10-K 0001628280-26-004994 (2026-02-03) vs 10-K 0001166691-25-000011 (2025-01-31)
| Section | Compared text | Words now | Changed |
| Risk Factors | Item 1A | 6,863 |
9.3% |
| MD&A | Item 7 | 11,801 |
17.8% |
| Legal Proceedings | Item 3, via Note 15 – Commitments and Contingencies | 561 |
0.4% |
| Accounting Policies | Item 8, Note 1 – Summary of Significant Accounting Policies | 959 |
34.7% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 229 words changed in this paragraph; it is 34% similar to last year's version.
The number of entertainment choices available to consumers, including DTC streaming service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products and services, continue continues to increase, intensify audience fragmentation and disaggregate how content traditionally has been distributed to and viewed by consumers. The continuing trend popularity of many of these content owners, including us with Peacock, delivering their content directly to consumers, rather than through, or in addition to, traditional video distribution channels also disrupts traditional media distribution business models. As consumers increasingly turn to DTC streaming services in lieu of linear video services, which continue to experience accelerated net customer losses, our video customers platforms has changed, and video revenues, and linear television network subscriber fees received from video service providers, each decrease. In addition to reducing traditional television viewership, these trends when coupled with time-shifting technologies, such as DVR and on demand services, have caused, and likely we expect will continue to cause, audience ratings declines for our television networks. Shifting content consumption patterns also may result in lower demand for home entertainment products or theatrical attendance. While we have adapted some change, consumers’ expectations of video content, video aggregation services and the value of our video services, their willingness to pay for such content and content offerings to compete in the evolving media distribution landscape, such as by offering Peacock services, their perception of quality entertainment and NOW, there also can be no assurance that we will be able to successfully compete or that Peacock will grow or sustain its revenue or user base, successfully compete as a stand-alone DTC streaming service or fully offset decreases to our linear television networks’ results of operations. their tolerance for commercial interruptions.
Source: Item 1A, 10-K 0001628280-26-004994 vs Item 1A, 10-K 0001166691-25-000011
MD&A 171 words changed in this paragraph; it is 57% similar to last year's version.
We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. A Our customer relationship additions/(losses) continue to be negatively impacted by an increasingly competitive environment, which has increased in recent years, has had negative impacts environment. We are focused on our customer relationships additions/(losses). In addition, government funding for the Affordable Connectivity Program, which provided a monthly discount towards broadband service for eligible low-income households, expired during the second quarter of 2024, which had a negative impact on our residential domestic broadband customer relationships. We believe increasing our residential connectivity revenue revenue. In 2025, we simplified our broadband pricing structure and began offering a free wireless line for one year to new and existing domestic broadband customers, which we expect will increase as a result of growth in improve customer retention and strengthen our ability to compete for new customers, but will negatively impact average domestic broadband revenue per customer, as well as increases in domestic wireless and international connectivity revenue. At the same time, we customer. We also expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses. We also expect expenses, as well as continued declines in other revenue related to declines in wireline voice revenue. We believe are also focused on growing our Business Services Connectivity segment will continue to grow revenue by offering competitive services, including enterprise solutions, and driving higher adoption of our advanced solutions.
Source: Item 7, 10-K 0001628280-26-004994 vs Item 7, 10-K 0001166691-25-000011
Accounting Policies 109 words changed in this paragraph; it is 36% similar to last year's version.
In November 2024, On January 2, 2026 (the “Separation date”), we completed the previously announced our intention to create SpinCo, a new separation of Versant into an independent publicly traded company comprised of select domestic cable television networks along with and complementary digital assets platforms through a tax-free spin-off. We are targeting to complete spin-off (the “Separation”). As the Spin-off by Separation occurred after December 31, 2025, the end of 2025, subject to the satisfaction of customary conditions, including obtaining final approval from our Board of Directors, satisfactory completion of SpinCo financings, receipt of tax opinions and receipt of any regulatory approvals. There can be no assurance that a separation transaction will occur, or, if one does, of its terms or timing. The consolidated financial statements and related notes do not reflect the proposed Spin-off. Separation. See Note 16 for additional information.
Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001628280-26-004994 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001166691-25-000011
Legal Proceedings 2 words changed in this paragraph; it is 97% similar to last year's version.
Operating Lease Assets and Liabilities Recorded in our Consolidated Balance Sheet Sheets December 31 (in millions) 2025 2024 2023 Other noncurrent assets, net $5,287 $5,524 $5,786 Accrued expenses and other current liabilities $686 $751 $748 Other noncurrent liabilities $5,410 $5,569 $5,838
Source: Item 3, via Note 15 – Commitments and Contingencies, 10-K 0001628280-26-004994 vs Item 3, via Note 14 – Commitments and Contingencies, 10-K 0001166691-25-000011
Every change, by type
Sentences and paragraphs of CMCSA's Risk Factors and MD&A, 10-K 2026-02-03 against 10-K 2025-01-31.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
The number of entertainment choices available to consumers, including DTC streaming service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products and services, continues to increase, intensify audience fragmentation and disaggregate how content traditionally has been distributed to and viewed by consumers. The popularity of many of these content distribution platforms has changed, and we expect will continue to change, consumers’ expectations of video content, video aggregation services and the value of our video services, their willingness to pay for such content and services, their perception of quality entertainment and their tolerance for commercial interruptions.
