2011 Consolidated Revenue Increased 47%, Operating Cash Flow Increased 26% and Operating Income Increased 34%

Free Cash Flow Increased 30% to $7.0 Billion, including $5.2 Billion from Cable and $1.8 Billion from NBCUniversal

Dividend and Share Repurchases Totaled $3.3 Billion in 2011

Dividend to Increase 44% to $0.65 per Share on an Annualized Basis; Share Repurchase Authorization of $6.5 Billion Approved by the Board, with $3 Billion to be Repurchased in 2012, a 40% Increase from 2011

PHILADELPHIA--(BUSINESS WIRE)-- Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter and year ended December 31, 2011.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, "Last year was a very important year for our company. Cable continued to drive innovation, increase new product introductions and transform the customer experience, and we successfully integrated NBCUniversal. We also reported strong financial and operating results in both the fourth quarter and for the full year. Specifically, cable had another terrific quarter of improving customer metrics, demonstrating that our new XFINITY brand and our intensified focus on service and innovation are making a real difference. Our results at NBCUniversal underscore the strong performance of the cable networks and theme parks, and we continue to make progress enhancing the franchise values of its businesses.

As we begin 2012, the strength of our businesses and free cash flow generation will allow us to continue to build value and consistently return capital to shareholders. To underscore our optimism, we are increasing our dividend by 44% and have instituted a new $6.5 billion share repurchase plan, with $3 billion to be repurchased this year."

($ in millions)		4th Quarter								Full Year
Consolidated Results		2010		2011		Growth				2010		2011*		Growth
Revenue		$9,721		$15,042		54.7	%			$37,937		$55,842		47.2	%
Operating Cash Flow (OCF)1		$3,716		$4,916		32.3	%			$14,596		$18,357		25.8	%
Operating Income		$2,013		$2,918		45.0	%			$7,980		$10,721		34.3	%
Earnings per Share		$0.36		$0.47		30.6	%			$1.29		$1.50		16.3	%
Free Cash Flow2		$1,121		$1,876		67.4	%			$5,388		$7,009		30.1	%
*Full Year 2011 includes 11 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

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

Revenue increased 54.7% in the fourth quarter of 2011 to $15.0 billion, while Operating Cash Flow increased 32.3% to $4.9 billion and Operating Income increased 45.0% to $2.9 billion.

For the year ended December 31, 2011, revenue increased 47.2% to $55.8 billion, while operating cash flow increased 25.8% to $18.4 billion and operating income increased 34.3% to $10.7 billion.

Earnings per Share³ (EPS) for the fourth quarter of 2011 was $0.47, a 30.6% increase from the $0.36 reported in the fourth quarter of 2010. Excluding NBCUniversal transaction and related costs and other non-recurring items, EPS increased 34.3% in the fourth quarter of 2011 (see Table 4).

EPS for the year ended December 31, 2011 was $1.50, a 16.3% increase from the $1.29 reported in the prior year. Excluding NBCUniversal transaction and related costs and other non-recurring items, EPS increased 20.6% to $1.58 compared to $1.31 in 2010 (see Table 4).

Free Cash Flow (excluding any impact from the Economic Stimulus packages) increased 67.4% to $1.9 billion in the fourth quarter of 2011 compared to $1.1 billion in the fourth quarter of 2010, reflecting growth in consolidated operating cash flow, partially offset by an increase in cash interest expense at NBCUniversal and increased intangible asset expenditures.

Free cash flow for the year ended December 31, 2011 increased 30.1% to $7.0 billion compared to $5.4 billion in 2010. The increase in free cash flow primarily reflects growth in consolidated operating cash flow, partially offset by increases in working capital, cash interest expense, capital expenditures and intangible asset expenditures.

($ in millions)		4th Quarter										Full Year
Free Cash Flow		2010			2011			Growth				2010			2011*			Growth
Operating Cash Flow		$3,716			$4,916			32.3	%			$14,596			$18,357			25.8	%
Capital Expenditures		(1,532	)		(1,522	)		(0.6	%)			(4,961	)		(5,307	)		7.0	%
Cash Paid for Capitalized Software and Other Intangible Assets		(164	)		(449	)		173.8	%			(536	)		(954	)		78.0	%
Cash Interest Expense		(353	)		(632	)		79.0	%			(1,983	)		(2,441	)		23.1	%
Cash Taxes		(70	)		(460	)		NM				(1,864	)		(1,626	)		(12.8	%)
Changes in Operating Assets and Liabilities		(10	)		118			NM				(20	)		(603	)		NM
Noncash Share-Based Compensation		74			84			13.5	%			300			344			14.7	%
Proceeds from Investments and Distributions to Noncontrolling Interests		(3	)		(2	)		NM				60			(37	)		NM
Adjustments for Nonoperating Items		32			(15	)		NM				97			(31	)		NM
Free Cash Flow (Incl. Economic Stimulus Packages)		$1,690			$2,038			20.6	%			$5,689			$7,702			35.4	%
Economic Stimulus Packages		(569	)		(162	)		(71.5	%)			(301	)		(693	)		130.2	%
Free Cash Flow		$1,121			$1,876			67.4	%			$5,388			$7,009			30.1	%
* Includes 11 months of NBCUniversal results.

