBCUniversal, which owns and operates entertainment and news cable networks, the NBC and Telemundo broadcast networks, local television station groups, television production operations, a major motion picture company and theme parks.

TABLE 1
Condensed Consolidated Statement of Income (Unaudited)
			Three Months Ended									Six Months Ended
	(in millions, except per share data)		June 30,									June 30,
				2011				2012					2011				2012
	Revenue		$	14,333			$	15,211				$	26,461			$	30,089
	Operating costs and expenses			9,532				10,207					17,594				20,397
	Operating cash flow			4,801				5,004					8,867				9,692
	Depreciation expense			1,478				1,516					2,964				3,045
	Amortization expense			385				409					741				810
				1,863				1,925					3,705				3,855
	Operating income			2,938				3,079					5,162				5,837
	Other income (expense)
	Interest expense			(621	)			(625	)				(1,226	)			(1,265	)
	Investment income (loss), net			61				8					150				100
	Equity in net income (losses) of investees, net			37				29					-				32
	Other income (expense), net			(34	)			(47	)				(70	)			(63	)
				(557	)			(635	)				(1,146	)			(1,196	)
	Income before income taxes			2,381				2,444					4,016				4,641
	Income tax expense			(1,014	)			(811	)				(1,610	)			(1,561	)
	Net income			1,367				1,633					2,406				3,080
	Net (income) loss attributable to noncontrolling interests			(345	)			(285	)				(441	)			(508	)
	Net income attributable to Comcast Corporation		$	1,022			$	1,348				$	1,965			$	2,572
	Diluted earnings per common share attributable to Comcast Corporation shareholders		$	0.37			$	0.50				$	0.70			$	0.94
	Dividends declared per common share attributable to Comcast Corporation shareholders		$	0.1125			$	0.1625				$	0.225			$	0.325
	Diluted weighted-average number of common shares			2,789				2,717					2,799				2,733
	Note: Consolidated financial results include NBCUniversal from January 28, 2011 and 100% of Universal Orlando from July 1, 2011.

TABLE 2
Condensed Consolidated Balance Sheet (Unaudited)
	(in millions)		December 31,			June 30,
			2011			2012
	ASSETS
	Current Assets
	Cash and cash equivalents		$	1,620		$	2,101
	Investments			54			2,231
	Receivables, net			4,351			4,387
	Programming rights			987			1,114
	Other current assets			1,561			1,521
	Total current assets			8,573			11,354
	Film and television costs			5,227			5,120
	Investments			9,854			8,018
	Property and equipment, net			27,559			26,891
	Franchise rights			59,376			59,364
	Goodwill			26,874			27,010
	Other intangible assets, net			18,165			17,786
	Other noncurrent assets, net			2,190			2,145
			$	157,818		$	157,688
	LIABILITIES AND EQUITY
	Current Liabilities
	Accounts payable and accrued expenses related to trade creditors		$	5,705		$	5,730
	Accrued participations and residuals			1,255			1,300
	Deferred revenue			790			1,027
	Accrued expenses and other current liabilities			4,124			4,731
	Current portion of long-term debt			1,367			2,954
	Total current liabilities			13,241			15,742
	Long-term debt, less current portion			37,942			34,175
	Deferred income taxes			29,932			29,881
	Other noncurrent liabilities			13,034			13,432
	Redeemable noncontrolling interests			16,014			16,279
	Equity
	Comcast Corporation shareholders' equity			47,274			47,731
	Noncontrolling interests			381			448
	Total Equity			47,655			48,179
			$	157,818		$	157,688

