2023 Shareholder Letter

Dear Fellow Shareholders,

As we celebrate our 60th year, I am pleased to share the success of Comcast, marking the best financial performance in our history. Growth and innovation remain central to our DNA, and our strong 2023 results were fueled by six key areas: Residential Broadband, Business Services, Mobile, Streaming, Theme Parks, and our Film and Television Studios. In addition to our team’s many accomplishments, we returned $16 billion of capital to shareholders and increased our dividend for the 16th consecutive year.

Our wonderful businesses have never been more relevant or in demand as technology and media converge. Our fiber rich network is the backbone of an ever-expanding streaming future. The first exclusively streamed NFL Wild Card game is a perfect example, with NBC Sports, Peacock, and Comcast engineers collaborating to deliver the largest ever viewing event on the Internet in America. As high-bandwidth consumption continues to explode and new applications require faster speeds and lower latency, we are more than ready to outpace consumer needs and capitalize on the opportunities to come.

At the same time, we are providing unparalleled entertainment experiences that captivate people around the world. We have great momentum in film, ranking #1 at the worldwide box office in 2023 with hits including Golden Globe Best Picture winner, Oppenheimer. Looking ahead, we are eagerly anticipating the 2024 Olympic Games in Paris, with NBC and Peacock ready to bring every minute of the action home, as well as the 2025 opening of Epic Universe in Orlando.

Reflecting on our journey, I feel privileged to have worked alongside my father for so many years and I know he would be proud of the special company we’ve built. It’s an honor to bring beloved content and transformative technology to millions. It’s equally humbling to make a difference in our communities – whether that’s helping more people realize the power of connectivity through Project UP or reducing electricity across our network to support a healthier planet.

2023 Year in Review

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As always, credit goes to our dedicated employees who continue to shape and imagine an extraordinary future. We extend our gratitude to each shareholder for your continued trust and support.

BRIAN L. ROBERTS
CHAIRMAN AND CEO
February 05, 2024