Comcast Reports Second Quarter 2007 Results
July 26, 2007 - Financial Tables


                             COMCAST CORPORATION
                                   TABLE 1
                 Condensed Consolidated Statement of Operations
                                   (Unaudited)

                                   Three Months Ended     Six Months Ended
    (in millions, except per             June 30,             June 30,
     share data)                    2007         2006     2007       2006

    Revenues                         $7,712       $5,908   $15,100    $11,503

    Operating expenses                2,754        2,130     5,513      4,203
    Selling, general and
     administrative expenses          1,946        1,467     3,812      2,889
                                      4,700        3,597     9,325      7,092
    Operating cash flow               3,012        2,311     5,775      4,411

      Depreciation expense            1,252          905     2,477      1,785
      Amortization expense              292          233       569        449
                                      1,544        1,138     3,046      2,234
    Operating income                  1,468        1,173     2,729      2,177

    Other income (expense)
      Interest expense                 (550)        (496)   (1,118)      (972)
      Investment income (loss), net     126           14       300         78
      Equity in net (losses) income
       of affiliates, net               (16)         (12)      (37)       (21)
      Other income (expense)              1           85       514         98
                                       (439)        (409)     (341)      (817)
    Income before income taxes and
     minority interest                1,029          764     2,388      1,360

    Income tax expense                 (453)        (369)     (979)      (516)

    Income before minority interest     576          395     1,409        844

    Minority interest                    12            4        16         (7)

    Net income from continuing
     operations                         588          399     1,425        837

    Income from discontinued
     operations, net of tax               -           61         -         89

    Net income                         $588         $460    $1,425       $926


    Basic earnings per common share
    Income from continuing
     operations                       $0.19        $0.13     $0.46      $0.26
    Income from discontinued
     operations                           -         0.02         -       0.03
    Net income                        $0.19        $0.15     $0.46      $0.29

    Diluted earnings per common
     share
    Income from continuing
     operations                       $0.19        $0.13     $0.45      $0.26
    Income from discontinued
     operations                           -         0.02         -       0.03
    Net income                        $0.19        $0.15     $0.45      $0.29


    Basic weighted-average number
     of common shares                 3,113        3,168     3,119      3,185

    Diluted weighted-average number
     of common shares                 3,147        3,184     3,155      3,198


                             COMCAST CORPORATION
                                   TABLE 2
                     Condensed Consolidated Balance Sheet
                                 (Unaudited)

    (in millions)                            June 30,        December 31,
                                               2007              2006
    ASSETS

     Current Assets
       Cash and cash equivalents                $828              $1,239
       Investments                               395               1,735
       Accounts receivable, net                1,441               1,450
       Other current assets                      878                 778
         Total current assets                  3,542               5,202

     Investments                               6,211               8,847

     Property and equipment, net              22,900              21,248

     Franchise rights                         57,914              55,927

     Goodwill                                 14,416              13,768

     Other intangible assets, net              5,165               4,881

     Other noncurrent assets, net                608                 532

                                            $110,756            $110,405

    LIABILITIES AND STOCKHOLDERS'
     EQUITY

     Current Liabilities
       Accounts payable and accrued
        expenses related to trade
        creditors                             $2,978              $2,862
       Accrued expenses and other current
        liabilities                            3,301               3,032
       Deferred income taxes                     102                 563
       Current portion of long-term debt         458                 983
         Total current liabilities             6,839               7,440

     Long-term debt, less current portion     27,794              27,992

     Deferred income taxes                    26,533              27,089

     Other noncurrent liabilities              7,487               6,476

     Minority interest                           278                 241

     Stockholders' equity                     41,825              41,167
                                            $110,756            $110,405


                             COMCAST CORPORATION
                                   TABLE 3
                Condensed Consolidated Statement of Cash Flows
                                 (Unaudited)