TABLE 3
Consolidated Statement of Cash Flows (Unaudited)
	(in millions)		Six Months Ended
			June 30,
				2011				2012
	OPERATING ACTIVITIES
	Net income		$	2,406			$	3,080
	Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation and amortization			3,705				3,855
	Amortization of film and television costs			2,889				4,156
	Share-based compensation			174				189
	Noncash interest expense (income), net			78				105
	Equity in net (income) losses of investees, net			-				(32	)
	Cash received from investees			170				142
	Net (gain) loss on investment activity and other			(107	)			(27	)
	Deferred income taxes			693				41
	Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
	Change in receivables, net			277				(30	)
	Change in film and television costs			(3,268	)			(4,176	)
	Change in accounts payable and accrued expenses related to trade creditors			(154	)			(4	)
	Change in other operating assets and liabilities			93				516
	Net cash provided by operating activities			6,956				7,815
	INVESTING ACTIVITIES
	Capital expenditures			(2,377	)			(2,461	)
	Cash paid for intangible assets			(296	)			(414	)
	Acquisitions, net of cash acquired			(5,660	)			-
	Proceeds from sales of businesses and investments			116				64
	Purchases of investments			(46	)			(108	)
	Other			(23	)			90
	Net cash provided by (used in) investing activities			(8,286	)			(2,829	)
	FINANCING ACTIVITIES
	Proceeds from (repayments of) short-term borrowings, net			741				(554	)
	Repurchases and repayments of debt			(1,764	)			(1,692	)
	Repurchases and retirements of common stock			(1,050	)			(1,500	)
	Dividends paid			(572	)			(741	)
	Issuances of common stock			206				184
	Distributions to noncontrolling interests			(175	)			(233	)
	Other			(43	)			31
	Net cash provided by (used in) financing activities			(2,657	)			(4,505	)
	Increase (decrease) in cash and cash equivalents			(3,987	)			481
	Cash and cash equivalents, beginning of period			5,984				1,620
	Cash and cash equivalents, end of period		$	1,997			$	2,101
	Note: Consolidated financial results include NBCUniversal from January 28, 2011 and 100% of Universal Orlando from July 1, 2011.

TABLE 4
Supplemental Information
Alternate Presentation of Net Cash Provided by Operating Activities and Free Cash Flow (Unaudited)
			Three Months Ended											Six Months Ended
			June 30,											June 30,
	(in millions)			2011					2012						2011					2012
	Operating income		$	2,938				$	3,079					$	5,162				$	5,837
	Depreciation and amortization			1,863					1,925						3,705					3,855
	Operating income before depreciation and amortization			4,801					5,004						8,867					9,692
	Noncash share-based compensation expense			90					100						174					189
	Changes in operating assets and liabilities			(428	)				(305	)					(421	)				41
	Cash basis operating income			4,463					4,799						8,620					9,922
	Payments of interest			(540	)				(544	)					(1,197	)				(1,158	)
	Payments of income taxes			(496	)				(904	)					(570	)				(1,022	)
	Proceeds from investments and other			75					77						143					152
	Excess Tax Benefits Under Share-Based Compensation			(14	)				(6	)					(40	)				(79	)
	Net Cash Provided by Operating Activities		$	3,488				$	3,422					$	6,956				$	7,815
	Capital expenditures			(1,271	)				(1,287	)					(2,377	)				(2,461	)
	Cash paid for capitalized software and other intangible assets			(173	)				(230	)					(296	)				(414	)
	Distributions to noncontrolling interests			(129	)				(175	)					(175	)				(233	)
	Nonoperating items			(9	)				(9	)					19					53
	Free Cash Flow (including Economic stimulus packages)		$	1,906				$	1,721					$	4,127				$	4,760
	Economic stimulus packages			(386	)				(167	)					(386	)				(167	)
	Total Free Cash Flow		$	1,520				$	1,554					$	3,741				$	4,593

Reconciliation of EPS Excluding Unfavorable Income Tax Adjustments and NBCUniversal Transaction and Related Costs (Unaudited)
			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2011				2012					2011				2012
	(in millions, except per share data)
			$		EPS (1)		$		EPS (1)			$		EPS (1)		$		EPS (1)
	Net income attributable to Comcast Corporation		$1,022		$0.37		$1,348		$0.50			$1,965		$0.70		$2,572		$0.94
	Growth %						31.9%		35.1%							30.8%		34.3%
	Unfavorable Income Tax Adjustments (2)		137		0.05		-		-			137		0.05		-		-
	Comcast Costs Related to the NBCUniversal Transaction, net of tax (3)		-		-		-		-			51		0.02		-		-
	NBCUniversal Transaction-Related Costs, net of tax(4)		2		0.00		-		-			16		0.00		-		-
	Net income attributable to Comcast Corporation
	(excluding Unfavorable Income Tax Adjustments and NBCUniversal Transaction and Related Costs)		$1,161		$0.42		$1,348		$0.50			$2,169		$0.77		$2,572		$0.94
	Growth %						16.1%		19.0%							18.6%		22.1%

(1)		Based on diluted weighted-average number of common shares for the respective periods as presented in Table 1.
(2)		2011 Net Income attributable to Comcast Corporation includes an unfavorable tax adjustment due to changes in state tax legislation of $137 million in total.
(3)		2011 year to date Net Income attributable to Comcast Corporation includes $63 million of operating costs and expenses and $16 million of other expense ($80 million in total, $51 million net of tax) related to the NBCUniversal Transaction.
(4)		1st quarter 2011 Net Income attributable to Comcast Corporation includes $44 million in transaction-related costs, $14 million net of tax and noncontrolling interest. 2nd quarter 2011 Net Income attributable to Comcast Corporation includes $6 million in transaction-related costs, $2 million net of tax and noncontrolling interest.
Note: Consolidated financial results include NBCUniversal from January 28, 2011 and 100% of Universal Orlando from July 1, 2011. Minor differences may exist due to rounding.