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedRisk Factors
If the Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to significant tax liability.
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedRisk Factors
We have received an opinion of Davis Polk & Wardwell LLP that the Separation qualified as non-taxable for U.S. federal income tax purposes. Notwithstanding the opinion, the IRS or a court could determine that the Separation should be treated as taxable.
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedRisk Factors
If the Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to substantial U.S. and/or applicable non-U.S. taxes as a result, and we could incur significant liabilities under applicable law. If the failure to qualify is caused by any action taken by Versant, Versant is required to indemnify us for any resulting tax liabilities.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedRisk Factors
Repercussions of these incidents, some of which we incidents have experienced in the past, could past included and may in the future include litigation legal proceedings or cause regulators to impose significant fines regulatory fines, oversight or other remedial measures, including with respect to relevant customer consumer privacy rules, or otherwise have an adverse effect on our company.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedRisk Factors
The number of subscribers to our television networks has been, decreased, and likely will continue to be, reduced decrease, as a result of fewer subscribers to multichannel video providers as the media distribution business model changes. reduced viewing of linear television.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedRisk Factors
Federal agencies have considered adopting new regulations for communications services, including broadband, although it is uncertain whether those initiatives will continue under the new Administration. from time to time.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedRisk Factors
The legal landscape for new technologies, including AI, remains uncertain, and legal developments could impact our ability to protect our intellectual property against uses by unauthorized third-party use, third parties, including generative AI developers, misappropriation, reproduction or infringement or impact our ability to deploy new technologies.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedRisk Factors
For all of these types of arrangements, our ability to renew agreements on acceptable terms and/or in a timely manner may be affected by evolving market dynamics dynamics, government regulations and industry consolidation.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedRisk Factors
For example, some of these constituencies may have their own, and some have conflicting, environmental, conflicting environmental and social and governance priorities, which may present risks to our reputation and brands if these constituencies perceive misalignment.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedRisk Factors
Our success is, to a large extent, dependent on our ability to acquire, develop, adopt and leverage new and existing technologies, such as AI, and our competitors’ use of certain types of technology, including AI, technology and equipment may provide them with a competitive advantage.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedRisk Factors
We are subject from time to time to a number of lawsuits both in the United States and in foreign countries, including claims relating to competition, intellectual property rights (including copyrights, trademarks and patents), employment and labor matters, personal injury and property damage, defamation, disparagement, libel, free speech, negligence, customer privacy, regulatory requirements, advertising, marketing and selling practices, and credit and collection issues.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedRisk Factors
Incidents can be caused inadvertently by us or our third-party vendors, vendors due to factors such as process breakdowns, human error, software or hardware failures or vulnerabilities in security architecture or system design.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedRisk Factors
From time to time, we make acquisitions and investments and may pursue other strategic initiatives, such as the proposed Spin-off. Separation of Versant.
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedMD&A
The discussion and analysis that follows includes the results of the cable television networks and complementary digital platforms included in Versant as the Separation did not occur until 2026. Refer to Note 16 for additional information.
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedMD&A
•In June 2025, we sold our interest in Hulu, at which time we recognized the sale of our interest with a pre-tax gain of $9.4 billion (see Note 8).
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedMD&A
•On January 2, 2026, we completed the Separation of Versant into an independent, publicly traded company and we made a pro rata distribution of 100% of the shares of Versant common stock to Comcast shareholders in which each Comcast shareholder received 1 share of Versant common stock for every 25 shares of Comcast common stock owned as of the close of business on December 16, 2025 (see Note 16).
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedMD&A
Domestic Residential Connectivity & Platforms customer relationships(a) 30,439 31,172 (733) (476)
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedMD&A
International Residential Connectivity & Platforms customer relationships(a) 17,624 17,811 (186) (36)
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedMD&A
Business Services Connectivity customer relationships(b)(c) 2,702 2,626 (48) (16)
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedMD&A
(c)Beginning in the second quarter of 2025, Business Services Connectivity customer relationships and domestic broadband business customers include connections from the acquisition of Nitel and other conforming changes, resulting in an increase of 124,000 Business Services Connectivity customer relationships and 123,000 domestic broadband business customers as of April 1, 2025. Because these adjustments were made as of April 1, 2025, they are not reflected in 2024 customer metrics or in net additions/(losses) in 2024 or 2025.