     (in millions)                                Six Months Ended
                                                      June 30,
                                              2007                2006
    OPERATING ACTIVITIES
     Net cash provided by (used in)
      operating activities                   $4,390              $3,184

    FINANCING ACTIVITIES
     Proceeds from borrowings                   590               2,587
     Retirements and repayments of debt      (1,320)             (1,905)
     Repurchases of common stock             (1,252)             (1,388)
     Issuances of common stock                  334                  60
     Other                                       52                   2

         Net cash provided by (used in)
          financing activities               (1,596)               (644)

    INVESTING ACTIVITIES
     Capital expenditures                    (3,058)             (1,854)
     Cash paid for intangible assets           (229)               (141)
     Acquisitions, net of cash acquired        (770)               (550)
     Proceeds from sales of investments         805                 303
     Purchases of investments                   (52)                (70)
     Proceeds from sales (purchases) of
      short-term investments                     56                  (4)
     Other                                       43                  (3)
         Net cash provided by (used in)
          investing activities               (3,205)             (2,319)

    Increase (decrease) in cash and cash
     equivalents                               (411)                221

    Cash and cash equivalents, beginning
     of period                                1,239                 947

    Cash and cash equivalents, end of
     period                                    $828              $1,168


                                   TABLE 4
                        Calculation of Free Cash Flow
                               (Unaudited) (1)

    (in millions)                                   Six Months Ended
                                                        June 30,
                                              2007                2006
    Net Cash Provided by (Used In)
     Operating Activities                    $4,390              $3,184
    Capital Expenditures                     (3,058)             (1,854)
    Cash paid for Intangible Assets            (229)               (141)
    Nonoperating items, net of tax             (293)                 80
    Free Cash Flow                             $810              $1,269

    (1)  See Non-GAAP and Other Financial Measures in Table 7 for the
         definition of Free Cash Flow.



                             COMCAST CORPORATION
                                   TABLE 5
                 Pro Forma Financial Data by Business Segment
                                (Unaudited)(1)

    (in millions)                                         Corporate and
                                     Cable  Programming(2)    Other     Total
    Three Months Ended June 30, 2007
    Revenues                         $7,330        $334         $48    $7,712
    Operating Cash Flow              $3,031         $75        ($94)   $3,012
    Operating Income (Loss)          $1,560         $29       ($121)   $1,468
    Operating Cash Flow Margin        41.3%       22.7%          NM     39.1%
    Capital Expenditures (3)         $1,586         $10          $8    $1,604

    Three Months Ended June 30, 2006
    Revenues                         $6,558        $273         $37    $6,868
    Operating Cash Flow              $2,679         $59        ($74)   $2,664
    Operating Income (Loss)          $1,335         $18        ($94)   $1,259
    Operating Cash Flow Margin        40.9%       21.8%          NM     38.8%
    Capital Expenditures (3)         $1,045          $5          $8    $1,058

    Six Months Ended June 30, 2007
    Revenues                        $14,328        $636        $136   $15,100
    Operating Cash Flow              $5,824        $140       ($189)   $5,775
    Operating Income (Loss)          $2,913         $47       ($231)   $2,729
    Operating Cash Flow Margin        40.6%       22.0%          NM     38.2%
    Capital Expenditures (3)         $3,029         $14         $15    $3,058

    Six Months Ended June 30, 2006
    Revenues                        $12,790        $512        $124   $13,426
    Operating Cash Flow              $5,122        $109       ($130)   $5,101
    Operating Income (Loss)          $2,477         $27       ($170)   $2,334
    Operating Cash Flow Margin        40.0%       21.4%          NM     38.0%
    Capital Expenditures (3)         $2,012         $13         $15    $2,040

    (1)  See Non-GAAP and Other Financial Measures in Table 7.  Historical
         financial data by business segment, in accordance with generally
         accepted accounting principles in the United States (GAAP), is
         available in the Company's quarterly report on Form 10-Q.  All
         percentages are calculated based on actual amounts. Minor differences
         may exist due to rounding.