Note: The definition of Free Cash Flow excludes any impact from the 2008-2011 Economic Stimulus packages. These amounts have been excluded from Free Cash Flow to provide an appropriate comparison. NM=comparison not meaningful.

Share Repurchases and Dividends. During the fourth quarter of 2011, Comcast repurchased 21.9 million of its common shares for $491 million. For the full year, Comcast repurchased 95.3 million of its common shares for $2.1 billion. In addition, Comcast made four cash dividend payments totaling $1.2 billion, resulting in a total return of capital to shareholders of $3.3 billion for 2011.

Today, Comcast announced that its Board of Directors has authorized a new $6.5 billion stock repurchase program. The company plans to repurchase $3.0 billion during 2012, subject to market conditions, representing a 40% increase over the $2.1 billion repurchased in 2011.

In addition, Comcast announced that it increased its dividend by 44% to $0.65 per share on an annualized basis. In accordance with the increase, the Board of Directors declared a quarterly cash dividend of $0.1625 a share on the company's common stock, payable on April 25, 2012 to shareholders of record as of the close of business on April 4, 2012.

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)	4th Quarter								Full Year
Consolidated Pro Forma Results	2010		2011		Growth				2010		2011		Growth
Revenue	$14,601		$15,042		3.0	%			$55,054		$57,661		4.7	%
Operating Cash Flow (OCF)	$4,750		$4,916		3.5	%			$17,629		$18,726		6.2	%
OCF (excluding Olympics and acquisition-related accounting revisions and costs)	$4,750		$4,949		4.2	%			$17,852		$19,066		6.8	%

Consolidated Pro Forma Revenue increased 3.0% in the fourth quarter of 2011 to $15.0 billion compared to $14.6 billion in the fourth quarter of 2010. Consolidated Pro Forma Operating Cash Flow increased 3.5% to $4.9 billion compared to $4.8 billion in last year's fourth quarter. Included in pro forma operating cash flow for the fourth quarter of 2011 are acquisition-related accounting revisions and costs totaling $33 million. Excluding these costs, pro forma consolidated operating cash flow increased 4.2% (see Table 6).

For the year ended December 31, 2011, consolidated pro forma revenue increased 4.7% to $57.7 billion compared to $55.1 billion in 2010. Excluding revenue generated by the 2010 Vancouver Olympics, pro forma revenue increased 6.2%. Consolidated pro forma operating cash flow increased 6.2% to $18.7 billion compared to $17.6 billion in 2010. Excluding the Olympics in 2010 and acquisition-related accounting revisions and costs, operating cash flow increased 6.8% to $19.1 billion (see Table 6). This year's consolidated results were driven by strong growth at Cable Communications, which accounted for 65% of consolidated revenue and 82% of consolidated operating cash flow, as well as growth in Cable Networks and Theme Parks, which were partially offset by weaker results at Broadcast Television and Filmed Entertainment.

Cable Communications

Pro forma Cable Communications ("Cable") results include video, high-speed internet, voice, advertising and business services operations and the businesses of Comcast Interactive Media that were not contributed to NBCUniversal. Pro forma Cable results exclude the regional sports networks, which were contributed to NBCUniversal.

($ in millions) (pro forma)		4th Quarter										Full Year
		2010			2011			Growth				2010			2011			Growth
Cable Communications Revenue
Video		$4,838			$4,901			1.3	%			$19,363			$19,625			1.3	%
High-Speed Internet		2,032			2,238			10.1	%			7,958			8,735			9.8	%
Voice		842			882			4.9	%			3,300			3,503			6.2	%
Advertising		602			546			(9.3	%)			2,020			2,005			(0.8	%)
Business Services		364			498			36.8	%			1,267			1,791			41.4	%
Other		372			405			9.1	%			1,455			1,567			7.7	%
Cable Communications Revenue		$9,050			$9,470			4.7	%			$35,363			$37,226			5.3	%
Cable Communications OCF		$3,703			$3,939			6.4	%			$14,302			$15,288			6.9	%
OCF Margin		40.9	%		41.6	%						40.4	%		41.1	%
Cable Communications Capital Expenditures		$1,504			$1,318			(12.4	%)			$4,853			$4,806			(1.0	%)
Percent of Cable Communications Revenue		16.6	%		13.9	%						13.7	%		12.9	%

Revenue. For the fourth quarter of 2011, Cable revenue increased 4.7% to $9.5 billion compared to $9.1 billion in the fourth quarter of 2010. This increase was driven by a 10.1% increase in high-speed internet revenue and a 36.8% increase in business services revenue. Advertising revenue decreased 9.3%, reflecting lower political advertising in the fourth quarter of 2011. Monthly average total revenue per video customer increased 7.1% to $141.24, reflecting a growing number of residential customers taking multiple products, rate adjustments and a higher contribution from business services.

For the year ended December 31, 2011, Cable revenue increased 5.3% to $37.2 billion compared to $35.4 billion in 2010. This increase was driven by a 9.8% increase in high-speed internet revenue and a 41.4% increase in business services revenue.

Operating Cash Flow. For the fourth quarter of 2011, Cable operating cash flow increased 6.4% to $3.9 billion compared to $3.7 billion in the fourth quarter of 2010, reflecting higher revenue and continued operational efficiencies, partially offset by an increase in video programming expense. This quarter's operating cash flow margin was 41.6% compared to 40.9% in the fourth quarter of 2010.

