Comcast Reports Fourth Quarter and Year End 2006 Results
February 1, 2007 - Financial Tables
   


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



                                          Three Months    Twelve Months
     (dollars in millions, except per         Ended            Ended
     share data)                           December 31,     December 31,
                                           2006    2005    2006     2005
     Revenues                             $7,031  $5,416  $24,966  $21,075

          Operating expenses               2,451   1,943    9,010    7,513
          Selling, general and
           administrative expenses         1,986   1,433    6,514    5,490
                                           4,437   3,376   15,524   13,003
     Operating cash flow                   2,594   2,040    9,442    8,072

          Depreciation expense             1,080     888    3,828    3,413
          Amortization expense               296     303      995    1,138
                                           1,376   1,191    4,823    4,551
     Operating income                      1,218     849    4,619    3,521

     Other income (expense)
          Interest expense                  (562)   (462)  (2,064)  (1,795)
          Investment income (loss), net       55      53      990       89
          Equity in net (losses) income
           of affiliates                     (38)    (23)    (124)     (42)
          Other income (expense)             (21)      5      173      (53)
                                            (566)   (427)  (1,025)  (1,801)
     Income before income taxes and
          minority interest                  652     422    3,594    1,720

     Income tax expense                     (221)   (303)  (1,347)    (873)

     Income before minority interest         431     119    2,247      847

     Minority interest                        (2)    (12)     (12)     (19)

     Net income from continuing
      operations                             429     107    2,235      828

     Income from discontinued operations,
          net of tax                           -      26      103      100
     Gain (loss) on discontinued
      operations, net
          of tax                             (39)      -      195        -

     Net income                             $390    $133   $2,533     $928




     Basic earnings per common share

          Income from continuing
           operations per common share     $0.21   $0.05    $1.06    $0.37
          Income from discontinued
           operations per common share         -    0.01     0.05     0.05
          Gain (loss) on discontinued
           operations per common share     (0.02)      -     0.09        -
          Net income per common share      $0.19   $0.06    $1.20    $0.42

     Diluted earnings per common share

          Income from continuing
           operations per common share     $0.20   $0.05    $1.05    $0.37
          Income from discontinued
           operations per common share         -    0.01     0.05     0.05
          Gain (loss) on discontinued
           operations per common share     (0.02)      -     0.09        -
          Net income per common share      $0.18   $0.06    $1.19    $0.42


     Basic weighted-average number of
      common shares                        2,084   2,169    2,107    2,197

     Diluted weighted-average number of
      common shares                        2,109   2,179    2,120    2,208



                               COMCAST CORPORATION
                                     TABLE 2
                      Condensed Consolidated Balance Sheet
                                   (Unaudited)


         (dollars in millions)                  December 31,     December 31,
                                                    2006              2005
         ASSETS

           Current Assets
                 Cash and cash
                  equivalents                       $1,239              $947
                 Investments                         1,735               148
                 Accounts receivable, net            1,450             1,008
                 Other current assets                  778               685
                 Current assets of
                  discontinued operations                -                60
                     Total current assets            5,202             2,848

           Investments                               8,847            12,675

           Property and equipment, net              21,248            17,704

           Franchise rights                         55,927            48,804

           Goodwill                                 13,768            13,498

           Other intangible assets, net              4,881             3,118

           Other noncurrent assets, net                532               635

           Noncurrent assets of
            discontinued operations, net                 -             4,118

                                                  $110,405          $103,400

         LIABILITIES AND STOCKHOLDERS'
          EQUITY

          Current Liabilities
                 Accounts payable and
                  accrued expenses
                  related to trade
                  creditors                         $2,862            $2,239
                 Accrued expenses and
                  other current
                  liabilities                        3,032             2,482
                 Deferred income taxes                 563                 2
                 Current portion of long-
                  term debt                            983             1,689
                 Current liabilities of
                  discontinued operations                -               112
                     Total current
                      liabilities                    7,440             6,524

           Long-term debt, less
            current portion                         27,992            21,682

           Deferred income taxes                    27,089            27,370

           Other noncurrent liabilities              6,498             6,920

           Minority interest                           251               657

           Noncurrent liabilities of
            discontinued operations                      -                28

           Stockholders' equity                     41,135            40,219
                                                  $110,405          $103,400



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


               (dollars in millions)                   Twelve Months Ended
                                                           December 31,
                                                      2006              2005

               OPERATING ACTIVITIES
                 Net cash provided by
                  operating activities               $6,618            $4,835