    (2)  Programming includes our national networks E! Entertainment
         Television and Style Network (E! Networks), The Golf Channel, VERSUS,
         G4 and other entertainment related businesses.

    (3)  Our Cable segment's capital expenditures are comprised of the
         following categories:


                                                              YTD      YTD
                                           2Q07     2Q06     2Q07     2Q06
         New Service Offerings
           Customer Premise Equipment (CPE)  $873     $558   $1,675   $1,060
           Scalable Infrastructure            257      168      520      341
                                            1,130      726    2,195    1,401
         Recurring Capital Projects
           Line Extensions                     98       90      184      179
           Support Capital                    230      130      380      249
                                              328      220      564      428

         Upgrades                             102       99      220      183
         Commercial                            26        -       50        -
         Total                             $1,586   $1,045   $3,029   $2,012

         CPE includes costs incurred at the customer residence to secure new
         customers, revenue units and additional bandwidth revenues (e.g.
         digital converters). Scalable infrastructure includes costs, not CPE
         or network related, to secure growth of new customers, revenue units
         and additional bandwidth revenues or provide service enhancements
         (e.g. headend equipment).  Line extensions include network costs
         associated with entering new service areas (e.g. fiber/coaxial
         cable).  Support capital includes costs associated with the
         replacement or enhancement of non-network assets due to obsolescence
         and wear out (e.g. non-network equipment, land, buildings and
         vehicles).  Upgrades include costs to enhance or replace existing
         fiber/coaxial cable networks, including recurring betterments.


                             COMCAST CORPORATION
                                   TABLE 6
                  Pro Forma Data - Cable Segment Components
                              (Unaudited)(1) (2)

                                        Three Months Ended  Six Months Ended
                                            June 30,            June 30,
    (in millions, except per subscriber
    and per unit data)                   2007      2006     2007       2006
    Revenues:
      Video (3)                          $4,465    $4,172   $8,827     $8,202
      High-speed Internet                 1,589     1,330    3,116      2,590
      Phone                                 420       212      773        399
      Advertising                           399       402      712        725
      Other (4)                             250       247      492        489
      Franchise fees                        207       195      408        385
    Total Revenues                       $7,330    $6,558  $14,328    $12,790

    Operating Cash Flow                  $3,031    $2,679   $5,824     $5,122
    Operating Income                     $1,560    $1,335   $2,913     $2,477
    Operating Cash Flow Margin            41.3%     40.9%    40.6%      40.0%
    Capital Expenditures                 $1,586    $1,045   $3,029     $2,012


                                         2Q07         2Q06          1Q07
        Video
        Homes Passed (000's)             47,900       47,100        47,700
        Basic Subscribers (000's)        24,141       24,041        24,236
        Basic Penetration                 50.4%        51.1%         50.9%
        Quarterly Net Basic Subscriber
         Additions (000's)                  (95)         (91)           75

        Digital Subscribers (000's)      14,133       11,495        13,309
        Digital Penetration               58.5%        47.8%         54.9%
        Quarterly Net Digital Subscriber
         Additions (000's)                  823          337           644
        Digital Set-Top Boxes            22,681       17,635        20,598

        Monthly Average Video Revenue
         per Basic Subscriber            $61.53       $57.75        $60.08
        Monthly Average Total Revenue
         per Basic Subscriber           $101.02       $90.76        $96.39

        High-Speed Internet
        "Available" Homes (000's)        47,445       46,390        47,186
        Subscribers (000's)              12,380       10,463        12,050
        Penetration                       26.1%        22.6%         25.5%
        Quarterly Net Subscriber
         Additions (000's)                  330          333           563
        Monthly Average Revenue per
         Subscriber                      $43.37       $43.06        $43.26