For the year ended December 31, 2011, Cable operating cash flow increased 6.9% to $15.3 billion compared to $14.3 billion in 2010 reflecting higher revenue and operational efficiencies, partially offset by increases in video programming and marketing expenses. For the year, operating cash flow margin was 41.1% compared to 40.4% in 2010.

Capital Expenditures. For the fourth quarter of 2011, Cable capital expenditures decreased 12.4% to $1.3 billion, primarily reflecting lower spending on customer premise equipment. Cable capital expenditures equaled 13.9% of Cable revenue in the fourth quarter of 2011 compared to 16.6% in last year's fourth quarter.

For the year ended December 31, 2011, Cable capital expenditures decreased 1.0% to $4.8 billion, reflecting scale efficiencies, including improved equipment pricing, partially offset by continuing investments in network infrastructure and the expansion of business services. Cable capital expenditures equaled 12.9% of Cable revenue in 2011 compared to 13.7% in 2010.

Customers. In the fourth quarter, combined video, high-speed internet and voice customers increased by 465,000, a 12.3% increase compared to fourth quarter 2010 net additions. For the year ended December 31, 2011, combined video, high-speed internet and voice customers increased by 1.4 million, an 11.0% increase compared to 2010 net additions, reflecting reduced video customer losses and increased high-speed internet customer additions. As of December 31, 2011, video, high-speed internet and voice customers totaled 49.8 million, an increase of 3.0% over the prior year.

(in thousands)		Customers					Net Adds
		YE 10		YE 11			4Q10			4Q11			2010			2011
Video Customers		22,802		22,343			(135	)		(17	)		(757	)		(460	)
High-Speed Internet Customers		16,988		18,147			292			336			1,058			1,159
Voice Customers		8,610		9,342			257			146			988			732
Combined Video, HSI and Voice Customers		48,401		49,832			414			465			1,289			1,431

NBCUniversal

Pro forma NBCUniversal results include its national cable networks, the NBC network and owned NBC affiliated local television stations, the Telemundo network and owned Telemundo affiliated local television stations, Universal Pictures filmed entertainment, the Universal theme parks, and other related assets. Comcast's national cable networks, regional sports networks (RSNs), Daily Candy and Fandango, which were contributed to NBCUniversal, are also included in these results.

Revenue for NBCUniversal increased 0.8% to $5.7 billion in the fourth quarter of 2011. Operating Cash Flow decreased 6.8% to $1.1 billion compared to last year's fourth quarter. Excluding acquisition-related accounting revisions and costs totaling $33 million in the fourth quarter of 2011, operating cash flow decreased 3.9% (see Table 6).

For the year ended December 31, 2011, NBCUniversal revenue of $21.1 billion increased 3.7% compared to $20.4 billion in 2010. Excluding the impact of the Vancouver Olympics in 2010, revenue increased 7.8%. Operating cash flow increased 2.3% to $3.8 billion compared to $3.7 billion in 2010. Excluding the Olympics in 2010 and acquisition-related accounting revisions and costs totaling $340 million in 2011, operating cash flow increased 5.2% to $4.1 billion (see Table 6).

($ in millions) (pro forma)		4th Quarter										Full Year
		2010			2011			Growth				2010			2011			Growth
NBCUniversal Revenue
Cable Networks		$2,095			$2,206			5.3	%			$7,679			$8,496			10.6	%
Broadcast Television		1,912			1,841			(3.7	%)			6,888			6,399			(7.1	%)
Filmed Entertainment		1,289			1,267			(1.8	%)			4,576			4,592			0.3	%
Theme Parks		478			498			4.0	%			1,600			1,989			24.3	%
Headquarters, Other and Eliminations		(83	)		(74	)		11.5	%			(369	)		(352	)		4.8	%
NBCUniversal Revenue		$5,691			$5,738			0.8	%			$20,374			$21,124			3.7	%
NBCUniversal OCF
Cable Networks		$800			$923			15.3	%			$3,166			$3,337			5.4	%
Broadcast Television		55			(80	)		NM				118			123			4.7	%
Filmed Entertainment		172			89			(48.8	%)			230			24			(89.7	%)
Theme Parks		192			223			16.2	%			591			867			46.6	%
Headquarters, Other and Eliminations		(90	)		(103	)		(13.7	%)			(421	)		(582	)		(38.1	%)
NBCUniversal OCF		$1,129			$1,052			(6.8	%)			$3,684			$3,769			2.3	%
Adjusted NBCUniversal OCF*
Cable Networks		$800			$930			16.2	%			$3,166			$3,474			9.8	%
Broadcast Television		55			(52	)		NM				341			231			(32.2	%)
Filmed Entertainment		172			91			(47.6	%)			230			10			(95.8	%)
Theme Parks		192			191			(0.4	%)			591			835			41.2	%
Headquarters, Other and Eliminations		(90	)		(75	)		17.2	%			(421	)		(441	)		(4.9	%)
Adjusted NBCUniversal OCF*		$1,129			$1,085			(3.9	%)			$3,907			$4,109			5.2	%
*Excludes the Olympics in 2010 and acquisition-related accounting revisions and costs in 2011.
NM=comparison not meaningful

Cable Networks

For the fourth quarter of 2011, revenue from the Cable Networks segment increased 5.3% to $2.2 billion compared to $2.1 billion in the fourth quarter of 2010, primarily driven by a 10.4% increase in distribution revenue. Advertising revenue increased 2.0% this quarter, primarily reflecting the impact of four fewer days in our advertising calendar as well as fewer NBA games due to the lockout. Operating cash flow increased 15.3% to $923 million compared to $800 million in the fourth quarter of 2010, reflecting higher revenue and relatively flat programming, production and marketing costs resulting from lower programming and production activity in the fourth quarter and lower production costs due to fewer NBA games. Excluding acquisition-related accounting revisions, Cable Networks operating cash flow for the fourth quarter increased 16.2% to $930 million (see Table 6).

