Consolidated Revenue Increased 15.4%, Operating Cash Flow Increased 9.5% and Operating Income Increased 15.4%

Earnings per Share Increased 136.4% to $0.78; Excluding Gains on Asset Sales, EPS Increased 39.4% to $0.46

Free Cash Flow Increased 8.8% to $1.5 Billion

Dividends and Share Repurchases Totaled $1.2 Billion

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

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, "The third quarter continues our momentum. Cable's results show real strength in every part of the business, producing sustainable and profitable growth while we expand our product offerings, deliver more innovation and continue to transform the customer experience.

NBCUniversal's results highlight the strong performance of the Olympics and steady progress in its businesses as we invest to build value. The London Olympics exceeded all our expectations and our entire company contributed to their success, proving how effective we can be when we bring together our unique assets and capabilities."

Consolidated Financial Results

($ in millions)
		3rd Quarter						Year to Date
Consolidated Results		2011		2012		Growth		2011*		2012					Growth
Revenue		$14,339		$16,544		15.4%		$40,800		$46,633					14.3%
Operating Cash Flow (OCF)1		$4,574		$5,008		9.5%		$13,441		$14,700					9.4%
Operating Income		$2,641		$3,048		15.4%		$7,803		$8,885					13.9%
Earnings per Share2		$0.33		$0.78		136.4%		$1.03		$1.72					67.0%
Free Cash Flow3		$1,392		$1,514		8.8%		$5,133		$6,107					19.0%
*Year to date 2011 includes 8 months of NBCUniversal and 3 months of Universal Orlando 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 15.4% in the third quarter of 2012 to $16.5 billion, while Operating Cash Flow increased 9.5% to $5.0 billion and Operating Income increased 15.4% to $3.0 billion.

For the nine months ended September 30, 2012, revenue increased 14.3% to $46.6 billion, while operating cash flow increased 9.4% to $14.7 billion and operating income increased 13.9% to $8.9 billion.

Earnings per Share (EPS) for the third quarter of 2012 was $0.78, a 136.4% increase from the $0.33 reported in the third quarter of 2011. Excluding a $0.20 per share gain related to our share of SpectrumCo's sale of wireless spectrum licenses and a $0.12 per share gain on the sale of NBCUniversal's interest in A&E Television Networks, EPS increased 39.4% to $0.46 in the third quarter of 2012 (see Table 4).

EPS for the nine months ended September 30, 2012 was $1.72, a 67.0% increase from the $1.03 reported in the prior year. Excluding non-recurring gains on sales in 2012, and NBCUniversal transaction and related costs and other non-recurring items in the first nine months of 2011, EPS increased 27.3% (see Table 4).

Free Cash Flow (excluding any impact from the Economic Stimulus packages) for the third quarter of 2012 increased 8.8% to $1.5 billion compared to the third quarter of 2011, reflecting growth in consolidated operating cash flow, partially offset by higher taxes and capital expenditures. Free cash flow for the nine months ended September 30, 2012 increased 19.0% to $6.1 billion compared to $5.1 billion in 2011.

($ in millions)
		3rd Quarter						Year to Date
Free Cash Flow		2011		2012		Growth		2011*		2012		Growth
Operating Cash Flow		$4,574		$5,008		9.5%		$13,441		$14,700		9.4%
Capital Expenditures		(1,408)		(1,582)		12.4%		(3,785)		(4,043)		6.8%
Cash Paid for Capitalized Software and Other Intangible Assets		(209)		(191)		(8.6%)		(505)		(605)		19.8%
Cash Interest Expense		(612)		(567)		(7.4%)		(1,809)		(1,725)		(4.6%)
Cash Taxes		(596)		(833)		39.8%		(1,166)		(1,855)		59.1%
Changes in Operating Assets and Liabilities		(300)		(295)		(1.7%)		(721)		(254)		(64.8%)
Other		88		63		(28.4%)		209		145		(30.6%)
Free Cash Flow (Incl. Economic Stimulus Packages)		$1,537		$1,603		4.3%		$5,664		$6,363		12.3%
Economic Stimulus Packages		(145)		(89)		(38.6%)		(531)		(256)		(51.8%)
Free Cash Flow		$1,392		$1,514		8.8%		$5,133		$6,107		19.0%
*Year to date 2011 includes 8 months of NBCUniversal and 3 months of Universal Orlando 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. See Table 4.