TABLE 5
Reconciliation of GAAP to Pro Forma(1) Financial Information (Unaudited)
			GAAP										NBCUniversal					Corporate, Other and Eliminations							Total
																					Pro Forma
	(in millions)						Corporate,														Corporate,
			Cable		Total		Other and						Pro Forma		Pro Forma			Pro Forma			Other and				Pro Forma		Total
			Communications		NBCU		Eliminations			Total			Adjustments(1)		NBCU			Adjustments(1)			Eliminations				Adjustments(1)		Pro Forma
	Three Months Ended June 30, 2011
	Revenue		$9,341		$5,179		($187	)		$14,333			$368		$5,547			($1	)		($188	)			$367		$14,700
	Operating Costs and Expenses		5,455		4,178		(101	)		9,532			208		4,386			-			(101	)			208		9,740
	Operating Cash Flow		$3,886		$1,001		($86	)		$4,801			$160		$1,161			($1	)		($87	)			$159		$4,960
	Three Months Ended June 30, 2012
	Revenue		$9,897		$5,504		($190	)		$15,211			-		$5,504			-			($190	)			-		$15,211
	Operating Costs and Expenses		5,796		4,522		(111	)		10,207			-		4,522			-			(111	)			-		10,207
	Operating Cash Flow		$4,101		$982		($79	)		$5,004			-		$982			-			($79	)			-		$5,004
	Six Months Ended June 30, 2011
	Revenue		$18,425		$8,322		($286	)		$26,461			$1,864		$10,186			($45	)		($331	)			$1,819		$28,280
	Operating Costs and Expenses		10,790		6,863		(59	)		17,594			1,557		8,420			(107	)		(166	)			1,450		19,044
	Operating Cash Flow		$7,635		$1,459		($227	)		$8,867			$307		$1,766			$62			($165	)			$369		$9,236
	Six Months Ended June 30, 2012
	Revenue		$19,496		$10,976		($383	)		$30,089			-		$10,976			-			($383	)			-		$30,089
	Operating Costs and Expenses		11,440		9,181		(224	)		20,397			-		9,181			-			(224	)			-		20,397
	Operating Cash Flow		$8,056		$1,795		($159	)		$9,692			-		$1,795			-			($159	)			-		$9,692

(1) Pro Forma information is presented as if the NBCUniversal transaction and the acquisition of the remaining 50% interest of Universal Orlando occurred January 1, 2010. Pro forma data does not include adjustments for costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined businesses. Pro forma amounts are not necessarily indicative of what our results would have been had we operated the NBCUniversal contributed businesses or Universal Orlando since January 1, 2010, nor of our future results.

TABLE 6
Reconciliation of Consolidated Pro Forma NBCUniversal Revenue Excluding Super Bowl (Unaudited)
			Three Months Ended										Six Months Ended
			June 30,										June 30,
	(in millions)		2011			2012			Growth %				2011			2012				Growth %
	Revenue		$	5,547		$	5,504		(0.8	%)			$	10,186		$	10,976			7.8	%
	Super Bowl			-			-							-			(259	)
	Revenue excluding Super Bowl		$	5,547		$	5,504		(0.8	%)			$	10,186		$	10,717			5.2	%
Reconciliation of Pro Forma Broadcast Television Revenue Excluding Super Bowl (Unaudited)
			Three Months Ended										Six Months Ended
			June 30,										June 30,
	(in millions)		2011			2012			Growth %				2011			2012				Growth %
	Revenue		$	1,695		$	1,540		(9.1	%)			$	3,047		$	3,391			11.3	%
	Super Bowl			-			-							-			(259	)
	Revenue excluding Super Bowl		$	1,695		$	1,540		(9.1	%)			$	3,047		$	3,132			2.8	%
Note: Minor differences may exist due to rounding.

Comcast Corporation
Investor Contacts:
Marlene S. Dooner, 215-286-7392
or
Jane B. Kearns, 215-286-4794
or
Press Contacts:
D'Arcy Rudnay, 215-286-8582
or
John Demming, 215-286-8011

Source: Comcast Corporation

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