For the year ended December 31, 2011, revenue from the Cable Networks segment increased 10.6% to $8.5 billion compared to $7.7 billion in 2010, driven by a 10.9% increase in distribution revenue, an 8.7% increase in advertising revenue and an 18.7% increase in other revenue primarily due to increases in the licensing of owned content from the cable production studio. Operating cash flow increased 5.4% to $3.3 billion compared to $3.2 billion in 2010, reflecting higher revenue, partially offset by an increased investment in original programming and acquisition-related accounting revisions totaling $137 million. Excluding these accounting revisions, operating cash flow for 2011 increased 9.8% to $3.5 billion (see Table 6).

Broadcast Television

For the fourth quarter of 2011, revenue from the Broadcast Television segment decreased 3.7% to $1.8 billion compared to $1.9 billion in the fourth quarter of 2010, primarily reflecting ratings weakness at the NBC broadcast network, lower political advertising at NBC owned local stations and the impact of four fewer days in our advertising calendar. In the fourth quarter, the Broadcast Television segment generated an operating cash flow loss of $80 million compared to operating cash flow of $55 million in the fourth quarter of 2010, reflecting lower revenue as well as higher marketing costs and acquisition-related accounting revisions totaling $28 million. Excluding these accounting revisions, the fourth quarter 2011 Broadcast Television operating cash flow loss was $52 million (see Table 6).

For the year ended December 31, 2011, revenue from the Broadcast Television segment decreased 7.1% to $6.4 billion compared to $6.9 billion in 2010 which includes $782 million of revenue generated by the 2010 Vancouver Olympics. Excluding the impact of the Olympics, total broadcast revenue increased 4.8%. Advertising revenue excluding the impact of the Olympics increased 1% in 2011, primarily reflecting ratings weakness at the NBC broadcast network and lower political advertising at NBC owned local stations. Content licensing revenue increased $305 million or 23.3% primarily the result of a licensing agreement for prior season and library content. For 2011, operating cash flow increased 4.7% to $123 million compared to $118 million in 2010. Excluding the $223 million loss from the Olympics in 2010 and acquisition-related accounting revisions totaling $108 million in 2011, operating cash flow decreased $110 million or 32.2% to $231 million, primarily due to increased investment in primetime, news programming and local stations (see Table 6).

Filmed Entertainment

For the fourth quarter of 2011, revenue from the Filmed Entertainment segment decreased 1.8% to $1.3 billion, primarily driven by lower home entertainment and other revenue, partially offset by higher content licensing revenue. Fourth quarter operating cash flow decreased 48.8% to $89 million compared to $172 million in the fourth quarter of 2010, reflecting the decline in revenue and higher marketing costs in advance of 2012 theatrical releases. Excluding acquisition-related accounting adjustments, fourth quarter 2011 operating cash flow was $91 million (see Table 6).

For the year ended December 31, 2011, revenue from the Filmed Entertainment segment was flat at $4.6 billion reflecting higher theatrical revenue from the box office performance of Fast Five and Bridesmaids, as well as higher content licensing revenue, offset by lower home entertainment revenue and a decrease in other revenue due to fewer stage plays. Operating cash flow decreased 89.7% to $24 million. Excluding acquisition-related accounting revisions totaling $14 million, 2011 Filmed Entertainment operating cash flow was $10 million compared to $230 million in 2010 (see Table 6).

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 fourth quarter of 2011, revenue from the Theme Parks segment increased 4.0% to $498 million compared to $478 million in the fourth quarter of 2010, driven by higher per capita spending at the Orlando and Hollywood parks. Fourth quarter operating cash flow increased 16.2% to $223 million compared to $192 million in the same period last year. Excluding acquisition-related accounting revisions totaling $32 million, operating cash flow was flat at $191 million (see Table 6).

For the year ended December 31, 2011, revenue from the Theme Parks segment increased 24.3% to $2.0 billion compared to $1.6 billion in 2010, driven by the strength of The Wizarding World of Harry Potter^TM attraction in Orlando and the King Kong^TM attraction in Hollywood. Operating cash flow increased 46.6% to $867 million compared to $591 million in 2010. Excluding acquisition-related accounting revisions totaling $32 million, operating cash flow increased 41.2% to $835 million (see Table 6).

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations between the NBCUniversal businesses. Also included in these expenses are non-recurring transaction-related costs during the fourth quarter of 2011 that totaled $28 million. For the year ended December 31, 2011, non-recurring transaction-related costs totaled $140 million.