        Phone
          Comcast Digital Voice
           "Available" Homes (000's)     37,638       28,339        34,839
           Subscribers (000's)            3,097          864         2,426
           Penetration                     8.2%         3.0%          7.0%
           Quarterly Net Subscriber
            Additions (000's)               671          326           571

          Circuit Switched Phone
            "Available" Homes (000's)     8,995        8,854         8,989
            Subscribers (000's)             443          842           560
            Penetration                    4.9%         9.5%          6.2%
            Quarterly Net Subscriber
             Additions (000's)             (117)         (76)          (93)

        Monthly Average Total Phone
         Revenue per Subscriber          $42.92       $45.24        $43.11

        Total Revenue Generating
         Units (000's) (5)               54,194       47,705        52,581
        Total Quarterly Net Additions
         (000's)                          1,613          830         1,759

    (1)  See Non-GAAP and Other Financial Measures in Table 7.  All
         percentages are calculated based on actual amounts.  Minor
         differences may exist due to rounding.

    (2)  Pro forma financial data includes the results of Susquehanna
         Communications acquired on April 30, 2006, cable systems acquired in
         the Adelphia/Time Warner transactions on July 31, 2006 and the cable
         systems resulting from the dissolution of the Texas/Kansas City Cable
         Partnership (TKCCP) on January 1, 2007.  Pro forma results are
         presented as if the acquisitions and dispositions were effective on
         January 1, 2006. The net impact of these transactions was to increase
         the number of basic cable subscribers by 2.6 million.

    (3)  Video revenues consist of our basic, expanded basic, digital,
         premium, pay-per-view and equipment services.

    (4)  Other revenues include installation revenues, guide revenues,
         commissions from electronic retailing, other product offerings,
         commercial data services and revenues of our digital media center and
         regional sports programming networks.

    (5)  Represents the sum of basic and digital video, high-speed Internet
         and net phone subscribers, excluding additional outlets.
         Subscriptions to DVR and/or HDTV services do not result in additional
         RGUs.


                             COMCAST CORPORATION
                                   TABLE 7

    Non-GAAP and Other Financial Measures

Operating Cash Flow is the primary basis used to measure the operational strength and performance of our businesses. Free Cash Flow is an additional performance measure used as an indicator of our ability to repay debt, make investments and return capital to investors, principally through stock repurchases. We also adjust certain historical data on a pro forma basis following certain acquisitions or dispositions to enhance comparability.

Operating Cash Flow is defined as operating income before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on sale of assets, if any. As such, it eliminates the significant level of non-cash depreciation and amortization expense that results from the capital intensive nature of our businesses and intangible assets recognized in business combinations, and is unaffected by our capital structure or investment activities. Our management and Board of Directors use this measure in evaluating our consolidated operating performance and the operating performance of all of our operating segments. This metric is used to allocate resources and capital to our operating segments and is a significant performance measure in our annual incentive compensation programs. We believe that Operating Cash Flow is also useful to investors as it is one of the bases for comparing our operating performance with other companies in our industries, although our measure of Operating Cash Flow may not be directly comparable to similar measures used by other companies.

As Operating Cash Flow is the measure of our segment profit or loss, we reconcile it to operating income, the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP), in the business segment footnote of our quarterly and annual financial statements. Therefore, we believe our measure of Operating Cash Flow for our business segments is not a "non-GAAP financial measure" as contemplated by Regulation G adopted by the Securities and Exchange Commission. Consolidated Operating Cash Flow is a non-GAAP financial measure.

Free Cash Flow, which is a non-GAAP financial measure, is defined as "Net Cash Provided by Operating Activities From Continuing Operations" (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets; increased by any payments related to certain non-operating items, net of estimated tax benefits (such as income taxes on investment sales, and non-recurring payments related to income tax and litigation contingencies of acquired companies) and decreased by any proceeds from the sale of trading securities. We believe that Free Cash Flow is also useful to investors as it is one of the bases for comparing our performance with other companies in our industries, although our measure of Free Cash Flow may not be comparable to similar measures used by other companies.