Dividends and Share Repurchases. During the third quarter of 2012, Comcast paid dividends totaling $435 million and repurchased 22.9 million of its common shares for $750 million. Year-to-date, Comcast has repurchased 74.6 million of its common shares for $2.25 billion. As of September 30, 2012, Comcast had approximately $4.25 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)
		3rd Quarter						Year to Date
Consolidated Pro Forma Results		2011		2012		Growth		2011		2012		Growth
Revenue		$14,339		$16,544		15.4%		$42,619		$46,633		9.4%
Operating Cash Flow (OCF)		$4,574		$5,008		9.5%		$13,810		$14,700		6.4%

Consolidated Revenue increased 15.4% in the third quarter of 2012 to $16.5 billion compared to $14.3 billion in the third quarter of 2011. Excluding $1.2 billion of revenue generated by the 2012 London Olympics, consolidated revenue increased 7.1%. Consolidated Operating Cash Flow increased 9.5% to $5.0 billion compared to $4.6 billion in the third quarter of 2011. During the third quarter, the Olympics generated $120 million of operating cash flow which reflects the settlement of a $237 million unfavorable contract recorded in acquisition accounting in 2011. Excluding any impact from the Olympics, consolidated operating cash flow increased 6.9% (see Table 6).

For the nine months ended September 30, 2012, consolidated pro forma revenue increased 9.4% to $46.6 billion compared to $42.6 billion in 2011. Excluding the Super Bowl in the first quarter and the Olympics in the third quarter of 2012, consolidated pro forma revenue increased 6.0%. Consolidated pro forma operating cash flow increased 6.4% to $14.7 billion compared to $13.8 billion in the first nine months of 2011. Excluding the Olympics, consolidated operating cash flow increased 5.6% (see Table 6).

Cable Communications

($ in millions)
		3rd Quarter						Year to Date
		2011		2012		Growth		2011		2012		Growth
Cable Communications Revenue
Video		$4,892		$5,021		2.7%		$14,724		$15,069		2.3%
High-Speed Internet		2,209		2,403		8.8%		6,501		7,106		9.3%
Voice		883		895		1.5%		2,621		2,662		1.6%
Business Services		464		621		33.6%		1,293		1,744		34.9%
Advertising		492		607		23.5%		1,459		1,635		12.1%
Other		391		429		9.4%		1,158		1,256		8.3%
Cable Communications Revenue		$9,331		$9,976		6.9%		$27,756		$29,472		6.2%
Cable Communications OCF		$3,714		$3,998		7.7%		$11,349		$12,054		6.2%
OCF Margin		39.8%		40.1%				40.9%		40.9%
Cable Communications Capital Expenditures		$1,254		$1,364		8.8%		$3,488		$3,544		1.6%
Percent of Cable Communications Revenue		13.4%		13.7%				12.6%		12.0%

Revenue for Cable Communications increased 6.9% to $10.0 billion in the third quarter of 2012 compared to $9.3 billion in the third quarter of 2011, reflecting increases of 8.8% in High-Speed Internet, 33.6% in Business Services, 2.7% in Video and 23.5% in Advertising. Monthly average total revenue per Video customer increased 8.7% to $150.73, reflecting a growing number of residential customers taking multiple products, rate adjustments and a higher contribution from Business Services.

For the nine months ended September 30, 2012, Cable revenue increased 6.2% to $29.5 billion compared to $27.8 billion in 2011.

Operating Cash Flow for Cable Communications increased 7.7% to $4.0 billion in the third quarter of 2012 compared to $3.7 billion in the third quarter of 2011, reflecting higher revenue, partially offset by increases in video programming and higher sales and marketing expenses to support growth and enhance our competitive position in both residential and business services. This quarter's operating cash flow margin was 40.1% compared to 39.8% in the third quarter of 2011.

For the nine months ended September 30, 2012, Cable operating cash flow increased 6.2% to $12.1 billion compared to $11.3 billion in 2011. Year-to-date operating cash flow margin was 40.9%, consistent with the prior year period.