Corporate, Other and Eliminations

Pro forma Corporate, Other and Eliminations includes corporate operations, Comcast-Spectacor and eliminations between Comcast's businesses. For the quarter ended December 31, 2011, Corporate, Other and Eliminations revenue was ($166) million compared to ($140) million in 2010, reflecting reduced revenue due to the sale of the Philadelphia 76ers. The operating cash flow loss was $75 million compared to a loss of $82 million in the fourth quarter of 2010.

For the year ended December 31, 2011, Corporate, Other and Eliminations revenue was ($689) million compared to ($683) million in 2010. The operating cash flow loss was $331 million compared to a loss of $357 million in 2010, reflecting reduced corporate expenses.

Notes:

1		We define Operating Cash Flow as operating income 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		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 non-controlling 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.
3		Earnings per share amounts are presented on a diluted 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, February 15, 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 40671374. A replay of the call will be available starting at 12:30 p.m. ET on February 15, 2012, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Wednesday, February 22, 2012 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 40671374. 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								Twelve Months Ended
(in millions, except per share data)			December 31,								December 31,
			2010				2011				2010				2011
Revenue			$9,721				$15,042				$37,937				$55,842
Operating costs and expenses			6,005				10,126				23,341				37,485
Operating cash flow			3,716				4,916				14,596				18,357
Depreciation expense			1,372				1,536				5,539				6,040
Amortization expense			331				462				1,077				1,596
			1,703				1,998				6,616				7,636
Operating income			2,013				2,918				7,980				10,721
Other income (expense)
Interest expense			(544	)			(642	)			(2,156	)			(2,505	)
Investment income (loss), net			78				156				288				159
Equity in net income (losses) of investees, net			(43	)			5				(141	)			(35	)
Other income (expense), net			202				(51	)			133				(133	)
			(307	)			(532	)			(1,876	)			(2,514	)
Income before income taxes			1,706				2,386				6,104				8,207
Income tax expense			(673	)			(801	)			(2,436	)			(3,050	)
Net income from consolidated operations			1,033				1,585				3,668				5,157
Net (income) loss attributable to noncontrolling interests			(15	)			(298	)			(33	)			(997	)
Net income attributable to Comcast Corporation			$1,018				$1,287				$3,635				$4,160
Diluted earnings per common share attributable to Comcast Corporation shareholders			$ 0.36				$ 0.47				$ 1.29				$ 1.50
Dividends declared per common share attributable to Comcast Corporation shareholders			$0.0945				$0.1125				$0.378				$0.45
Diluted weighted-average number of common shares			2,800				2,741				2,820				2,778
Note: Consolidated financial results include NBCUniversal as of January 28, 2011 and 100% of Universal Orlando as of July 1, 2011.

TABLE 2
Condensed Consolidated Balance Sheet (Unaudited)
(in millions)			December 31,			December 31,
			2010			2011
ASSETS
Current Assets
Cash and cash equivalents			$5,984			$1,620
Receivables, net			1,855			4,351
Programming rights			122			987
Other current assets			925			1,615
Total current assets			8,886			8,573
Film and television costs			460			5,227
Investments			6,670			9,854
Property and equipment, net			23,515			27,559
Franchise rights			59,442			59,376
Goodwill			14,958			26,874
Other intangible assets, net			3,431			18,165
Other noncurrent assets, net			1,172			2,190
			$118,534			$157,818
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses related to trade creditors			$3,291			$5,705
Accrued participations and residuals			-			1,255
Accrued expenses and other current liabilities			3,143			4,914
Current portion of long-term debt			1,800			1,367
Total current liabilities			8,234			13,241
Long-term debt, less current portion			29,615			37,942
Deferred income taxes			28,246			29,932
Other noncurrent liabilities			7,862			13,034
Redeemable noncontrolling interests			143			16,014
Equity
Comcast Corporation shareholders' equity			44,354			47,274
Noncontrolling interests			80			381
Total Equity			44,434			47,655
			$118,534			$157,818

TABLE 3
Consolidated Statement of Cash Flows (Unaudited)
(in millions)			Twelve Months Ended
			December 31,
			2010				2011
OPERATING ACTIVITIES
Net income from consolidated operations			$3,668				$5,157
Adjustments to reconcile net income from consolidated operations to net cash provided by operating activities:
Depreciation and amortization			6,616				7,636
Amortization of film and television costs			187				6,787
Share-based compensation			300				344
Noncash interest expense (income), net			141				146
Equity in net (income) losses of investees, net			141				35
Cash received from investees			-				311
Net (gain) loss on investment activity and other			(267	)			23
Deferred income taxes			549				1,058
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Change in receivables, net			(131	)			(18	)
Change in film and television costs			(191	)			(7,080	)
Change in accounts payable and accrued expenses related to trade creditors			37				(45	)
Change in other operating assets and liabilities			129				(9	)
Net cash provided by operating activities			11,179				14,345
INVESTING ACTIVITIES
Capital expenditures			(4,961	)			(5,307	)
Cash paid for intangible assets			(536	)			(954	)
Acquisitions, net of cash acquired			(183	)			(6,407	)
Proceeds from sales of businesses and investments			99				277
Purchases of investments			(260	)			(135	)
Other			130				18
Net cash provided by (used in) investing activities			(5,711	)			(12,508	)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net			-				544
Proceeds from borrowings			3,420				-
Repurchases and repayments of debt			(1,153	)			(3,216	)
Repurchases and retirements of common stock			(1,200	)			(2,141	)
Dividends paid			(1,064	)			(1,187	)
Issuances of common stock			34				283
Distributions to noncontrolling interests			(67	)			(325	)
Other			(125	)			(159	)
Net cash provided by (used in) financing activities			(155	)			(6,201	)
Increase (decrease) in cash and cash equivalents			5,313				(4,364	)
Cash and cash equivalents, beginning of period			671				5,984
Cash and cash equivalents, end of period			$5,984				$1,620
Note: Consolidated financial results include NBCUniversal as of January 28, 2011 and 100% of Universal Orlando as of July 1, 2011.