Pro forma data is used by management to evaluate performance when certain acquisitions or dispositions occur. Historical data reflects results of acquired businesses only after the acquisition dates while pro forma data enhances comparability of financial information between periods by adjusting the data as if the acquisitions or dispositions occurred at the beginning of the prior year. Our pro forma data is only adjusted for the timing of acquisitions or dispositions and 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. We believe our pro forma data is not a non-GAAP financial measure as contemplated by Regulation G.

In certain circumstances we also present data, as adjusted, in order to enhance comparability between periods.

Operating Cash Flow and Free Cash Flow should not be considered as substitutes for operating income (loss), net income (loss), net cash provided by operating activities or other measures of performance or liquidity reported in accordance with GAAP. Additionally, in the opinion of management, our pro forma data is not necessarily indicative of future results or what results would have been had the acquired businesses been operated by us after the assumed earlier date.

We provide reconciliations of Consolidated Operating Cash Flow in Table 1, Free Cash Flow in Table 4, Pro Forma in Table 7-A and Adjusted Net Income in Table 7-B.


                             COMCAST CORPORATION
                                  TABLE 7-A
        Reconciliation of Pro Forma(1) Financial Data by Business Segment
                                   (Unaudited)

     (in millions)                                        Corporate,
                                                           Other and
                                      Cable   Programming Eliminations Total
     Three Months Ended June 30, 2007
     Revenue                           $7,330       $334       $48     $7,712

     Operating Expenses (excluding
       depreciation and
       amortization)                    4,299        259       142      4,700
     Operating Cash Flow               $3,031        $75      ($94)    $3,012
     Depreciation and Amortization      1,471         46        27      1,544
     Operating Income (Loss)           $1,560        $29     ($121)    $1,468

     Capital Expenditures              $1,586        $10        $8     $1,604


     Three Months Ended June 30, 2006
     Revenue                           $5,612       $273       $23     $5,908
        Segment reclassifications         (13)         -        13          -
     Revenue                           $5,599       $273       $36     $5,908

     Operating Expenses (excluding
       depreciation and amortization)   3,277        213       107      3,597
        Segment reclassifications          (5)         1         4          -
     Operating Cash Flow               $2,327        $59      ($75)    $2,311
     Depreciation and Amortization      1,078         41        19      1,138
     Operating Income (Loss)           $1,249        $18      ($94)    $1,173

     Capital Expenditures                $915         $5       $56       $976


     Six Months Ended June 30, 2007
     Revenue                          $14,328       $636      $136    $15,100

     Operating Expenses (excluding
       depreciation and amortization)   8,504        496       325      9,325
     Operating Cash Flow               $5,824       $140     ($189)    $5,775
     Depreciation and Amortization      2,911         93        42      3,046
     Operating Income (Loss)           $2,913        $47     ($231)    $2,729

     Capital Expenditures              $3,029        $14       $15     $3,058


     Six Months Ended June 30, 2006
     Revenue                          $10,894       $512       $97    $11,503
        Segment reclassifications         (26)         -        26          -
     Revenue                          $10,868       $512      $123    $11,503

     Operating Expenses (excluding
       depreciation and amortization)   6,445        402       245      7,092
        Segment reclassifications          (9)         1         8          -
     Operating Cash Flow               $4,432       $109     ($130)    $4,411
     Depreciation and Amortization      2,112         82        40      2,234
     Operating Income (Loss)           $2,320        $27     ($170)    $2,177

     Capital Expenditures              $1,740        $13      $101     $1,854

     (1)  Pro forma data is adjusted only for timing of acquisitions or
          disposition and 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 results are
          presented as if the acquisitions and dispositions were effective on
          January 1, 2006.  Minor differences may exist due to rounding.