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedMD&A
(a)Beginning in the first quarter of 2025, commission revenue from the sale of certain DTC streaming services and revenue related to certain equipment are presented in video revenue. Previously, these amounts were presented in domestic broadband and international connectivity. Prior periods have been reclassified to reflect the current year presentation.
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedMD&A
(a)Amounts represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA. For the periods presented, Adjusted EBITDA excludes transaction and transaction-related costs associated with the Separation of Versant, as well as other operating and administrative expenses related to our investment portfolio. Transaction costs are incremental costs directly related to effectuating the Separation and primarily include advisory, legal and audit fees, as well as legal entity separation costs. Transaction-related costs are incremental costs incurred in anticipation of the Separation, including costs that reflect strategic decisions about how the standalone Versant business will be structured or operated, which may be different than if it remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs.
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedMD&A
Year ended December 31 (in millions) 2025 2024 Transaction-related costs $ 374 $ — Transaction costs 109 7 Costs related to our investment portfolio 18 (37) Total Adjustments $ 501 $ (30)
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedMD&A
Legislation signed into law in 2025 in the United States is expected to significantly reduce our payments of income taxes over the next several years, with variability across the years, primarily due to additional depreciation deductions and the reinstatement of the immediate deduction of domestic research and development expenses.
Read it in 10-K 2026-02-03 at sec.gov ↗
AddedMD&A
In 2025, we entered into an agreement with RTL Group to sell our Sky operations in Germany, subject to various conditions and approvals, and we expect the sale to be completed in 2026. The related assets and liabilities are presented as held for sale as of December 31, 2025 (see Note 7).
Read it in 10-K 2026-02-03 at sec.gov ↗
RemovedMD&A
Customer Metrics •Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks.
Read it in 10-K 2025-01-31 at sec.gov ↗
RemovedMD&A
•In the fourth quarter of 2023, we exercised our put right requiring Disney to purchase our interest in Hulu and received $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value presented as an advance on the sale of our investment in our consolidated balance sheet, less $557 million for our share of prior capital calls. We expect to receive additional proceeds for the sale of our interest in Hulu following the final determination of Hulu’s fair value pursuant to a third-party appraisal process, at which time we will recognize the sale of our interest. See Note 7.
Read it in 10-K 2025-01-31 at sec.gov ↗
RemovedMD&A
•In November 2024, we announced our intention to create SpinCo, a new independent publicly traded company through a tax-free spin-off. We are targeting to complete the Spin-off by the end of 2025, subject to the satisfaction of customary conditions. There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing.
Read it in 10-K 2025-01-31 at sec.gov ↗
RemovedMD&A
Net Additions / (Losses) (in thousands) 2024 2023 2024 2023 Customer Relationships Domestic Residential Connectivity & Platforms customer relationships(a) 31,172 31,648 (476) (212) International Residential Connectivity & Platforms customer relationships(a) 17,811 17,847 (36) (93) Business Services Connectivity customer relationships(b) 2,626 2,641 (16) 17 Total Connectivity & Platforms customer relationships 51,609 52,136 (527) (288) Domestic Broadband Residential customers 29,373 29,748 (375) (64) Business customers 2,469 2,505 (36) (2) Total domestic broadband customers 31,842 32,253 (411) (66) Domestic Wireless Total domestic wireless lines(c) 7,826 6,588 1,237 1,275 Domestic Video Total domestic video customers 12,523 14,106 (1,583) (2,037) Domestic homes and businesses passed(d) 63,692 62,457 Domestic broadband penetration of homes and businesses passed(e) 49.8 % 51.5 %
Read it in 10-K 2025-01-31 at sec.gov ↗
RemovedMD&A
(a)Amounts represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs associated with the Spin-off and costs related to our investment portfolio.
Read it in 10-K 2025-01-31 at sec.gov ↗
RemovedMD&A
We expect to receive additional proceeds for the sale of our interest in Hulu following the finalization of the third-party appraisal process, at which time we will recognize the sale of our interest. See Note 7.