TABLE 4
Supplemental Information
Alternate Presentation of Net Cash Provided by Operating Activities and Free Cash Flow (Unaudited)
					Three Months Ended									Twelve Months Ended
					December 31,									December 31,
(in millions)					2010					2011				2010				2011
Operating income						$2,013				$2,918				$7,980				$10,721
Depreciation and amortization						1,703				1,998				6,616				7,636
Operating income before depreciation and amortization						3,716				4,916				14,596				18,357
Noncash share-based compensation expense						74				84				300				344
Changes in operating assets and liabilities						(10	)			118				(20	)			(603	)
Cash basis operating income						3,780				5,118				14,876				18,098
Payments of interest						(353	)			(632	)			(1,983	)			(2,441	)
Payments of income taxes						(70	)			(460	)			(1,864	)			(1,626	)
Proceeds from interest, dividends and other nonoperating items						90				113				150				314
Net Cash Provided by Operating Activities						$3,447				$4,139				$11,179				$14,345
Capital expenditures						(1,532	)			(1,522	)			(4,961	)			(5,307	)
Cash paid for capitalized software and other intangible assets						(164	)			(449	)			(536	)			(954	)
Distributions to other non-controlling interests						-				(88	)			-				(325	)
Nonoperating items						(61	)			(42	)			7				(57	)
Free cash flow (including Economic stimulus packages)						$1,690				$2,038				$5,689				$7,702
Economic stimulus packages						(569	)			(162	)			(301	)			(693	)
Total Consolidated Free Cash Flow						$1,121				$1,876				$5,388				$7,009
Reconciliation of EPS Excluding Costs of the NBCUniversal Transaction and Non-Recurring Transactions (Unaudited)
		Three Months Ended												Twelve Months Ended
		December 31,												December 31,
		2010						2011						2010				2011
(in millions, except per share data)
		$			EPS (1)			$		EPS (1)				$		EPS (1)		$			EPS (1)
Net Income attributable to Comcast Corporation		$1,018				$0.36		$1,287		$0.47				$3,635		$1.29		$4,160			$1.50
Growth %								26.4	%	30.6	%							14.5	%		16.3	%
Unfavorable Income Tax Adjustments (2)		-				-		-		-				-		-		137			0.05
Comcast Costs Related to the NBCUniversal Transaction, net of tax (3)		37				0.01		-		-				130		0.04		51			0.02
NBCUniversal Transaction-Related Costs, net of tax(4)		-				-		9		0.00				-		-		29			0.01
Goodwill impairment charges (5)		76				0.03		-		-				76		0.03		-			-
Gain on sale of an equity method investment (6)		(88	)			(0.03	)	-		-				(88	)	(0.03	)	-			-
Recoveries in connection with the resolution of a contingency of an acquired company (7)		(68	)			(0.02	)	-		-				(68	)	(0.02	)	-			-
Net Income attributable to Comcast Corporation
(excluding Costs of the NBCUniversal Transaction and Non-Recurring Transactions)		$975				$0.35		$1,296		$0.47				$3,685		$1.31		$4,377			$1.58
Growth %								32.8	%	34.3	%							18.8	%		20.6	%