               FINANCING ACTIVITIES
                 Proceeds from borrowings             7,497             3,978
                 Retirements and repayments
                  of debt                            (2,039)           (2,706)
                 Repurchases of common stock         (2,347)           (2,313)
                 Issuances of common stock              410                93
                 Other                                   25                15

                   Net cash provided by (used
                    in) financing activities          3,546              (933)

               INVESTING ACTIVITIES
                 Capital expenditures                (4,395)           (3,621)
                 Cash paid for intangible
                  assets                               (306)             (281)
                 Acquisitions, net of cash
                  acquired                           (5,110)             (199)
                 Proceeds from sales and
                  restructuring of
                  investments                         2,720               861
                 Purchases of investments            (2,812)             (306)
                 Proceeds from sales
                  (purchases) of short-term
                  investments, net                       33               (86)
                 Other investing activities              (2)             (116)

                   Net cash used in investing
                    activities                       (9,872)           (3,748)

               INCREASE IN CASH AND CASH
                EQUIVALENTS                             292               154

               CASH AND CASH EQUIVALENTS,
                beginning of period                     947               793

               CASH AND CASH EQUIVALENTS,
                end of period                        $1,239              $947



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


               (dollars in millions)                   Twelve Months Ended
                                                           December 31,
                                                      2006              2005
               Net Cash Provided by
                Operating Activities                 $6,618            $4,835
               Capital Expenditures                  (4,395)           (3,621)
               Cash paid for Intangible
                Assets                                 (306)             (281)
               Non-operating items, net of
                tax                                     706             1,062
               Free Cash Flow                        $2,623            $1,995


               (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)


     (dollars in millions)                                    Corporate
                                                                 and
                                        Cable   Programming(2)  Other    Total
     Three Months Ended
      December 31, 2006
     Revenues                          $6,894       $283         $90    $7,267
     Operating Cash Flow               $2,749        $43       ($109)   $2,683
     Operating Income (Loss)           $1,357         $1       ($120)   $1,238
     Operating Cash Flow Margin         39.9%      15.4%          NM     36.9%
     Capital Expenditures (3)          $1,381        ($2)        $15    $1,394

     Three Months Ended
      December 31, 2005, as adjusted (4)
     Revenues                          $6,029       $235         $72    $6,336
     Operating Cash Flow               $2,348        $32        ($77)   $2,303
     Operating Income (Loss)             $922       ($10)       ($91)     $821
     Operating Cash Flow Margin         38.9%      13.8%          NM     36.4%
     Capital Expenditures (3)            $967         $5         $14      $986

     Twelve Months Ended
     December 31, 2006
     Revenues                         $26,339     $1,053        $203   $27,595
     Operating Cash Flow              $10,511       $241       ($362)  $10,390
     Operating Income (Loss)           $5,246        $75       ($430)   $4,891
     Operating Cash Flow Margin         39.9%      22.9%          NM     37.7%
     Capital Expenditures (3)          $4,640        $16         $30    $4,686

     Twelve Months Ended
     December 31, 2005, as adjusted (4)
     Revenues                         $23,556       $919        $170   $24,645
     Operating Cash Flow               $9,132       $272       ($313)   $9,091
     Operating Income (Loss)           $3,652       $118       ($363)   $3,407
     Operating Cash Flow Margin         38.8%      29.6%          NM     36.9%
     Capital Expenditures (3)          $4,030        $16         $38    $4,084


      (1) See Non-GAAP and Other Financial Measures in Table 7.  Historical
          financial data by business segment, as required under generally
          accepted accounting principles in the United States (GAAP), is
          available in the Company's annual report on Form 10-K.  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 (formerly OLN), G4 and AZN Television.

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


                                                            YTD      YTD
                                            4Q06    4Q05    4Q06     4Q05
          New Service Offerings
            Customer Premise Equipment
             (CPE)                           $712   $512   $2,482   $2,080
            Scalable Infrastructure           330    214      917      881
                                            1,042    726    3,399    2,961
          Recurring Capital Projects
            Line Extensions                    62     64      320      293
            Support Capital                   144     97      528      387
                                              206    161      848      680

          Upgrades                            133     80      393      389
          Total                            $1,381   $967   $4,640   $4,030


          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.

      (4) Adjusted as if stock options had been expensed in 2005.  See
          Tables 7-A and 7-B for Reconciliation of "As Adjusted" Financial
          Data.