Read it in 10-K 2025-01-31 at sec.gov ↗
RewordedMD&A
Net cash used in financing activities decreased increased in 2024 2025 primarily due to repayment lower proceeds from borrowings and higher repurchases and repayments of a collateralized obligation debt in the prior year (see Note 7), current year, partially offset by a decrease in repurchases of common stock under our share repurchase program and employee plans, lower repurchases and repayments of debt in the current year, repayments of short-term borrowings, net in the prior year and higher proceeds from borrowings in the current year. plans.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
Programming and production 34,951 37,026 36,762 0.7 (5.6) Marketing and promotion 8,862 8,073 7,971 1.3 9.8 Other operating and administrative 43,013 40,533 39,190 3.4 6.1 Depreciation 9,327 8,729 8,854 (1.4) 6.8 Amortization 6,884 6,072 5,482 10.8 13.4 Total costs and expenses 103,035 100,434 98,258 2.2 2.6 Operating income 20,672 23,297 23,314 (0.1) (11.3) Interest expense (4,409) (4,134) (4,087) 1.2 6.6 Investment and other income (loss), net 9,503 (490) 1,252 NM Income before income taxes 25,766 18,673 20,478 (8.8) 38.0 Income tax expense (6,106) (2,796) (5,371) (48.0) 118.4 Net income 19,660 15,877 15,107 5.1 23.8 Less:
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
Content licensing revenue decreased increased in 2024 2025 primarily due to the timing of when content was made available by our film studios, partially offset by the timing of when content was made available by our television studios under licensing agreements, including partially offset by the impact timing of the Writers Guild and SAG work stoppages in the prior year. when content was made available by our film studios.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
The net proceeds from this issuance were intended for working capital and general corporate purposes, including the early redemption of $725 million all outstanding amounts of our outstanding 5.25% $1.5 billion aggregate principal amount of 3.375% Notes due August 2025, which was completed in October 2024, June 2025, and the repayment of certain of our other outstanding debt with near-term maturities. for general corporate purposes.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
Other expenses increased in 2024 2025 primarily due to an increase in increased direct product costs, the impact of foreign currency and higher technical increased spending on marketing and support costs, promotion, partially offset by lower severance charges a decrease in 2024 compared to severance franchise and other charges regulatory fees, and a decrease in 2023. fees paid to third parties relating to advertising sales.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
Consolidated depreciation and amortization expense increased in 2024 2025 compared to 2023 2024 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, partially offset by a decrease increased depreciation due to the opening of Epic Universe in depreciation May 2025, impairments of our international property certain long-lived assets in 2025 and equipment and a decrease in the amortization impact of software. foreign currency.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, which we expect will open opened in May 2025, as well as in new destinations and experiences, which we believe will have including a positive impact on attendance Universal theme park and guest spending at our theme parks. resort in the United Kingdom with a projected opening date in 2031, subject to various approvals.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
The variance in changes in operating assets and liabilities in 2024 2025 was primarily related to the timing of our accounts payable; timing of deferred revenue, which includes the impact of the Olympics; and the timing of amortization and related payments for our film and television costs, including the timing of sports, which was sports; partially offset by reduced spending increases in the prior year due to the work stoppages. inventory and receivables.
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
Net income (loss) attributable to noncontrolling interests (338) (315) (282) 12.0 7.3 Net income attributable to Comcast Corporation $ 19,998 $ 16,192 $ 15,388 5.2% 23.5% Basic earnings per common share attributable to Comcast Corporation shareholders $ 5.41 $ 4.17 $ 3.73 11.7% 29.7% Diluted earnings per common share attributable to Comcast Corporation shareholders $ 5.39 $ 4.14 $ 3.71 11.7% 30.1% Weighted-average number of common shares outstanding - basic 3,699 3,885 4,122 (5.8)% (4.8)% Weighted average number of common shares outstanding - diluted 3,709 3,908 4,148 (5.8)% (5.1)% Adjusted EBITDA(a) $ 37,384 $ 38,069 $ 37,633 1.2% (1.8)%
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
Year ended December 31 (in millions) 2025 2024 2023 Change 2023 2024 to 2024 2025 Total revenue $27,090 $28,148 $25,355 11.0% (3.8)% Olympics — 1,906 — NM Total revenue, excluding Olympics $27,090 $26,242 $25,355 3.5% 3.2% Total domestic advertising revenue $8,382 $10,008 $8,600 16.4% (16.2)% Olympics — 1,432 — NM Domestic advertising revenue, excluding Olympics $8,382 $8,576 $8,600 (0.3)% (2.3)% Total domestic distribution revenue $11,613 $11,826 $10,663 10.9% (1.8)% Olympics — 473 — NM Domestic distribution revenue, excluding Olympics $11,613 $11,353 $10,663 6.5% 2.3%
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
Movie, Oppenheimer and Fast X, compared Theatrical revenue decreased in 2025 primarily due to higher revenue from releases in our 2024 slate, including Despicable Me 4, Wicked, and Kung Fu Panda 4. 4, compared to revenue from releases in our 2025 slate, including Jurassic World Rebirth, How to Train Your Dragon and Wicked:
Read it in 10-K 2026-02-03 at sec.gov ↗
RewordedMD&A
In January 2024, our Board of Directors approved a new share repurchase program authorization of $15.0 billion and in January 2025, our Board of Directors terminated our the existing program and approved a new share repurchase program authorization of $15 billion $15.0 billion, effective as of January 26, 2024, 31, 2025, which had has no expiration date.
Read it in 10-K 2026-02-03 at sec.gov ↗