Capital Expenditures for Cable Communications increased $110 million or 8.8% to $1.4 billion in the third quarter of 2012 compared to the third quarter of 2011, primarily reflecting continuing investments in network infrastructure, the expansion of business services and other new product roll-outs. Cable capital expenditures represented 13.7% of Cable revenue in the third quarter of 2012 compared to 13.4% in last year's third quarter.

For the nine months ended September 30, 2012, Cable capital expenditures increased $56 million or 1.6% to $3.5 billion, representing 12.0% of Cable revenue compared to 12.6% in 2011.

Combined Video, High-Speed Internet and Voice Customers increased by 294,000 in the third quarter of 2012, a 28.1% increase compared to third quarter 2011 net additions. As of September 30, 2012, Video, High-Speed Internet and Voice customers totaled 50.8 million, a net increase of 1.5 million or 3.0% over last year's third quarter.

(in thousands)
		Customers				Net Adds
		3Q11		3Q12		3Q11		3Q12
Video Customers		22,348		22,002		(165)		(117)
High-Speed Internet Customers		17,808		19,025		261		287
Voice Customers		9,196		9,787		133		123
Combined Video, HSI and Voice Customers		49,352		50,814		229		294

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 increased 31.2% to $6.8 billion in the third quarter of 2012 compared to $5.2 billion in the third quarter of 2011, primarily driven by 2012 London Olympics revenue of $1.2 billion in the Broadcast Television segment. Excluding the Olympics, NBCUniversal revenue increased 8.3%. Operating Cash Flow increased 19.9% to $1.1 billion compared to $951 million in the third quarter of 2011 and included $120 million of operating cash flow generated by the Olympics. Excluding the Olympics, operating cash flow increased 7.3% (see Table 6).

For the nine months ended September 30, 2012, NBCUniversal revenue increased 15.7% to $17.8 billion. Excluding $259 million of revenue related to the Super Bowl in the first quarter and the impact of the Olympics in the third quarter of 2012, revenue increased 6.3%. Operating cash flow increased 8.0% to $2.9 billion compared to the first nine months of 2011. Excluding the Olympics, operating cash flow increased 3.6% (see Table 6).

($ in millions) (pro forma)
		3rd Quarter						Year to Date
		2011		2012		Growth		2011		2012		Growth
NBCUniversal Revenue
Cable Networks		$2,097		$2,165		3.2%		$6,290		$6,555		4.2%
Broadcast Television		1,511		2,777		83.8%		4,558		6,168		35.3%
Filmed Entertainment		1,096		1,355		23.6%		3,325		3,778		13.6%
Theme Parks		580		614		5.8%		1,491		1,565		4.9%
Headquarters, Other and Eliminations		(84)		(89)		(5.5%)		(278)		(268)		3.8%
NBCUniversal Revenue		$5,200		$6,822		31.2%		$15,386		$17,798		15.7%
NBCUniversal OCF
Cable Networks		$751		$809		7.6%		$2,414		$2,402		(0.5%)
Broadcast Television		(7)		88		NM		203		274		35.2%
Filmed Entertainment		54		72		31.1%		(65)		(5)		92.2%
Theme Parks		285		316		11.2%		644		708		10.0%
Headquarters, Other and Eliminations		(132)		(145)		(8.6%)		(479)		(444)		7.5%
NBCUniversal OCF		$951		$1,140		19.9%		$2,717		$2,935		8.0%

Cable Networks

For the third quarter of 2012, revenue from the Cable Networks segment increased 3.2% to $2.2 billion compared to $2.1 billion in the third quarter of 2011, reflecting a 5.7% increase in distribution revenue and flat advertising revenue. Operating cash flow increased 7.6% to $809 million compared to $751 million in the third quarter of 2011, primarily reflecting higher revenue, and flat programming and marketing costs due to timing.

For the nine months ended September 30, 2012, revenue from the Cable Networks segment increased 4.2% to $6.6 billion compared to $6.3 billion in 2011. Operating cash flow decreased 0.5% to $2.4 billion compared to the first nine months of 2011.