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


     (dollars in millions,
      except per subscriber
      and per unit data)              Three Months Ended  Twelve Months Ended
                                         December 31,          December 31,
                                        2006      2005       2006       2005
    Revenues:
    Video (3)                          $4,214    $3,865    $16,599    $15,386

    High-Speed Internet                 1,454     1,184      5,451      4,445

    Phone                                302        171        955        658

    Advertising                          501        398      1,651      1,463

    Other (4)                            226        229        908        877

    Franchise Fees                       197        182        775        727

    Total Revenues                    $6,894     $6,029    $26,339    $23,556


    Programming Expense                                     $5,406     $5,021

    Operating Cash Flow (5)           $2,749     $2,348    $10,511     $9,132

    Operating Income (5)              $1,357       $922     $5,246     $3,652

    Operating Cash Flow Margin (5)     39.9%      38.9%      39.9%      38.8%

    Capital Expenditures              $1,381       $967     $4,640     $4,030



                                      4Q06            4Q05          3Q06
    Video
    Homes Passed (000's)             47,400          46,700        47,200
    Basic Subscribers (000's)        24,161          24,081        24,051
    Basic Penetration                 51.0%           51.6%         50.9%
    Quarterly Net Basic
     Subscriber Additions (000's)       110              28            10

    Digital Subscribers (000's)      12,666          10,804        12,053
    Digital Penetration               52.4%           44.9%         50.1%
    Quarterly Net Digital
     Subscriber Additions (000's)       613             365           558
    Digital Set-Top Boxes            19,492          16,450        18,440

    Monthly Average Video
     Revenue per Basic Subscriber    $58.41          $53.54        $57.75
    Monthly Average Total
     Revenue per Basic Subscriber    $95.34          $83.51        $91.89

    High-Speed Internet
    "Available" Homes (000's)        46,902          45,912        46,731
    Subscribers (000's)              11,487           9,619        11,000
    Penetration                       24.5%           21.0%         23.5%
    Quarterly Net Subscriber
     Additions (000's)                  488             436           536
    Monthly Average Revenue
     per Subscriber                  $43.12          $41.99        $43.14

    Phone
     Comcast Digital Voice
      "Available" Homes (000's)      32,435          18,580        30,800
      Subscribers (000's)             1,855             306         1,348
      Penetration                      5.7%            1.6%          4.4%
      Quarterly Net Subscriber
       Additions (000's)                508             147           483


     Circuit Switched Phone
      "Available" Homes (000's)       8,866           8,462         8,858
      Subscribers (000's)               652             986           740
      Penetration                      7.4%           11.7%          8.4%
      Quarterly Net Subscriber
       Additions (000's)                (87)            (56)         (102)

    Monthly Average Total Phone
     Revenue per Subscriber          $43.92          $46.20        $45.09

    Total Revenue Generating
     Units (000's)(6)                50,822          45,796        49,190
    Quarterly Net Additions           1,632             920         1,486


    (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 cable
         systems serving Houston, Texas included as a result of the
         dissolution of our cable partnership with Time Warner, which was
         initiated in July 2006. The net impact of these transactions was to
         increase the number of basic cable subscribers by 2.6 million.

         Pro forma subscriber data also includes 13,000 subscribers acquired
         in various small acquisitions during 2005.  The impact of these
         acquisitions on our segment operating results was not material.

    (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)  Adjusted as if stock options had been expensed in 2005.

    (6)  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 by existing Comcast Digital
         customers 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 significant 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.

Beginning in 2006, we changed our definition of Free Cash Flow, which is a non-GAAP financial measure, to mean "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; and 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). 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 significant 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 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.

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 and "As Adjusted" in Tables 7-A and 7-B, and Adjusted Net Income in Table 7-C.

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



     (dollars in millions)                                   Corporate,
                                                             Other and
                                                            Eliminations
                                      Cable (2)  Programming   (2)(6)   Total
     Three Months Ended
      December 31, 2006
     Revenue                           $6,895       $283       ($147)   $7,031

     Operating Expenses (excluding
       depreciation and amortization)   4,146        240          51     4,437
     Operating Cash Flow               $2,749        $43       ($198)   $2,594
     Depreciation and Amortization      1,388         42         (54)    1,376
     Operating Income (Loss)           $1,361         $1       ($144)   $1,218

     Capital Expenditures              $1,381        ($2)       ($35)   $1,344


     Three Months Ended
      December 31, 2005
     Revenue                           $5,108       $235         $73    $5,416
        Segment reclassifications (5)       2         -           (2)       -
     Revenue                           $5,110       $235         $71    $5,416