(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 new state tax legislation of $137 million in total.
(3)		4th quarter 2010 Net Income attributable to Comcast Corporation includes $23 million of operating costs and expenses, $1 million of interest expense and $38 million of other expense ($62 million in total, $37 million net of tax) related to the NBCUniversal transaction. 2010 year to date Net Income attributable to Comcast Corporation includes $80 million of operating costs and expenses, $7 million of interest expense and $129 million of other expense ($216 million in total, $130 million net of tax) related to the NBCUniversal transaction. 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 non-controlling interest. 2nd quarter 2011 Net Income attributable to Comcast Corporation includes $6 million in transaction-related costs, $2 million net of tax and non-controlling interest. 3rd quarter 2011 Net Income attributable to Comcast Corporation includes $14 million in transaction-related costs, $4 million net of tax and non-controlling interest. 4th quarter 2011 Net Income attributable to Comcast Corporation includes $28 million in transaction-related costs, $9 million net of tax and non-controlling interest. 2011 year to date Net Income attributable to Comcast Corporation includes $92 million in transaction-related costs, $29 million net of tax and non-controlling interest.
(5)		4th quarter 2010 Net income attributable to Comcast Corporation includes goodwill impairment charges of $76 million.
(6)		4th quarter 2010 Net Income attributable to Comcast Corporation includes a gain on sale of an equity method investment of $141 million in total, $88 million net of tax.
(7)		4th quarter 2010 Net Income attributable to Comcast Corporation includes recoveries in connection with the resolution of a contingency of an acquired company of $108 million in total, $68 million net of tax.
Note: Consolidated financial results include NBCUniversal as of January 28, 2011 and 100% of Universal Orlando as of 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 December 31, 2010
Revenue		$9,050		$694			($23	)		$9,721			$4,997			$5,691			($117	)		($140	)		$4,880		$14,601
Operating Costs and Expenses		5,347		575			83			6,005			3,987			4,562			(141	)		(58	)		3,846		9,851
Operating Cash Flow		$3,703		$119			($106	)		$3,716			$1,010			$1,129			$24			($82	)		$1,034		$4,750
Three Months Ended December 31, 2011
Revenue		$9,470		$5,738			($166	)		$15,042			-			$5,738			-			($166	)		-		$15,042
Operating Costs and Expenses		5,531		4,686			(91	)		10,126			-			4,686			-			(91	)		-		10,126
Operating Cash Flow		$3,939		$1,052			($75	)		$4,916			-			$1,052			-			($75	)		-		$4,916
Twelve Months Ended December 31, 2010
Revenue		$35,363		$2,719			($145	)		$37,937			$17,655			$20,374			($538	)		($683	)		$17,117		$55,054
Operating Costs and Expenses		21,061		1,987			293			23,341			14,703			16,690			(619	)		(326	)		14,084		37,425
Operating Cash Flow		$14,302		$732			($438	)		$14,596			$2,952			$3,684			$81			($357	)		$3,033		$17,629
Twelve Months Ended December 31, 2011
Revenue		$37,226		$19,260			($644	)		$55,842			$1,864			$21,124			($45	)		($689	)		$1,819		$57,661
Operating Costs and Expenses		21,938		15,798			(251	)		37,485			1,557			17,355			(107	)		(358	)		1,450		38,935
Operating Cash Flow		$15,288		$3,462			($393	)		$18,357			$307			$3,769			$62			($331	)		$369		$18,726
(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.
Reconciliation of GAAP to Pro Forma(1) NBCUniversal Segment Financial Information (Unaudited)
		2010								2011
																			Pro Forma Combined
		Actual(2)		Pro Forma(3)			Pro Forma Combined(4)			Actual(2)			Pro Forma(3)			Pro Forma Combined(4)			Increase/(Decrease)
		Comcast Content Business		NBCUniversal Businesses			Twelve Months Ended December 31			Twelve Months Ended December 31			NBCUniversal Businesses			Twelve Months Ended December 31			$			%
Revenue
Cable Networks		$2,719		$4,960			$7,679			$8,108			$388			$8,496			$817			10.6	%
Broadcast Television		-		6,888			6,888			5,935			464			6,399			(489	)		(7.1	%)
Filmed Entertainment		-		4,576			4,576			4,239			353			4,592			16			0.3	%
Theme Parks		-		1,600			1,600			1,874			115			1,989			389			24.3	%
Headquarters, other and eliminations		-		(369	)		(369	)		(896	)		544			(352	)		17			4.8	%
Total Revenue		$2,719		$17,655			$20,374			$19,260			$1,864			$21,124			$750			3.7	%
Operating Cash Flow
Cable Networks		$732		$2,434			$3,166			$3,185			$152			$3,337			$171			5.4	%
Broadcast Television		-		118			118			138			(15	)		123			5			4.7	%
Filmed Entertainment		-		230			230			27			(3	)		24			(206	)		(89.7	%)
Theme Parks		-		591			591			830			37			867			276			46.6	%
Headquarters, other and eliminations		-		(421	)		(421	)		(718	)		136			(582	)		(161	)		(38.1	%)
Total Operating Cash Flow		$732		$2,952			$3,684			$3,462			$307			$3,769			$85			2.3	%
(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.
(2) Actual amounts for our reportable segments include the results of operations for the Comcast Content Business for 2011 and 2010, and the results of operations for the NBCUniversal acquired businesses and Universal Orlando for the period January 29, 2011 through December 31, 2011. Headquarters, other and eliminations includes the elimination of the results of operations of Universal Orlando for the period January 29, 2011 through June 30, 2011 in order to reconcile to our condensed consolidated financial statements because Universal Orlando was recorded as an equity method investment during that period.
(3) Pro forma amounts include the results of operations for the NBCUniversal acquired businesses and Universal Orlando for the period January 1, 2011 through January 28, 2011 and for the year ended December 31, 2010. These amounts also include pro forma adjustments as if the NBCUniversal and Universal Orlando transactions had occurred on January 1, 2010, including the effects of acquisition accounting and the elimination of operating costs and expenses directly related to the transactions, but do 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 the results would have been had we operated the businesses since January 1, 2010.
(4) Pro forma combined amounts represent our pro forma results of operations as if the NBCUniversal and Universal Orlando transactions had occurred on January 1, 2010 but are not necessarily indicative of what the results would have been had we operated the businesses since January 1, 2010.