Broadcast Television

For the third quarter of 2012, revenue from the Broadcast Television segment increased 83.8% to $2.8 billion compared to $1.5 billion in the third quarter of 2011 and included $1.2 billion of revenue generated by the 2012 London Olympics. Excluding the Olympics, revenue increased 5.2%. Operating cash flow was $88 million, which included $120 million of operating cash flow generated by the Olympics, compared to a loss of $7 million in the third quarter of 2011. Excluding the Olympics, operating cash flow declined by $25 million reflecting higher programming costs related to an early start of our fall TV season and news coverage of the Presidential election (see Table 6).

For the nine months ended September 30, 2012, revenue from the Broadcast Television segment increased 35.3% to $6.2 billion compared to $4.6 billion in 2011. Excluding the Super Bowl in the first quarter and the Olympics in the third quarter of 2012, revenue increased 3.6%. Operating cash flow increased 35.2% to $274 million compared to $203 million in the first nine months of 2011. Excluding the Olympics, operating cash flow declined by $49 million to $154 million compared to the first nine months of 2011 (see Table 6).

Filmed Entertainment

For the third quarter of 2012, revenue from the Filmed Entertainment segment increased 23.6% to $1.4 billion compared to $1.1 billion in the third quarter of 2011, driven by higher theatrical revenue from the strong box office performance of Ted and The Bourne Legacy. Operating cash flow increased 31.1% to $72 million compared to $54 million in the third quarter of 2011, reflecting higher theatrical revenue, partially offset by an increase in the amortization of film costs.

For the nine months ended September 30, 2012, revenue from the Filmed Entertainment segment increased 13.6% to $3.8 billion compared to $3.3 billion in 2011. Operating cash flow was a loss of $5 million compared to a loss of $65 million in the first nine 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 third quarter of 2012, revenue from the Theme Parks segment increased 5.8% to $614 million compared to $580 million in the third quarter of 2011, driven by solid performance at the Orlando and Hollywood parks. Third quarter operating cash flow increased 11.2% to $316 million compared to $285 million in the same period last year.

For the nine months ended September 30, 2012, revenue from the Theme Parks segment increased 4.9% to $1.6 billion compared to $1.5 billion in 2011. Operating cash flow increased 10.0% to $708 million compared to $644 million in the first nine months of 2011.

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations between the NBCUniversal businesses. For the quarter ended September 30, 2012, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $145 million compared to a loss of $132 million in the third quarter of 2011.

For the nine months ended September 30, 2012, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $444 million compared to a loss of $479 million in 2011 which includes non-recurring transaction-related costs that totaled $112 million.

Corporate, Other and Eliminations

Corporate, Other and Eliminations include corporate operations, Comcast-Spectacor and eliminations between Comcast's businesses. For the quarter ended September 30, 2012, Corporate, Other and Eliminations revenue was ($254) million compared to ($192) million in 2011. The operating cash flow loss was $130 million compared to a loss of $91 million in the third quarter of 2011 reflecting an increase in eliminations associated with the 2012 London Olympics.