     Operating Expenses (excluding
       depreciation and amortization)   3,051        200         125     3,376
        Segment reclassifications (5)      (8)         5           3        -
        Stock option adjustment (6)        30         (2)        (28)       -
     Operating Cash Flow               $2,037        $32        ($29)   $2,040
     Depreciation and Amortization      1,134         42          15     1,191
     Operating Income (Loss)             $903       ($10)       ($44)     $849

     Capital Expenditures                $815         $5         $48      $868



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



                                           Cable                 Total

    (dollars in millions)           Pro Forma             Pro Forma
                                   Adjustments   Cable   Adjustments   Total
                                     (1)(3)    Pro Forma   (1)(4)    Pro Forma
     Three Months Ended
      December 31, 2006
     Revenue                          ($1)      $6,894      $236      $7,267

     Operating Expenses
      (excluding depreciation
      and amortization)                (1)       4,145       147       4,584
     Operating Cash Flow               $-       $2,749       $89      $2,683
     Depreciation and
      Amortization                      4        1,392        69       1,445
     Operating Income (Loss)          ($4)      $1,357       $20      $1,238

     Capital Expenditures              $-       $1,381       $50      $1,394


     Three Months Ended
      December 31, 2005
     Revenue                         $919       $6,027      $920      $6,336
        Segment
         reclassifications(5)          -             2        -           -
     Revenue                         $919       $6,029      $920      $6,336

     Operating Expenses
      (excluding depreciation
       and amortization)              608        3,659       609       3,985
        Segment
         reclassifications (5)         -            (8)       -           -
        Stock option
         adjustment (6)                -            30        -           -
     Operating Cash Flow             $311       $2,348      $311      $2,351
     Depreciation and
      Amortization                    292        1,426       291       1,482
     Operating Income (Loss)          $19         $922       $20        $869

     Capital Expenditures            $152         $967      $118        $986



      Reconciliation of Total Pro Forma(1), "As Adjusted" Financial Data


                                               Three Months Ended
                                                  December 31,
     (dollars in millions)          2005               2006
                                             Total
                                           Pro Forma,          % Growth
                          Total  Adjustment   As       Total      As      %
                        Pro Forma   (6)    Adjusted  Pro Forma Adjusted Growth
     Revenue             $6,336    $-      $6,336     $7,267      15%    15%

     Operating Expenses
      (excluding
      depreciation and
      amortization)       3,985     48      4,033      4,584
     Operating Cash
      Flow               $2,351   ($48)    $2,303     $2,683      16%    14%
     Depreciation and
      Amortization        1,482     -       1,482      1,445
     Operating Income
      (Loss)               $869   ($48)      $821     $1,238      51%    43%
     Operating Cash
      Flow Margin         37.1%     NM      36.4%      36.9%



               Reconciliation of  Total "As Adjusted" Financial Data


     (dollars in millions, except            Three Months Ended
     per share data)                            December 31,
                                     2005               2006
                                                              % Growth
                       Historical  Adjustment    As               As      %
                          Total       (6)     Adjusted  Total  Adjusted Growth
     Revenue             $5,416       $-       $5,416  $7,031     30%     30%

     Operating Expenses
      (excluding
      depreciation and
      amortization)       3,376        48       3,424   4,437
     Operating Cash
      Flow               $2,040      ($48)     $1,992  $2,594     30%     27%
     Depreciation and
      Amortization        1,191        -        1,191   1,376
     Operating Income
      (Loss)               $849      ($48)       $801  $1,218     52%     43%
     Operating Cash
      Flow Margin         37.7%        NM       36.8%   36.9%
     Earnings Per Share   $0.06    ($0.01)      $0.05   $0.18    260%    200%


    (1)  Pro forma data is adjusted only for 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.  Pro Forma results are
         presented as if the acquisitions and dispositions were effective on
         January 1, 2005.  Minor differences may exist due to rounding.

    (2)  Beginning on August 1, 2006, the cable segment includes the operating
         results of the cable systems serving Houston, TX as a result of the
         dissolution of our cable partnership with Time Warner.  This
         adjustment is reversed in the Corporate, Other and Eliminations
         column to reconcile to our consolidated amounts.

    (3)  Cable Pro Forma adjustments include cable systems serving Houston, TX
         prior to August 1, 2006.

    (4)  Total Pro Forma adjustments include cable systems serving Houston, TX
         for all periods.