                             COMCAST CORPORATION
                                  TABLE 7-A
      Reconciliation of Pro Forma(1) Financial Data by Business Segment
                                 (Unaudited)

                                               Cable              Total

    (in millions)             Pro Forma      Cable      Pro Forma      Total
                            Adjustments(1) Pro Forma  Adjustments(1) Pro Forma
    Three Months Ended
     June 30, 2007
    Revenue                         $-        $7,330          $-       $7,712

    Operating Expenses
     (excluding depreciation
     and amortization)               -         4,299           -        4,700
    Operating Cash Flow             $-        $3,031          $-       $3,012
    Depreciation and
     Amortization                    -         1,471           -        1,544
    Operating Income (Loss)         $-        $1,560          $-       $1,468

    Capital Expenditures            $-        $1,586          $-       $1,604


    Three Months Ended
     June 30, 2006
    Revenue                       $959        $6,571        $960       $6,868
      Segment reclassifications      -           (13)          -            -
    Revenue                       $959        $6,558        $960       $6,868

    Operating Expenses
     (excluding depreciation
     and amortization)             607         3,884         607        4,204
      Segment reclassifications      -            (5)          -            -
    Operating Cash Flow           $352        $2,679        $353       $2,664
    Depreciation and
     Amortization                  266         1,344         267        1,405
    Operating Income (Loss)        $86        $1,335         $86       $1,259

    Capital Expenditures          $130        $1,045         $82       $1,058


    Six Months Ended
     June 30, 2007
    Revenue                         $-       $14,328          $-      $15,100

    Operating Expenses
     (excluding depreciation
     and amortization)               -         8,504           -        9,325
    Operating Cash Flow             $-        $5,824          $-       $5,775
    Depreciation and
     Amortization                    -         2,911           -        3,046
    Operating Income (Loss)         $-        $2,913          $-       $2,729

    Capital Expenditures            $-        $3,029          $-       $3,058


    Six Months Ended
     June 30, 2006
    Revenue                     $1,922       $12,816      $1,923      $13,426
      Segment reclassifications      -           (26)          -            -
    Revenue                     $1,922       $12,790      $1,923      $13,426

    Operating Expenses
     (excluding depreciation
     and amortization)           1,232         7,677       1,233        8,325
      Segment reclassifications      -            (9)          -            -
    Operating Cash Flow           $690        $5,122        $690       $5,101
    Depreciation and
     Amortization                  533         2,645         533        2,767
    Operating Income (Loss)       $157        $2,477        $157       $2,334

    Capital Expenditures          $272        $2,012        $186       $2,040

    (1)  Pro forma data is adjusted only for timing of acquisitions or
         disposition and 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 results are
         presented as if the acquisitions and dispositions were effective on
         January 1, 2006.  Minor differences may exist due to rounding.


                             COMCAST CORPORATION
                                  TABLE 7-B
             Reconciliation of Net Income to Adjusted Net Income
                                 (Unaudited)

                                                  Three Months Ended
                                                       June 30,
                                             2007                    2006
    (in millions, except per share data)
                                           $    EPS (1)           $    EPS (1)
    Net Income                             $588  $0.19            $460  $0.15

    Adjustments                               -      -               -      -

    Adjusted Net Income                    $588  $0.19            $460  $0.15


                                                    Six Months Ended
                                                        June 30,
                                              2007                   2006
    (in millions, except per share data)
                                           $     EPS (1)          $    EPS (1)
    Net Income                            $1,425  $0.45           $926  $0.29

    Adjustment:
       Gain related to the dissolution
        of the Texas/Kansas City Cable
        Partnership, net of tax              300   0.09              -      -

    Adjusted Net Income (2)               $1,125  $0.36           $926  $0.29

    (1)  Based on diluted average number of common shares for the
         respective periods as presented in Table 1.

    (2)  For 2007, Adjusted Net Income excludes a one-time gain related to the
         dissolution of the Texas/Kansas City Cable Partnership, net of tax.