For the nine months ended September 30, 2012, Corporate and Other pro forma revenue and eliminations were ($637) million compared to ($523) million in 2011. The pro forma operating cash flow loss was $289 million compared to a loss of $256 million in the first nine 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, October 26, 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 36800409. A replay of the call will be available starting at 12:30 p.m. ET on October 26, 2012, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Friday, November 2, 2012 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 36800409. 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								Nine Months Ended
	(in millions, except per share data)				September 30,								September 30,
					2011				2012				2011				2012
	Revenue				$	14,339			$	16,544			$	40,800			$	46,633
	Operating costs and expenses					9,765				11,536				27,359				31,933
	Operating cash flow					4,574				5,008				13,441				14,700
	Depreciation expense					1,540				1,549				4,504				4,594
	Amortization expense					393				411				1,134				1,221
						1,933				1,960				5,638				5,815
	Operating income					2,641				3,048				7,803				8,885
	Other income (expense)
	Interest expense					(637	)			(633	)			(1,863	)			(1,898	)
	Investment income (loss), net					(147	)			70				3				170
	Equity in net income (losses) of investees, net					(40	)			911				(40	)			943
	Other income (expense), net					(12	)			987				(82	)			924
						(836	)			1,335				(1,982	)			139
	Income before income taxes					1,805				4,383				5,821				9,024
	Income tax expense					(639	)			(1,405	)			(2,249	)			(2,966	)
	Net income					1,166				2,978				3,572				6,058
	Net (income) loss attributable to noncontrolling interests					(258	)			(865	)			(699	)			(1,373	)
	Net income attributable to Comcast Corporation				$	908			$	2,113			$	2,873			$	4,685
	Diluted earnings per common share attributable to Comcast Corporation shareholders				$	0.33			$	0.78			$	1.03			$	1.72
	Dividends declared per common share attributable to Comcast Corporation shareholders				$	0.1125			$	0.1625			$	0.3375			$	0.4875
	Diluted weighted-average number of common shares					2,761				2,703				2,789				2,724
	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,			September 30,
					2011			2012
	ASSETS
	Current Assets
	Cash and cash equivalents				$	1,620		$	8,899
	Investments					54			1,401
	Receivables, net					4,351			5,123
	Programming rights					987			1,037
	Other current assets					1,561			1,606
	Total current assets					8,573			18,066
	Film and television costs					5,227			4,946
	Investments					9,854			5,951
	Property and equipment, net					27,559			26,984
	Franchise rights					59,376			59,364
	Goodwill					26,874			27,088
	Other intangible assets, net					18,165			17,871
	Other noncurrent assets, net					2,190			2,184
					$	157,818		$	162,454
	LIABILITIES AND EQUITY
	Current Liabilities
	Accounts payable and accrued expenses related to trade creditors				$	5,705		$	6,250
	Accrued participations and residuals					1,255			1,282
	Deferred revenue					790			887
	Accrued expenses and other current liabilities					4,124			6,117
	Current portion of long-term debt					1,367			2,799
	Total current liabilities					13,241			17,335
	Long-term debt, less current portion					37,942			35,791
	Deferred income taxes					29,932			30,231
	Other noncurrent liabilities					13,034			12,860
	Redeemable noncontrolling interests					16,014			16,896
	Equity
	Comcast Corporation shareholders' equity					47,274			48,892
	Noncontrolling interests					381			449
	Total equity					47,655			49,341
					$	157,818		$	162,454