    (5)  To be consistent with our management reporting, reclassifications
         were made to technology development ventures, programming
         headquarters and other.

    (6)  To be consistent with our management reporting, the 2005 segment
         amounts have been adjusted as if stock options had been expensed as
         of January 1, 2005.  For the three months ended December 31, 2005,
         the adjustments reducing operating income before depreciation and
         amortization by segment were $30 million for Cable, ($2) million for
         Programming and $20 million for Corporate and Other.  For the three
         months ended December 31, 2005, the total adjustment of $48 million
         is reversed in the Corporate, Other and Eliminations column to
         reconcile to our consolidated 2005 amounts.



                              COMCAST CORPORATION
                                    TABLE 7-B
    Reconciliation of Pro Forma(1), "As Adjusted" Financial Data by Business
                                     Segment
                                   (Unaudited)


     (dollars in millions)                                   Corporate,
                                                             Other and
                                                            Eliminations
                                      Cable (2)  Programming   (2)(6)   Total
     Twelve Months Ended
      December 31, 2006
     Revenue                           $24,100     $1,053      ($187)  $24,966

     Operating Expenses
      (excluding depreciation
      and amortization)                 14,396        812        316    15,524
     Operating Cash Flow                $9,704       $241      ($503)   $9,442
     Depreciation and Amortization       4,657        166         -      4,823
     Operating Income (Loss)            $5,047        $75      ($503)   $4,619

     Capital Expenditures               $4,327        $16        $52    $4,395


     Twelve Months Ended
      December 31, 2005
     Revenue                           $19,979       $919       $177   $21,075
        Segment
         reclassifications (5)               8        -           (8)       -
     Revenue                           $19,987       $919       $169   $21,075

     Operating Expenses
      (excluding depreciation
      and amortization)                 11,941        636        426    13,003
        Segment
         reclassifications (5)             (17)        10          7        -
        Stock option adjustment (6)        116          1       (117)       -
     Operating Cash Flow                $7,947       $272      ($147)   $8,072
     Depreciation and Amortization       4,346        154         51     4,551
     Operating Income (Loss)            $3,601       $118      ($198)   $3,521

     Capital Expenditures               $3,409        $16       $196    $3,621




                               COMCAST CORPORATION
                                    TABLE 7-B
    Reconciliation of Pro Forma(1), "As Adjusted" Financial Data by Business
                                     Segment
                                   (Unaudited)



                                           Cable                 Total

    (dollars in millions)           Pro Forma             Pro Forma
                                   Adjustments   Cable   Adjustments   Total
                                     (1)(3)    Pro Forma   (1)(4)    Pro Forma
     Twelve Months Ended
      December 31, 2006
     Revenue                         $2,239     $26,339    $2,629     $27,595

     Operating Expenses
      (excluding depreciation
      and amortization)               1,432      15,828     1,681      17,205
     Operating Cash Flow               $807     $10,511      $948     $10,390
     Depreciation and Amortization      608       5,265       676       5,499
     Operating Income (Loss)           $199      $5,246      $272      $4,891

     Capital Expenditures              $313      $4,640      $291      $4,686


     Twelve Months Ended
      December 31, 2005
     Revenue                         $3,569     $23,548    $3,570     $24,645
       Segment
        reclassifications (5)            -            8        -           -
     Revenue                         $3,569     $23,556    $3,570     $24,645

     Operating Expenses
      (excluding depreciation
      and amortization)               2,384      14,325     2,385      15,388
       Segment
        reclassifications (5)            -          (17)       -           -
       Stock option adjustment (6)       -          116        -           -
     Operating Cash Flow             $1,185      $9,132    $1,185      $9,257
     Depreciation and Amortization    1,134       5,480     1,133       5,684
     Operating Income (Loss)            $51      $3,652       $52      $3,573

     Capital Expenditures              $621      $4,030      $463      $4,084



        Reconciliation of Total Pro Forma(1), "As Adjusted" Financial Data


                                             Twelve Months Ended
                                                  December 31,
     (dollars in millions)          2005               2006
                                            Total
                                          Pro Forma,           % Growth
                          Total  Adjustment   As       Total      As      %
                        Pro Forma   (6)    Adjusted  Pro Forma Adjusted Growth
     Revenue            $24,645     $-     $24,645    $27,595      12%    12%