TABLE 6
Reconciliation of Consolidated Pro Forma Revenue and Operating Cash Flow Excluding 2010 Olympics, Acquisition Accounting Revisions and NBCUniversal Transaction-Related Costs (Unaudited)
			Three Months Ended											Twelve Months Ended
			December 31,											December 31,
(in millions)			2010			2011				Growth %				2010				2011				Growth %
Revenue			$14,601			$15,042				3.0	%			$55,054				$57,661				4.7	%
2010 Olympics			-			-								(782	)			-
Revenue excluding 2010 Olympics			$14,601			$15,042				3.0	%			$54,272				$57,661				6.2	%
			2010			2011				Growth %				2010				2011				Growth %
Operating Cash Flow			$4,750			$4,916				3.5	%			$17,629				$18,726				6.2	%
2010 Olympics			-			-								223				-
Acquisition Accounting Revisions (1)			-			5								-				200
NBCUniversal Transaction-Related Costs(2)			-			28								-				140
Operating Cash Flow excluding 2010 Olympics, Acquisition Accounting Revisions and NBCUniversal Transaction-Related Costs			$4,750			$4,949				4.2	%			$17,852				$19,066				6.8	%
Reconciliation of Consolidated Pro Forma NBCUniversal Revenue and Operating Cash Flow Excluding 2010 Olympics, Acquisition Accounting Revisions and NBCUniversal Transaction-Related Costs (Unaudited)
			Three Months Ended											Twelve Months Ended
			December 31,											December 31,
(in millions)			2010			2011				Growth %				2010				2011				Growth %
Revenue			$5,691			$5,738				0.8	%			$20,374				$21,124				3.7	%
2010 Olympics			-			-								(782	)			-
Revenue excluding 2010 Olympics			$5,691			$5,738				0.8	%			$19,592				$21,124				7.8	%
			2010			2011				Growth %				2010				2011				Growth %
Operating Cash Flow			$1,129			$1,052				(6.8	%)			$3,684				$3,769				2.3	%
2010 Olympics			-			-								223				-
Acquisition Accounting Revisions (1)			-			5								-				200
NBCUniversal Transaction-Related Costs(2)			-			28								-				140
Operating Cash Flow excluding 2010 Olympics, Acquisition Accounting Revisions and NBCUniversal Transaction-Related Costs			$1,129			$1,085				(3.9	%)			$3,907				$4,109				5.2	%
Reconciliation of Pro Forma Cable Networks Operating Cash Flow Excluding Acquisition Accounting Revisions (Unaudited)
			Three Months Ended											Twelve Months Ended
			December 31,											December 31,
(in millions)			2010			2011				Growth %				2010				2011				Growth %
Operating Cash Flow			$800			$923				15.3	%			$3,166				$3,337				5.4	%
Acquisition Accounting Revisions (1)			-			7								-				137
Operating Cash Flow excluding Acquisition Accounting Revisions			$800			$930				16.2	%			$3,166				$3,474				9.8	%
Reconciliation of Pro Forma Broadcast Television Revenue and Operating Cash Flow Excluding 2010 Olympics and Acquisition Accounting Revisions (Unaudited)
			Three Months Ended											Twelve Months Ended
			December 31,											December 31,
(in millions)			2010			2011				Growth %				2010				2011				Growth %
Revenue			$1,912			$1,841				(3.7	%)			$6,888				$6,399				(7.1	%)
2010 Olympics			-			-								(782	)			-
Revenue excluding 2010 Olympics			$1,912			$1,841				(3.7	%)			$6,106				$6,399				4.8	%
			2010			2011				Growth %				2010				2011				Growth %
Operating Cash Flow			$55			($80	)			(245.2	%)			$118				$123				4.7	%
2010 Olympics			-			-								223				-
Acquisition Accounting Revisions (1)			-			28								-				108
Operating Cash Flow excluding 2010 Olympics and Acquisition Accounting Revisions			$55			($52	)			(194.1	%)			$341				$231				(32.2	%)
Reconciliation of Pro Forma Filmed Entertainment Operating Cash Flow Excluding Acquisition Accounting Revisions (Unaudited)
			Three Months Ended											Twelve Months Ended
			December 31,											December 31,
(in millions)			2010			2011				Growth %				2010				2011				Growth %
Operating Cash Flow			$172			$89				(48.8	%)			$230				$24				(89.7	%)
Acquisition Accounting Revisions (1)			-			2								-				(14	)
Operating Cash Flow excluding Acquisition Accounting Revisions			$172			$91				(47.6	%)			$230				$10				(95.8	%)
Reconciliation of Pro Forma Theme Parks Operating Cash Flow Excluding Acquisition Accounting Revisions (Unaudited)
			Three Months Ended											Twelve Months Ended
			December 31,											December 31,
(in millions)			2010			2011				Growth %				2010				2011				Growth %
Operating Cash Flow			$192			$223				16.2	%			$591				$867				46.6	%
Acquisition Accounting Revisions (1)			-			(32	)							-				(32	)
Operating Cash Flow excluding Acquisition Accounting Revisions			$192			$191				(0.4	%)			$591				$835				41.2	%
(1) Acquisition accounting revisions include the effect of changes in estimates related to the acquisitions of NBCUniversal and Universal Orlando.
(2) NBCUniversal transaction-related costs are associated with severance and other related compensation charges.
Note: Minor differences may exist due to rounding.

Comcast Corporation
Investor Contacts:
Marlene S. Dooner, 215-286-7392
Jane B. Kearns, 215-286-4794
Michael A. Kelman, 215-286-3035
or
Press Contacts:
D'Arcy Rudnay, 215-286-8582
John Demming, 215-286-8011

Source: Comcast Corporation

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