TABLE 3
Consolidated Statement of Cash Flows (Unaudited)
	(in millions)						Nine Months Ended
							September 30,
								2011				2012
	OPERATING ACTIVITIES
	Net income						$	3,572			$	6,058
	Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation and amortization							5,638				5,815
	Amortization of film and television costs							4,769				7,295
	Share-based compensation							260				278
	Noncash interest expense (income), net							111				158
	Equity in net (income) losses of investees, net							40				(943	)
	Cash received from investees							228				178
	Net (gain) loss on investment activity and other							97				(1,071	)
	Deferred income taxes							770				321
	Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
	Change in receivables, net							290				(763	)
	Change in film and television costs							(5,342	)			(7,290	)
	Change in accounts payable and accrued expenses related to trade creditors							(242	)			424
	Change in other operating assets and liabilities							15				779
	Net cash provided by operating activities							10,206				11,239
	INVESTING ACTIVITIES
	Capital expenditures							(3,785	)			(4,043	)
	Cash paid for intangible assets							(505	)			(605	)
	Acquisitions, net of cash acquired							(6,407	)			(95	)
	Proceeds from sales of businesses and investments							154				3,095
	Return of capital from investees							6				2,281
	Purchases of investments							(85	)			(191	)
	Other							(39	)			68
	Net cash provided by (used in) investing activities							(10,661	)			510
	FINANCING ACTIVITIES
	Proceeds from (repayments of) short-term borrowings, net							1,642				(555	)
	Proceeds from borrowings							-				2,248
	Repurchases and repayments of debt							(2,813	)			(2,505	)
	Repurchases and retirements of common stock							(1,650	)			(2,250	)
	Dividends paid							(881	)			(1,176	)
	Issuances of common stock							252				215
	Distributions to NBCUniversal noncontrolling member							(86	)			(340	)
	Distributions to other noncontrolling interests							(151	)			(157	)
	Other							(36	)			50
	Net cash provided by (used in) financing activities							(3,723	)			(4,470	)
	Increase (decrease) in cash and cash equivalents							(4,178	)			7,279
	Cash and cash equivalents, beginning of period							5,984				1,620
	Cash and cash equivalents, end of period						$	1,806			$	8,899
	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										Nine Months Ended
						September 30,										September 30,
(in millions)						2011						2012				2011						2012
Operating income						$2,641						$3,048				$7,803						$8,885
Depreciation and amortization						1,933						1,960				5,638						5,815
Operating income before depreciation and amortization						4,574						5,008				13,441						14,700
Noncash share-based compensation expense						86						89				260						278
Changes in operating assets and liabilities						(300	)					(295	)			(721	)					(254	)
Cash basis operating income						4,360						4,802				12,980						14,724
Payments of interest						(612	)					(567	)			(1,809	)					(1,725	)
Payments of income taxes						(596	)					(833	)			(1,166	)					(1,855	)
Proceeds from investments and other						100						49				243						201
Excess tax benefits under share-based compensation						(2	)					(27	)			(42	)					(106	)
Net Cash Provided by Operating Activities						$3,250						$3,424				$10,206						$11,239
Capital expenditures						(1,408	)					(1,582	)			(3,785	)					(4,043	)
Cash paid for capitalized software and other intangible assets						(209	)					(191	)			(505	)					(605	)
Distributions to NBCUniversal noncontrolling member						(12	)					(221	)			(86	)					(340	)
Distributions to other noncontrolling interests						(50	)					(43	)			(151	)					(157	)
Nonoperating items						(34	)					216				(15	)					269
Free Cash Flow (including Economic stimulus packages)						$1,537						$1,603				$5,664						$6,363
Economic stimulus packages						(145	)					(89	)			(531	)					(256	)
Total Free Cash Flow						$1,392						$1,514				$5,133						$6,107
Reconciliation of EPS Excluding Gains Related to Equity Method Investments, Unfavorable Income Tax Adjustments and NBCUniversal Transaction and Related Costs (Unaudited)
			Three Months Ended													Nine Months Ended
			September 30,													September 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			$908			$0.33			$2,113			$0.78				$2,873			$1.03			$4,685				$1.72
Growth %									132.8	%		136.4	%									63.0	%			67.0	%
Equity interest in SpectrumCo transaction(2)			-			-			(543	)		(0.20	)			-			-			(543	)			(0.20	)
Gain on the sale of investment in A&E(3)			-			-			(319	)		(0.12	)			-			-			(319	)			(0.12	)
Unfavorable income tax adjustments(4)			-			-			-			-				137			0.05			-				-
Comcast costs related to the NBCUniversal transaction, net of tax(5)			-			-			-			-				51			0.02			-				-
NBCUniversal transaction-related costs, net of tax(6)			4			0.00			-			-				20			0.00			-				-
Net income attributable to Comcast Corporation
(excluding gains related to equity method investments, unfavorable income tax adjustments and NBCUniversal transaction and related costs)			$912			$0.33			$1,251			$0.46				$3,081			$1.10			$3,823				$1.40
Growth %									37.1	%		39.4	%									24.1	%			27.3	%