     Operating Expenses
      (excluding
      depreciation and
      amortization)      15,388     166     15,554     17,205
     Operating Cash
      Flow               $9,257   ($166)    $9,091    $10,390      14%    12%
     Depreciation and
      Amortization        5,684      -       5,684      5,499
     Operating Income
      (Loss)             $3,573   ($166)    $3,407     $4,891      44%    37%
     Operating Cash
      Flow Margin         37.6%      NM      36.9%      37.7%



              Reconciliation of Total "As Adjusted" Financial Data


     (dollars in millions, except            Twelve Months Ended
     per share data)                            December 31,
                                     2005               2006
                                                              % Growth
                       Historical  Adjustment    As               As      %
                          Total       (6)     Adjusted  Total  Adjusted Growth
     Revenue            $21,075       $-      $21,075  $24,966    18%     18%

     Operating Expenses
      (excluding
      depreciation and
      amortization)      13,003       166      13,169   15,524
     Operating Cash
      Flow               $8,072     ($166)     $7,906   $9,442    19%     17%
     Depreciation and
      Amortization        4,551        -        4,551    4,823
     Operating Income
      (Loss)             $3,521     ($166)     $3,355   $4,619    38%     31%
     Operating Cash
      Flow Margin         38.3%        NM       37.5%    37.8%
     Earnings Per Share   $0.42    ($0.04)      $0.38    $1.19   213%    183%


    (1)  Pro forma data is adjusted only for 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.  Pro Forma results are
         presented as if the acquisitions and dispositions were effective on
         January 1, 2005.  Minor differences may exist due to rounding.

    (2)  Beginning on August 1, 2006, the cable segment includes the
         operating results of the cable systems serving Houston, TX as a
         result of the dissolution of our cable partnership with Time Warner.
         This adjustment is reversed in the Corporate, Other and Eliminations
         column to reconcile to our consolidated amounts.

    (3)  Cable Pro Forma adjustments include cable systems serving Houston,
         TX prior to August 1, 2006.

    (4)  Total Pro Forma adjustments include cable systems serving Houston,
         TX for all periods.

    (5)  To be consistent with our management reporting, reclassifications
         were made to technology development ventures, programming
         headquarters and other.

    (6)  To be consistent with our management reporting, the 2005 segment
         amounts have been adjusted as if stock options had been expensed as
         of January 1, 2005.   For the twelve months ended December 31, 2005,
         the adjustments reducing operating income before depreciation and
         amortization by segment were $116 million for Cable, $1 million for
         Programming and $49 million for Corporate and Other.  For the twelve
         months ended December 31, 2005, the total adjustment of $166 million
         is reversed in the Corporate, Other and Eliminations column to
         reconcile to our consolidated 2005 amounts.


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


                                          Three Months Ended
                                             December 31,
    (dollars in millions,               2006              2005
     except per share data)
                                     $     EPS (1)     $     EPS (1)
    Net Income                      $390   $0.18     $133    $0.06

    Adjustments:
      Investment income               -        -       53     0.02
      Other income                    -        -        5       -
      Tax effect of adjustments
       (at 40%) and refinement of
       effective tax rate             -        -     (111)   (0.05)
      Adjustment to gain on
       discontinued operations,
       net of tax                   (39)   (0.02)       -        -
      Adjustment to gain on
       Adelphia/Time Warner
       transactions, net of tax     (30)   (0.01)       -        -
    Adjusted Net Income (2)        $459    $0.21     $186    $0.09



                                         Twelve Months Ended
                                             December 31,
                                      2006                2005
    (dollars in millions,
     except per share data)
                                   $      EPS (1)       $     EPS (1)

    Net Income                   $2,533   $1.19       $928     $0.42

    Adjustments:
      Investment income              -       -          89      0.04
      Other income (expense)         -       -         (56)    (0.02)
      Tax effect of adjustments
       (at 40%) and refinement of
       effective tax rate            -       -         (13)    (0.01)
      Gain on discontinued
       operations, net of tax       195    0.09          -         -
      Gain on Adelphia/Time
      Warner transactions, net
       of tax                       405    0.20          -         -
    Adjusted Net Income (2)      $1,933   $0.90       $908     $0.41


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

    (2)  For 2006, Adjusted Net Income excludes a one-time gain on
         discontinued operations, net of tax, and a one-time investment gain,
         net of tax, related to the Adelphia/Time Warner transactions.

         For 2005, Adjusted Net Income excludes Investment Income and Other
         Income (Expense) (as presented in our Consolidated Statement of
         Operations), net of a 40% income tax rate and excludes in the fourth
         quarter of 2005 a refinement to our effective tax rate.