(1)		Based on diluted weighted-average number of common shares for the respective periods as presented in Table 1.
(2)		3rd quarter 2012 net income attributable to Comcast Corporation includes $876 million of equity in net income of investees, $543 million net of tax, resulting from our share of the gain on SpectrumCo's sale of wireless spectrum licenses.
(3)		3rd quarter 2012 net income attributable to Comcast Corporation includes $1 billion of other income, $319 million net of tax and noncontrolling interest, resulting from the sale of the investment in A&E Television Networks.
(4)		2011 year to date net income attributable to Comcast Corporation includes an unfavorable tax adjustment due to changes in state tax legislation of $137 million in total.
(5)		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.
(6)		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. 3rd quarter 2011 net income attributable to Comcast Corporation includes $14 million in transaction-related costs, $4 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 September 30, 2011
Revenue		$9,331		$5,200		($192	)		$14,339		-		$5,200		-			($192	)		-		$14,339
Operating costs and expenses		5,617		4,249		(101	)		9,765		-		4,249		-			(101	)		-		9,765
Operating cash flow		$3,714		$951		($91	)		$4,574		-		$951		-			($91	)		-		$4,574
Three Months Ended September 30, 2012
Revenue		$9,976		$6,822		($254	)		$16,544		-		$6,822		-			($254	)		-		$16,544
Operating costs and expenses		5,978		5,682		(124	)		11,536		-		5,682		-			(124	)		-		11,536
Operating cash flow		$3,998		$1,140		($130	)		$5,008		-		$1,140		-			($130	)		-		$5,008
Nine Months Ended September 30, 2011
Revenue		$27,756		$13,522		($478	)		$40,800		$1,864		$15,386		($45	)		($523	)		$1,819		$42,619
Operating costs and expenses		16,407		11,112		(160	)		27,359		1,557		12,669		(107	)		(267	)		1,450		28,809
Operating cash flow		$11,349		$2,410		($318	)		$13,441		$307		$2,717		$62			($256	)		$369		$13,810
Nine Months Ended September 30, 2012
Revenue		$29,472		$17,798		($637	)		$46,633		-		$17,798		-			($637	)		-		$46,633
Operating costs and expenses		17,418		14,863		(348	)		31,933		-		14,863		-			(348	)		-		31,933
Operating cash flow		$12,054		$2,935		($289	)		$14,700		-		$2,935		-			($289	)		-		$14,700

(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 Revenue Excluding 2012 Olympics and Super Bowl and Operating Cash Flow Excluding 2012 Olympics (Unaudited)
			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(in millions)			2011				2012				Growth %				2011			2012				Growth %
Revenue			$14,339				$16,544				15.4	%			$42,619			$46,633				9.4	%
2012 Olympics			-				(1,188	)							-			(1,188	)
Super Bowl			-				-								-			(259	)
Revenue excluding 2012 Olympics and Super Bowl			$14,339				$15,356				7.1	%			$42,619			$45,186				6.0	%
			2011				2012				Growth %				2011			2012				Growth %
Operating Cash Flow			$4,574				$5,008				9.5	%			$13,810			$14,700				6.4	%
2012 Olympics			-				(120	)	(1)						-			(120	)	(1)
Operating Cash Flow excluding 2012 Olympics			$4,574				$4,888				6.9	%			$13,810			$14,580				5.6	%
Reconciliation of Consolidated Pro Forma NBCUniversal Revenue Excluding 2012 Olympics and Super Bowl and Operating Cash Flow Excluding 2012 Olympics (Unaudited)
			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(in millions)			2011				2012				Growth %				2011			2012				Growth %
Revenue			$5,200				$6,822				31.2	%			$15,386			$17,798				15.7	%
2012 Olympics			-				(1,188	)							-			(1,188	)
Super Bowl			-				-								-			(259	)
Revenue excluding 2012 Olympics and Super Bowl			$5,200				$5,634				8.3	%			$15,386			$16,351				6.3	%
			2011				2012				Growth %				2011			2012				Growth %
Operating Cash Flow			$951				$1,140				19.9	%			$2,717			$2,935				8.0	%
2012 Olympics			-				(120	)	(1)						-			(120	)	(1)
Operating Cash Flow excluding 2012 Olympics			$951				$1,020				7.3	%			$2,717			$2,815				3.6	%
Reconciliation of Pro Forma Broadcast Television Revenue Excluding 2012 Olympics and Super Bowl and Operating Cash Flow Excluding 2012 Olympics (Unaudited)
			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(in millions)			2011				2012				Growth %				2011			2012				Growth %
Revenue			$1,511				$2,777				83.8	%			$4,558			$6,168				35.3	%
2012 Olympics			-				(1,188	)							-			(1,188	)
Super Bowl			-				-								-			(259	)
Revenue excluding 2012 Olympics and Super Bowl			$1,511				$1,589				5.2	%			$4,558			$4,721				3.6	%
			2011				2012				Growth %				2011			2012				Growth %
Operating Cash Flow			($7	)			$88				NM				$203			$274				35.2	%
2012 Olympics			-				(120	)	(1)						-			(120	)	(1)
Operating Cash Flow excluding 2012 Olympics			($7	)			($32	)			NM				$203			$154				(24.0	%)

(1)		Reflects the settlement of a $237 million liability associated with the unfavorable Olympics contract recorded through the application of acquisition accounting in 2011.
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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